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Wednesday, Nov 29, 2023

Superior Misses 4Q Earnings Estimate

Superior Industries International Inc. met analyst estimates for its fourth quarter revenue but fell short on earnings per share. The Van Nuys aluminum wheel manufacturer reported net income of $2.7 million (10 cents a share) compared with $40.2 million ($1.48) in the same period a year earlier. Revenue fell 3 percent to $210 million. Analyst estimates put revenue for the quarter at $210 million and earnings per share at 25 cents, according to Thomson Financial Network. For the full fiscal year Superior reported net income of $30.9 million ($1.13 a share) compared with $67.2 million ($2.46) in the same period a year earlier. Revenue declined less than 1 percent to $822 million. The company said the decline in profits reflected the impact of higher manufacturing costs, especially labor and maintenance at its older U.S. facilities. Superior also announced it would invest up to $135 million on a new manufacturing facility in Mexico to serve light vehicle assembly in that country. Groundbreaking will take place mid-year with construction completed in 2015, said Superior Chairman and Chief Executive Steven J. Borick. “I am excited about this next milestone step for Superior and for our future prospects,” Borick said in a prepared statement. “We believe there are great opportunities to improve the company’s operating performance, which we believe should translate to enhanced shareholder value.” Shares of Superior closed Friday down $2.21or 10 percent to $19.54 on the New York Stock Exchange.

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Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

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