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TheStreet Open House

Superior Industries Reports Financial Results For 2012 Third Quarter

Stocks in this article: SUP

Superior Industries International, Inc. (NYSE:SUP) today reported net income of $15.1 million, or $0.55 per diluted share, for the third quarter of 2012. This compares with net income of $4.2 million, or $0.16 per diluted share, for the third quarter of 2011. The increase in net income for the 2012 third quarter primarily reflected tax benefits.

For the 2012 third quarter, consolidated net sales decreased 6 percent to $193.9 million from $207.1 million in the comparable period a year ago. Unit shipments increased 2 percent to 2.95 million from 2.90 million in last year’s third quarter. Gross profit was $15.0 million, or 8 percent of net sales, compared with $12.6 million, or 6 percent of net sales, for the 2011 third quarter. The gross profit increase reflected a $3.5 million non-cash benefit resulting from resolution of a foreign consumption tax issue.

The average unit selling price decreased 8 percent in the third quarter of 2012 compared to the prior year, primarily due to a decline in average aluminum price, which is generally passed through to customers.

“While unit volume was up slightly year-over-year, as expected, we experienced some decline from the second quarter. This allowed us to perform much needed maintenance at most of our plants. I remain very pleased with the performance of our plants in Mexico; addressing the challenges we face with our U.S. manufacturing facilities will take some time,” said Steven J. Borick, Chairman, Chief Executive Officer and President. “While our total capital spending for the year is only modestly higher than in 2011, we have recently begun accelerating the pace of investment to improve our U.S. plants, which remain critical to meeting the needs of our customers.”

Selling, general and administrative expenses for the 2012 third quarter were $6.0 million, or 3 percent of net sales, compared with $6.6 million, or 3 percent of net sales, for the third quarter of 2011.

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