WARREN, Ohio, Oct. 31, 2013 /PRNewswire/ -- Stoneridge, Inc. (NYSE: SRI) today announced financial results for the third quarter ended September 30, 2013.

Third-quarter 2013 net sales were $233.5 million, an increase of $14.2 million, or 6.5%, compared with $219.3 million for the third quarter of 2012. The increase in the current quarter's net sales was primarily due to higher sales in the Company's Control Devices and Electronics business segments.

Net income for the third quarter of 2013 was $5.0 million, or $0.19 per diluted share, compared with net income of $0.4 million, or $0.02 per diluted share, in the third quarter of 2012.  The increase in net income was primarily due to higher sales in the third quarter of 2013 compared with the same period in 2012.

As of September 30, 2013, Stoneridge's consolidated cash position was $46.1 million, an increase of $1.5 million from December 31, 2012.  The Company's increased cash position was the result of increased net income in 2013 which was partially offset by increases in net working capital and capital expenditures to support sales growth.

John Corey, President and Chief Executive Officer, commented, "Current-year sales were up compared to prior year as a result of new business sales in our Control Devices and Electronics segments and volume increases.  PST's sales were up 12.5% compared to last year on a local currency basis; however, on a US dollar basis, PST's sales were flat because the Brazilian real devalued compared to the US Dollar by 12.5%."

Corey continued, "We have reported continued improvement in sales, operating earnings and net income in the third quarter in spite of the uncertainty in the economic environment. Given this uncertainty and continuing weakness in the North American commercial vehicle market, which has not rebounded as forecasted, we are encouraged by our continued sales performance and the contributions made to our net income over the past five quarters."

Regarding the fourth quarter of 2013, Corey added, "Though the expected improvement in the North American commercial vehicle market and consumer confidence in Brazil remains uncertain, we have maintained our 2013 guidance of $0.75 to $0.95 per share as published on February 7, 2013, though most likely at the lower end of this range."

Conference Call on the Web
A live Internet broadcast of Stoneridge's conference call regarding 2013 third-quarter results can be accessed at 10 a.m. Eastern time on Thursday, October 31, 2013, at www.stoneridge.com, which will also offer a webcast replay.

About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Warren, Ohio, is an independent designer and manufacturer of highly engineered electrical and electronic components, modules and systems principally for the commercial vehicle, automotive and agricultural, motorcycle and off-highway vehicle markets.  Additional information about Stoneridge can be found at www.stoneridge.com.

Forward-Looking Statements
Statements in this release that are not historical fact are forward-looking statements, which involve risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied in this release.  Things that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the loss of a major customer; a significant volume change in commercial vehicle, automotive, agricultural, motorcycle and off-highway vehicle production; disruption in the OEM supply chain due to bankruptcies; a significant change in general economic conditions in any of the various countries in which the Company operates; labor disruptions at the Company's facilities or at any of the Company's significant customers or suppliers; the ability of the Company's suppliers to supply the Company with parts and components at competitive prices on a timely basis; customer acceptance of new products; and the failure to achieve successful integration of any acquired company or business.  In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release.  The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.  Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company's periodic filings with the Securities and Exchange Commission.

SOURCE Stoneridge, Inc.