Stoneridge announces increase in sales

Stoneridge, a designer of electrical and electronic components, has announced net sales of $148.1m (£97.1m) and net income of $1.5m, or $0.06 per diluted share, for the first quarter ended 31 March 2010.

Net sales increased $27m, or 22.3 per cent, to $148.1m, compared with $121.1m for the first quarter of 2009.  

Net income for the first quarter of 2010 was $1.5m, or $0.06 per diluted share, compared with a net loss of $11.6m, or $0.49 per diluted share, in the first quarter of 2009.