Superior Industries International Inc. on Friday matched analysts’ net income estimates for the first quarter but just missed on revenue due to a drop in sales and aluminum prices.
The Van Nuys aluminum-wheel manufacturer reported net income of $4.8 million (18 cents a share) for the quarter ended March 31, compared with $4.9 million (18 cents) in the same period a year earlier. Revenue decreased 11 percent to $183.4 million.
Analysts on average expected net income of 18 cents on revenue of $187.3 million, according to Thomson Financial Network.
Lower revenue was attributed to an 8-percent decline in unit sales to 2.8 million and a drop in the average selling price as raw aluminum prices fell.
Shares closed down 66 cents, or more than 3 percent, to $20.24 on the New York Stock Exchange.
Crown Media Holdings
Crown Media Holdings Inc. on Friday reported a drop in net income for the first quarter despite rising ratings and advertising rates.
The Studio City-based owner of the Hallmark Channel and Hallmark Movie Channel reported net income of $12 million (3 cents a share) for the quarter ended March 31, compared with $14.5 million (4 cents) in the same period a year earlier. Revenue increased 6 percent to $90.7 million.
The company said higher audience numbers and advertising rates drove the improvement in revenue.
During the quarter, Crown Media introduced its second original television series, “When Calls the Heart,” broadcast its inaugural “Kitten Bowl” on Super Bowl Sunday, and announced a rebranding and renaming of the Hallmark Movie Channel into Hallmark and Movie & Mysteries that will take place during the fourth quarter.
Shares closed down a penny to $3.59 on the Nasdaq.
Molina Healthcare Inc. late Thursday said its first-quarter net income fell 85 percent to $4.5 million (9 cents a share). That compares with $29.9 million (64 cents) in the same period a year earlier.
Revenue rose 30 percent to $2.07 billion.
Adjusted net income from continuing operations totaled 64 a share. Analysts surveyed by Thomson Reuters on average expected the company to report a loss of 3 cents a share on revenue of $2.06 billion.
Shares on Friday closed up $1.26, or 3 percent, to $39.68 on the New York Stock Exchange.