Stoneridge, Inc. (NYSE:SRI) Q1 2024 Earnings Conference Call May 2, 2024 9:00 AM ET

Company Participants

Kelly Harvey - Director of Investor Relations
James Zizelman - President and Chief Executive Officer
Matthew Horvath - Chief Financial Officer

Conference Call Participants

Justin Long - Stephens Inc.
Gary Prestopino - Barrington Research Associates, Inc.

Operator

Good day, and welcome to the Stoneridge First Quarter 2024 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions [Operator Instructions]. Please note this event is being recorded.

I would now like to turn the conference over to 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 2024 results. The release and accompanying presentation was filed with the SEC and is posted on our website at stoneridge.com in the Investors Section under Presentations and Events.

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

During today's call, we will 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.

In addition, 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 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 yesterday under the heading forward-looking Statements. After Jim and Matt have finished their formal remarks, we will then open up the call to questions.

And with that, I will hand it over to Jim.

James Zizelman

Thank you, and good morning, everyone. Beginning on Page 3. Our first quarter financial performance was driven by continued strong topline growth in Electronics and progression across each of our key priorities for 2024. Our efforts to reduce material costs and improve our operating efficiency contributed to a 170 basis point improvement in gross margin, a 160 basis point improvement in operating margin and a 120 basis point improvement to EBITDA margin over the first quarter of last year.