This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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

Stocks in this article: SUP

In 2011, the company had an income tax benefit of $25.2 million, compared with $3.0 million of expense in 2010. The effective tax rate on the 2011 pretax income was a benefit of 60.2 percent, compared with expense of 5.2 percent in 2010. The 2011 income tax provision included a $42.3 million benefit from released valuation allowances for U.S. and Mexico deferred tax assets. This benefit was offset partially by the net expense for income taxes on U.S. and foreign income and other current period tax adjustments.

Fourth Quarter Results

Net sales for the 2011 fourth quarter advanced 14 percent to $216.8 million from $191.0 million for the previous year, principally reflecting an 11 percent increase in units shipped and higher pass-through pricing of aluminum. Unit shipments of 3.2 million in the 2011 fourth quarter exceeded those in the comparable quarter last year by 305,000.

Gross profit for the 2011 fourth quarter declined to $18.1 million, or 8 percent of sales, from $29.0 million, or 15 percent of sales, for the fourth quarter of 2010. The decline in gross profit and margin percentage reflected, in part, the impact of a weaker product mix. Higher factory costs included direct labor, repairs and maintenance and operating supplies. Costs for wheel development activities also increased in 2011 when compared to the prior year. Manufacturing operations continued to operate at full capacity utilization.

Selling, general and administrative expenses for the fourth quarter of 2011 decreased $300,000 to $6.2 million, or 3 percent of net sales, from $6.5 million, or 4 percent of net sales, for the comparable period in 2010.

Income before income taxes and equity earnings was $12.0 million in the 2011 fourth quarter, compared with $22.5 million for the fourth quarter of 2010, with the change affected by the same items that impacted gross profit comparisons above.

3 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!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

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