Superior Industries International Inc. reported on Tuesday lower fourth-quarter profit, citing fewer shipments and the closure of a U.S. plant
The Van Nuys aluminum wheel manufacturer posted net income of $1.4 million (5 cents a share) for the quarter ended Dec. 28, compared with $6.4 million (23 cents) in the same period a year earlier. Revenue dropped 3 percent to $187 million.
Analysts on average expected net income of 15 cents a share on revenue of $175 million, according to Thomson Financial Network.
The company’s results were impacted by fewer wheel shipments, costs associated with closing a manufacturing plant in Rogers, Arkansas, and impairments related to an investment into an Indian subsidiary.
Chief Executive Don Stebbins said he expects Superior’s performance will improve as the year progresses.
“First, we are ramping up production at our new Mexico facility throughout the year and aim to reach full capacity by the end of 2015. Second, we anticipate our shipment volumes to improve in the back half of the year,” he said in a prepared statement.
Shares closed down 55 cents, or almost 3 percent, to $18.62 on the New York Stock Exchange.
Salem Media Group Inc. reported significantly lower fourth-quarter earnings on Tuesday.
The Camarillo company, which owns Christian and conservative talk radio stations and publishing operations, posted net income of $38,000 (0 cents a share) for the quarter ended Dec. 31, compared to $5.3 million (21 cents) for the same quarter a year earlier. Revenue grew 5.2 percent to $66 million.
One analyst who covers the company expected earnings of 15 cents a share on revenue of $66.6 million, according to Thomson Financial Network.
The company did not explain its results, but the figures show revenue growth in digital and publishing, while the broadcast segment was flat. Also, during the quarter, the company announced six radio acquisitions at a cost of $2.9 million.
For the first quarter 2015, the company expects revenue to decline 1 to 3 percent and operating expenses to increase 1 to 4 percent.
Shares closed down 22 cents, or 3 percent, to $7.15 on the Nasdaq.
MRV Communications Inc. reported a wider net loss in the fourth quarter on Tuesday as less capital spending in the telecommunications market reduced sales.
The Chatsworth maker of telecommunications components reported a net loss of $4.6 million (-63 cents a share) for the quarter ended Dec. 31, compared with a net loss of $1.2 million (-17 cents) in the same period a year earlier. Revenue decreased 14.4 percent to $43.4 million.
Shares closed down 32 cents, or more than 3 percent, to $9.50 on the Nasdaq.