Superior Reports Double Digit Growth

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Strong demand for wheels drove a sharp rise in profits and revenue at rim manufacturer Superior Industries International Inc.


Superior reported first quarter net income of $1.9 million (7 cents per share), a 26 percent increase from $1.4 million (5 cents) from the same period a year earlier. Analysts were expecting a 3 cent loss, according to a poll by Thomson Financial.


Sales for Van Nuys company were up 33 percent to $245 million, boosted by a 16 percent up tick in wheel shipments as well as increased demand for larger, more expensive wheels from the domestic automakers.


“We are encouraged by this substantial rebound in shipments,” said Chief Executive Steven Borick in a statement.


Shares in Superior were up 2 cents to $23.16 in afternoon trading Thursday on the New York Stock Exchange.

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