WARREN, Ohio,, Jan 23 (Reuters) - Stoneridge Inc., which supplies electrical and electronic components to automakers, said Thursday its quarterly profits rose thanks to demand for light and commercial vehicles in North America.
The company, based in Warren, Ohio, said fourth-quarter net income rose to $4.5 million, or 20 cents per share, from net income of $200,000, or 1 cent a share, for fourth quarter 2001.
Sales rose 5.9 percent to $148.3 million from $140 million for fourth quarter 2001, the company said, citing increased North American light and commercial vehicle production and new product launches.
It said first-quarter 2003 earnings should be in the range of 24 to 26 cents per share, which is above the Thomson First Call consensus estimate of 20 cents a share, supplied by two analysts.