Superior Industries saw a 50 percent drop in it is net income for the second quarter ending June 30, the company reported Thursday. The Van Nuys-based auto parts manufacturer reported a net income of $2.1 million, or $0.08 per diluted share, on revenues of $219.8 million. That is a significant drop from the second quarter of 2005 when the company posted net income of $4.3 million, or $0.16 per diluted share, on revenues of $217.8 million. The company enjoyed unexpectedly strong production volumes in the second quarter as compared to our previous forecast and results were bolstered by the timing of routing summer plant shutdowns, which this year tool place at the beginning of the third quarter instead of falling into the second and third quarters as in past years, said Superior President and CEO Steven Borick. However, it was still premature to assume the current performance marks a turning point for Superior, Borick said. “We expect substantial start-up costs associated with our newest plant in Mexico to affect our third quarter results,” Borick said. “We expect this new plant to begin manufacturing wheels in the fourth quarter of this year.” Superior is making cost reduction programs and evaluating opportunities in emerging market in Asia and India, Borick said. “While we have a lot of work to do to achieve all of the operational improvements we have identified for renewed growth in the years ahead, we are focused on managing Superior for the long term, and we have the resources it takes to stay the course,” Borick said. For the first six months of the year, Superior reported net income of $3.2 million, or $0.12 per diluted share, on revenues of $403.4 million. That is a steep drop from the first six months of 2005 when the company had a net income of $14.2 million, or $0.54 per diluted share, on revenues of $420 million.
