85.7 F
San Fernando
Monday, Aug 15, 2022
-Advertisement-

Superior Earnings Drastically Fall

Superior Industries, an aluminum wheel manufacturer in Van Nuys, reported first-quarter earnings of 2006 of $1.1 million, or $0.04 per share, on sales of $183.5 million. These results are compared to the earnings for the same period of 2005 of $9.9 million, or $0.09 per share, on sales of $202 million. Sales were down nine percent due to low capacity use of Superior plants and reduced unit shipments. First-quarter results were also impacted by a depreciation expense related to the downsizing of Superior’s facility in Van Nuys. Steven Borick, President and CEO of Superior said in statement, “Superior’s first quarter results reflected the economic pressures of the ‘big 3’ facing North American automotive industry suppliers today reduced vehicle build schedules, lower capacity utilization and weak global pricing.” Superior plans to continue to expand its operations in Mexico and invest in new manufacturing technologies.

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-