Superior Industries’ Loss Widens

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Superior Industries International Inc. on Friday reported a wider-than-expected second quarter loss, hurt by lower prices and reduced shipments of its aluminum automobile wheels.

The Van Nuys company reported a net loss of $21 million (79 cents a share), compared with net income of $5.1 million (19 cents) a year ago. Revenue fell 63 percent to $80.9 million.

Excluding one-time items, the company’s loss was 56 cents a share. Analysts surveyed by Thomson Reuters on average expected a net loss of 49 cents a share on revenue of more than $111 million.

Plant closures or extended shutdowns at Chrysler and GM slowed demand for the company’s products. Shipments fell 52 percent during the quarter and average selling prices fell about 22 percent, in part due to lower aluminum prices, the company said.

Net loss for the second quarter included $4.1 million of severance and other non-impairment costs and $2.9 million of impairment charges related to closure of manufacturing plants in Van Nuys and Pittsburg, Kan.

“We are encouraged by recent progress demonstrated by (automakers) and the industry,” Chief Executive Steven Borick said in a statement. “Based in part on new orders thus far in the current quarter, we anticipate moderate improvements during the next six months.”

Shares closed up 9 cents, or less than 1 percent, to $15.87 on the New York Stock Exchange.

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