Superior Industries International Inc. on Friday reported a more than 80 percent decrease in its fourth-quarter net loss, boosted by stronger sales during the quarter and earlier cost cutting.
The Van Nuys maker of aluminum wheels for cars and trucks reported a fourth-quarter net loss of $3.9 million (15 cents per share), compared with a net loss of $20.1 million (75 cents) a year earlier. While net sales fell 4.5 percent to $145 million, the results were 30 percent better than in the third quarter.
“Strong sales momentum was achieved with virtually all of our customers, demonstrating production volume increases that have continued since (automotive) plant shutdowns essentially ended in the third quarter,” said Chief Executive Steven Borick in a press release.
The company’s full-year 2009 net loss was $94.1 million ($3.53), 260 percent larger than in 2008. Net sales dropped 45 percent to $336 million. During the year, the company recorded impairment costs totaling $11.8 million related to closing its Pittsburg, Kan., and Van Nuys plants and other downsizing.
Shares were down 27 cents, or 2 percent, to $14.39 in midday trading on the New York Stock Exchange.