Electrical auto parts maker reports a drop in sales

THE VINDICATOR, YOUNGSTOWN, Ohio
HOWLAND -- Stoneridge, a maker of electrical and electronic parts for vehicles, posted lower profits and sales in the second quarter.
Howland-based Stoneridge earned $6.3 million or 28 cents a share, compared with $6.8 million, or 30 cents a share, in the same quarter last year. The prior-year results included a $3.6 million charge for debt restructuring.
The company said sales also fell because of fewer vehicles being built and a discontinued product line. Sales last quarter were $155 million, compared with $172 million a year earlier.
Cloyd Abruzzo, Stoneridge president and chief executive, said he isn't expecting an improvement in industry conditions soon but added that the company remains committed to growing.
"The commercial and light vehicle markets remained sluggish during the quarter, especially in North America. In this continually challenging environment, our people remain focused on improving our cost structure and generating cash flow," he said.
The company said it expects to earn between 13 cents and 15 cents a share for the third quarter and between 90 cents and 95 cents a share in 2003.
Stoneridge, the parent of Alphabet and other companies, employs more than 5,000 people, with nearly all of its employees located outside the Mahoning Valley.