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UPDATE 1-Stoneridge posts narrower-than-expected Q4 loss
February 16, 2010 / 3:07 PM / 8 years ago

UPDATE 1-Stoneridge posts narrower-than-expected Q4 loss

* Q4 loss $0.01/shr vs est loss $0.04/shr

* Sales down 15.3 pct

* Sees markets improving over next two years

Feb 16 (Reuters) - Stoneridge Inc (SRI.N), a maker of electrical and electronic components, posted a narrower-than-expected quarterly loss, helped mainly by its restructuring and cost-cutting initiatives.

For the fourth quarter, the company posted a net loss of $218,000, or 1 cent a share, compared with $108.4 million, or $4.63 a share, a year ago.

Net sales fell by 15.3 percent to $133.8 million.

Analysts on average were looking for a loss of 4 cents per share on revenue of $137.7 million, according to Thomson Reuters I/B/E/S.

Restructuring charges fell to $242,000 from $2.5 million last year.

Stoneridge forecast the markets to improve over the next two years, and the company expects its recent product launches to have a significant impact on revenue growth.

“With a lower cost structure and gradually improving industry volumes, we are positioned to show continued improvement,” Chief Executive John Corey said in a statement.

Shares of the Warren, Ohio-based company were trading down 3 cents at $6.89 Tuesday on the New York Stock Exchange. (Reporting by Anirban Sen in Bangalore; Editing by Maju Samuel)

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