Stoneridge Q2 adj sales $205.7M, adj EPS ($0.29); cuts FY 2022 revenue/adj EPS guidance

STONERIDGE INC

2022-Q2 EPS reported -$0.55 revenue$441,994,000

Q2 adjusted sales $205.7M; adjusted operating loss ($6.5M) (-3.2% of sales); adjusted EBITDA $2.3M.
Adjusted EPS ($0.29); GAAP EPS ($0.27); FX headwind reduced adjusted EPS by $0.06 vs expectations.
Lowers FY 2022 revenue midpoint to $865M from $880M; adj EPS midpoint to ($0.20) from ($0.03).
MirrorEye take rate averaged ~35% in Q2; partner expects >50% heading into 2023, potential revenue upside.
Credit facility amendment waives leverage covenant through Q1 2023; Q4 2022 covenant set at max 4.75x leverage.

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