Quarterly profits increase for automotive supplier

The local company expects improved profits for the rest of the year.
HOWLAND -- Stoneridge, a Howland-based maker of wiring components and other vehicle parts, posted higher profits in the second quarter.
Earnings last quarter were $9.3 million, or 41 cents a share, compared with $6.2 million, or 28 cents a share, in the same quarter last year.
Sales last quarter were $178.1 million, compared with $155 million in the second quarter of 2003.
"Second-quarter results were slightly ahead of our expectations and provide evidence of the strength of our diversified customer base," said Jerry Pisani, who was named president and chief executive of Stoneridge in May.
Stoneridge provides electronic and electrical components for cars, trucks, tractors and other off-road vehicles. Nearly all of its 5,500 employees are located at plants outside of the Mahoning Valley.
Realignment
Pisani said company officials are evaluating Stoneridge's strategic plan and realigning its organizational structure to improve prospects for growth.
Pisani, who had been chief operating officer, replaced Cloyd Abruzzo, who had been chief executive for 10 years.
Company officials expect third-quarter earnings to be between 14 cents and 18 cents a share, compared with 14 cents a share in the third quarter of 2003.
For the year, Stoneridge officials expect earnings to be between $1.10 and $1.20 a share, compared with 94 cents in 2003.