Thanks to a recovering auto industry, aluminum wheel maker Superior Industries International Inc. on Friday said it moved from a loss to a profit in the second quarter.
The Van Nuys company reported net income of $10.1 million (38 cents per share), compared with a loss of $21 million (-79 cents) a year earlier. The latest quarter results included a $4.1 million loss on the sale of the company’s joint venture in Hungary.
Net sales rose 141 percent to nearly $195 million. Unit wheel shipments were up 114 percent and average selling prices grew around 14 percent, the later due in part to higher aluminum prices.
Analysts surveyed by Thomson Reuters on average expected the company to report per-share profit of 21 cents on sales of nearly $157 million.
Unit shipments to General Motors were up 139, Chrysler by 264 percent, and Ford by 68 percent. Shipments to international customers rose 115 percent.
“All of our North American aluminum wheel plants delivered improved operating results in the quarter on higher and more stable volume levels, reflecting a recovering automotive sector, Chief Executive Steven Borick said in a statement.
Shares closed up $1.23, or 9 percent, to $14.70 on the New York Stock Exchange.