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Tuesday, Oct 3, 2023

Superior Reports Lower Profits

Aluminum wheel maker Superior Industries International Inc. reported slowing profits in the first quarter, but still met analysts’ earnings targets. The Van Nuys-based manufacturer of aluminum reported net income of $4.9 million (18 cents a share) for the quarter ended March 31, compared with $6.7 million (25 cents) in the same period a year earlier. Revenue increased 2 percent to $206 million. Analysts on average had expected net income of 18 cents a share on revenue of $203 million, according to Thomson Financial Network. The company has rebounded from the depth of the recession as the Detroit automakers its supplies continue to show impressive growth. However, the company has been forced to operate at maximum capacity, which has forced it to absorb higher labor and factory-maintenance costs. During the quarter, Superior announced it would invest up to $135 million in a new Mexican manufacturing plant in Chihuahua, the capital of Chihuahua. This would be Superior’s fourth wheel factory in the state, which borders Texas and New Mexico. However, the factory will not open until 2015. Shares gained 59 cents, or more than 3 percent, to close at $18.61 on the New York Stock Exchange.

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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