Stoneridge, Inc. (NYSE:SRI) Q2 2023 Earnings Conference Call August 3, 2023 9:00 AM ET

Company Participants

Kelly Harvey - Director, IR

Jim Zizelman - President and CEO

Matthew Horvath - CFO

Conference Call Participants

Justin Long - Stephens

Operator

Good day, and thank you for standing by. Welcome to the Stoneridge Second Quarter 2023 Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Kelly Harvey, Director of Investor Relations. Kelly, you have the floor.

Kelly Harvey

Good morning, everyone, and thank you for joining us to discuss our second quarter results. The release and accompanying presentation was filed with the SEC yesterday evening and is posted on our website at stoneridge.com in the Investors section under Webcasts and Presentations.

Joining me on today's call are Jim Zizelman, our President and Chief Executive Officer; and Matt Horvath, our Chief Financial Officer.

Before we begin, I need to inform you that certain statements today may be forward-looking statements. Forward-looking statements include statements that are not historical in nature and include information concerning our future results or plans. Although we believe that such statements are based upon reasonable assumptions, you should understand that these statements are subject to risks and uncertainties, and actual results may differ materially.

Additional information about such factors and uncertainties that could cause actual results to differ may be found in our 10-Q, which was filed with the Securities and Exchange Commission under the heading Forward-Looking Statements. During today's call, we will also be referring to certain non-GAAP financial measures. Please see the appendix for a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures.

After Jim and Matt has finished their formal remarks, we will then open up the call to questions. With that, I will turn the call over to Jim.

Jim Zizelman

Thanks, Kelly, and good morning, everyone. Let me begin on Page three. In the second quarter, we drove strong top line growth and significant margin improvement resulting in financial performance that exceeded the expectations we outlined on the first quarter call. As expected, we finalized the majority of our pricing negotiations in the second quarter, resulting in retroactive and forward-looking price increases.

Additionally, we continue to focus on improving manufacturing performance and optimizing our global cost structure to both reduce costs and improve operational efficiency. This resulted in significant operating margin improvement in the quarter and provides a good foundation to drive continued operating performance as we continue to grow the company.