Superior Posts 1Q Loss Amid Auto Industry Turmoil

VAN NUYS, Calif. (AP) — Aluminum wheel maker Superior Industries International Inc. reported a first-quarter loss Friday, as the continuing deterioration of the North American automotive industry undercut sales.

For the three months ended March 31, Superior posted a loss of $56.5 million, or $2.12 per share, compared with net income of $3.2 million, or 12 cents per share, during the year-earlier period.

The latest results included an $8.9 million pretax charge for asset impairment and a $25.3 million charge related to deferred tax assets.

Sales plummeted 63 percent to $81.5 million from $222.2 million during the first quarter of 2008.

On average, analysts polled by Thomson Reuters expected a loss of 36 cents per share on revenue of $96 million. Wall Street analysts generally exclude one-time items from their estimates.

Superior said sales were significantly hurt by the further decline of the North American auto industry and financial difficulties faced by its customers. Automaker Chrysler LLC, which has filed for bankruptcy protection, owes Superior $9.8 million.