Stoneridge, Inc. (NYSE:SRI) Q1 2023 Results Conference Call May 4, 2023 9:00 AM ET

Company Participants

Kelly Harvey - Director, Investor Relations

Jim Zizelman - President and Chief Executive Officer

Matt Horvath - Chief Financial Officer

Conference Call Participants

Justin Long - Stephens

Operator

Good day, and thank you for standing by. Welcome to the Stoneridge First Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. Please be advised that this call is being recorded.

And I would now like to hand the conference over to our speaker today, Kelly Harvey, Director of Investor Relations. Please go ahead.

Kelly Harvey

Good morning, everyone, and thank you for joining us to discuss our first 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 Webcast and Presentation.

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-K, which has been 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 measures to the most directly comparable GAAP measures. After Jim and Matt have finished their formal remarks, we will 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 3. Our first quarter financial performance exceeded the expectations that we outlined on the fourth quarter call for both revenue and adjusted earnings per share. First quarter adjusted sales of $232.2 million resulted in an adjusted gross margin of 18.5%, translating to an adjusted operating margin of negative 1.5%. Adjusted EPS for the quarter was negative $0.25.