CHICAGO, April 24 (Reuters) - Stoneridge Inc. , which supplies electrical and electronic components to automakers, on Thursday reported a first-quarter profit as it became more efficient and reduced debt.
The Warren, Ohio-based company had net income of $7.0 million, or 31 cents a share, compared with a loss of $64.3 million, or $2.86 a share, a year earlier. Sales increased to $159.6 million from $157.7 million.
Before a charge of $69.8 million, or $3.11 a share, in the year-ago quarter for an accounting change, the company would have earned $5.6 million, or 25 cents a share.
Results were in line with Stoneridge's April 15 announcement that it expected to earn 30 cents a share to 32 cents a share.
Stoneridge also said it expects second-quarter net income of 24 cents a share to 26 cents a share, with full-year earnings per share of 90 cents to 95 cents.