Stoneridge Withdraws 2020 Guidance - Quick Facts

(RTTNews) - Stoneridge Inc. (SRI) has withdrawn its 2020 financial guidance, citing uncertainty of demand due to the COVID-19 pandemic.

The company said it is evaluating all options to manage costs, capital spending and working capital. Recently, it utilized its existing $400 million credit facility to draw an additional $25 million of cash to ensure adequate available capital across global locations. We will continue to utilize available capital as necessary to support operations and to address the rapidly evolving situation.

The company expects its end-market, geographic and customer diversification will help lessen the impact to Stoneridge, while its strong balance sheet and access to capital will ensure its operations continue as efficiently as possible.