Auto parts maker shows profit gains

HOWLAND - Stronger demand in passenger car and light truck markets, plus internal growth, drove Stoneridge Inc.'s sales and profit gains in its second quarter, the auto parts maker said Wednesday.

The maker of sensors, wiring harnesses and other parts reported profit of $4.2 million, or 17 cents per share, on sales of $166.3 million in the April-June period.

The company lost $19.8 million, 84 cents per share, on sales of $102.3 million in the same quarter of 2009 during a severe auto industry decline.

Operating income for the latest quarter totaled $8.2 million. Available cash fell to $74.6 million from $91.9 million at the end of 2009.

Saying the economy remains a variable, President and Chief Executive Officer John C. Corey forecast sales will end the year in the $605 million to $625 million range.

He noted management's ability to control costs in light of rising demand and new business, adding the company expects better financial results due to increased orders and new business.