Stoneridge posts profit for 1st quarterSFlb

Staff report

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Stoneridge Inc. recorded a profit for the first quarter of 2010, showing a marked improvement from the electrical- components manufacturer’s performance a year earlier.

Stoneridge earned $1.5 million in the first three months of the year, compared with an $11.58 million loss in the first quarter of 2009, the company announced Friday.

Increased sales and cost-cutting improved first- quarter financial results.

Stoneridge announced net sales of $148.1 million in the first quarter, up from $121.1 million a year earlier.

The improvement primarily was driven by higher demand in automotive markets, the company said.

Restructuring and cost-cutting measures led to a $4 million operating income in the first quarter.

The company recorded an $8.76 million loss in operating income for the same period last year.

Stoneridge’s first-quarter financial results and increasing production volumes are indications that the economy is slowly improving, John Corey, Stone- ridge president and chief executive, said in a statement.

“We remain cautiously optimistic as we see strengthening automotive sales and improvement in commercial vehicle projections versus the prior year,” Corey said.

“We are restoring our financial performance and remain confident in our ability to perform even at reduced industry levels.”