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Wednesday, Dec 7, 2022
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Superior Makes Good in Q1 Despite GM Slowdown

Superior Industries Inc. reported a net income for the first quarter despite a three-month strike that slowed production on General Motors vehicles. The Van Nuys-based manufacturer of aluminum wheels for the major automakers had a 40 percent drop in units shipped in the first quarter due to a strike by workers at auto parts supplier American Axle and Manufacturing Holdings Inc. The strike began in February in a dispute over lower wages and benefits. GM announcing it would kick in $200 million could bring an end to the walkout. For the quarter ending March 31, Superior reported a net income of $3.2 million, or $0.12 per diluted share, on revenues of 222 million. That is a 55 percent increase from the net income of $2.1 million, or $0.08 per diluted share, on revenues of $244.9 million for the same period in 2007. Shares in Superior closed up at $21.78.

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