This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Superior Industries Reports 2011 Financial Results For Full Year, Fourth Quarter

Superior Industries International, Inc. (NYSE:SUP) today announced net income of $67.2 million for 2011, or $2.46 per diluted share, compared with net income of $51.6 million, or $1.93 per diluted share, in 2010.

Net sales for 2011 advanced 14 percent to $822.2 million from $719.5 million in 2010, reflecting an increase in unit volume and the pass-through pricing of aluminum. Unit shipments reached 11.7 million in 2011, a 6 percent increase from 11.0 million units shipped in the prior year. Gross profit declined to $67.1 million, or 8 percent of sales, from $89.2 million, or 12 percent of sales, in 2010. Income from operations decreased to $39.8 million from $59.8 million a year ago, largely mirroring the gross profit decline.

The company said the decline in gross profit and margin percentage reflected the impact of a weaker product mix and manufacturing inefficiencies. Reflective of typical market lead-time, product mix changes largely are the result of highly competitive program bidding during 2009. While continuing to run at full capacity, manufacturing inefficiencies translated into higher labor cost in order to meet customer requirements. Other costs also were higher, including repairs and maintenance, operating supplies and wheel development activities.

“Relatively healthy general market activity and vehicle production rates tend to mask the challenges posed by ongoing changes in our product mix,” said Steven J. Borick, Chairman, Chief Executive Officer and President. “Our business today largely is the result of competitive activity that originated two and three years ago. While the non-metal pricing of our products trended down in 2011, manufacturing challenges increased, as design complexity and cosmetic standards for our products continue to rise.

“Very high capacity utilization tends to magnify the effect of operating inefficiencies caused by equipment breakdowns, lower productivity on the front end of product launches and other factors. These challenges were more prevalent in our U.S. plants. We continue to focus on improving factory operations, with actions ranging from continued addition of new management and organizational competencies, to higher investment in capital equipment.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,098.45 +18.88 0.11%
S&P 500 2,003.37 +6.63 0.33%
NASDAQ 4,580.2710 +22.5760 0.50%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs