NOVI — Stoneridge Inc., the Novi-based manufacturer of electronics for the automotive and other transportation markets, reported net income of $48.4 million or $1.70 a share in the fourth quarter, up from $6.1 million or 22 cents a share in the same quarter of 2015.
Revenue was $172.6 million, up from $154.6 million a year earlier.
For the full year, net income was $77.5 million or $2.74 a share, up from $22.8 million or 82 cents a share a year earlier. Revenue was $696 million, up from $644.8 million a year earlier.
The company also issued an “adjusted earnings” figure removing the benefits of deferred tax assets in 2016. Without that benefit, net income for the fourth quarter was $9.6 million or 34 cents a share for the fourth quarter of 2016, and $40.2 million or $1.42 a share for the full year.
The company said it expected 2017 sales of between $705 milion and $730 million, and earnings before interest, taxes, depreciation and amortization of 10 to 11.5 percent of sales. The earnings per share guidance for 2017 was $1 to $1.15 a share.
For more information, including a replay of a conference call discussing the results, visit http://www.stoneridge.com.
Stoneridge was founded in 1965 in Warren, Ohio as a contract manufacturer for the auto industry. It went public in 1997 and moved its headquarters to Novi in 2016.
LANSING — Three business expansions that will generate nearly $29.8 million in total investment and create 148 jobs in Michigan have received Michigan Strategic Fund approval for support, the Michigan Economic Development Corp. announced.
Continue reading State Aid OK’d For $29.8M In Business Expansions
NOVI — The IT consulting firm Red Level is moving to a larger headquarters in Novi to accommodate the company’s rapid growth.
The move, taking place in January, will see Red Level moving from 6,500 square feet of leased space on Catherine Industrial Drive to an 18,000-square-foot, company-owned building at 40200 Grand River Avenue.
The company says that following renovation, the new space will boast a contemporary open floor plan, cutting edge collaboration areas and plenty of natural light – a welcoming work environment for the talented technology professionals the company attracts.
Continue reading Tech Firm Red Level Moves To Larger HQ In Novi
DETROIT — AT&T Inc. says it has added a new 4G LTE cell site in Beverly Hills, and has upgraded dozens more other cell sites raound the state.
Continue reading AT&T Upgrades Network
DETROIT — AT&T Inc. says it has launched its ultra-fast 100-percent fiber optic internet service in parts of southeast Michigan.
The company says it now connects eligible homes, apartments and small business locations in the area to a 1-gigabit-per-second internet connection under the AT&T Fiber brand.
AT&T has made AT&T Fiber available in parts of Wayne, Oakland and Macomb counties by launching in Canton Township, the South Lyon area, Clinton Township and Novi.
The company said it plans to expand access to ultra-fast internet speeds in parts of Detroit, Ann Arbor, Roseville and Ferndale in mid-2017.
Continue reading AT&T Fires Up 100% Fiber Network in Southeast Michigan
LANSING — Funding to assist with projects including the American Center for Mobility – a project to redevelop the old Willow Run industrial site into a center for autonomous and connected vehicles — has been approved by the Michigan Strategic Fund, the Michigan Economic Development Corp.
MSF today approved a $2,999,900 performance-based grant and $100 equity investment in funds transferred from the Michigan Business Development Program to the Willow Run Arsenal of Democracy Landholdings Limited Partnership.
Continue reading State Approves Aid To Business Expansions
NOVI — The Stamford, Conn.-based electronics and audio products manufacturer Harman International Industries Inc. (NYSE:HAR), said it has opened its new North American automotive headquarters in Novi.
The 188,000-square-foot building was developed by Northern Equities Group and anchors the 400-acre Haggerty Corridor Corporate Park. It is home to about 1,000 employees involved in creating products for the connected car, automotive audio and cloud services.
The new headquarters replaces a 60,000-square-foot headquarters in Farmington Hills and two other buildings in the area totaling about another 60,000 square feet.
Continue reading Harman Unveils New Automotive HQ
NOVI — Three free high-tech engineering events will share the Suburban Collection Showplace in Novi Sept. 15-17.
The Battery Show 2015, a showcase of advanced battery technology, will be joined by the Electric & Hybrid Vehicle Technology Expo and the Critical Power Expo.
The shows run from 9:30 a.m. to 6:30 p.m. Sept. 15 and 16 and 9:30 a.m. to 3 p.m. Sept. 17.
Event organizers say they expect an increase from last year’s record attendance at the event.
Continue reading Battery, Hybrid Show Coming To Novi