Drop in North American vehicle production hurts local company

HOWLAND — Sales and earnings at Stoneridge fell in the second quarter.

The Howland-based supplier of electronic and electrical parts said Wednesday that it earned $2.7 million, or 11 cents a share, in the second quarter, compared with $4.9 million, or 21 cents a share, in the same quarter last year.

Earnings slipped because of increased investment in design and development and inefficiencies related to new product launches, Stoneridge said.

Sales last quarter were $183.8 million, down $1.7 million from the second quarter of 2006.

Sales were helped by foreign currency exchange rates, new product launches and increased production of commercial vehicles in Europe, the company said. Those factors were not enough to overcome a decline in North American car and truck production, it said.

For more on this story, see The Vindicator or www.vindy.com Thursday.