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Thursday, Feb 22, 2024

Superior Sales, Shipments Drop in Q2

Turmoil in the auto industry continues to drag down finances at aluminum wheel manufacturer Superior Industries International. The Van Nuys-based company shipped 52 percent fewer units in the second quarter as compared to a year ago primarily due to the shutdowns and closures of Chrysler and General Motors plants. The company reported a net loss of $21 million, or $0.79 per diluted share, on revenues of $80.9 million for the quarter ending June. 30. For the same period in 2008, Superior had a net income of $5.1 million, or $0.19 per diluted share, on revenues of $217.4 million. The second quarter financials included costs connected with the closing of the Pittsburg, Kan. plant in December and the Van Nuys plant in June. The company headquarters remains in the Valley. While shipments in the second quarter were the lowest in 17 years, moderate improvement is expected in the next six months based on new orders in the third quarter, Superior Chairman, CEO and President Steven Borick said. “We continue to manage our cash and resources judiciously through this downturn,” Borick said. “The company again generated positive cash flow during the second quarter.” Mark R. Madler

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