HOWLAND - Increased production volumes boosted revenues and profit for electronic vehicle parts maker Stoneridge Inc. in its first quarter.
The company said Tuesday it saw revenue climb to $262.3 million from $193 million in the year-ago quarter, thanks to consolidation of its Brazilian joint venture PST, giving it controlling interest. Without PST, Stoneridge sales rose to $208.6 million.
Stronger sales pushed Stoneridge's profit to $5.9 million, or 22 cents per share, compared to $2.9 million, 12 cents per share, a year ago.
Earnings beat three analysts' consensus view of 20 cents per share, although analysts generally don't include special events in their projections.
Analysts foresee earnings of $1.14 for the year and revenues of $1 billion.
Stoneridge Chief Executive John Corey said management still expects to hit its previous full-year sales guidance in the range of $1.06 billion to $1.12 billion, along with full-year earnings guidance of $1.10 to $1.30 per diluted share.
"We remain confident in our ability to continue to improve operations and execute against our growth strategy while managing our cost structures," he said.