Superior Has Profitable Quarter

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Superior Industries International Inc. said it swung from a third-quarter loss last year to a profit this year as revenue jumped 65 percent.

The Van Nuys aluminum wheel maker on Friday reported net income of $10.4 million (39 cents per share), compared with a loss of $12.7 million (- 48 cents) a year earlier.

Net sales for the three months rose 65 percent to more than $183 million as the company shipped more products to all of its customers.

Analysts surveyed by Thomson Reuters on average expected per-share profit of 37 cents on net sales of less than $179 million.

“Across the board, our customers are replenishing inventory and seeing continued higher demand for their products, which translates well for us,” Chief Executive Steven Borick said in a statement. “More stable demand levels helped us build on the benefits of the previous restructuring actions that were taken to strengthen the company for the long term.”

Shares were down 79 cents, or 4 percent, to $18.19 in midday trading on the New York Stock Exchange.

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