This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Accuride Reports Fourth Quarter And Fiscal Year 2012 Results In Line With Guidance

Accuride Corporation (NYSE: ACW) – a leading supplier of components to the North American commercial vehicle industry – today reported financial results for the fourth quarter and fiscal year 2012 ended December 31, 2012.

Fourth Quarter 2012 ResultsFourth quarter 2012 net sales from continuing operations were $176.3 million, compared with $242.5 million in the same period in 2011, a decline of 27.3 percent, primarily reflecting the impact of weaker economic and industry conditions during the quarter. The Company experienced a $150.4 million operating loss for the quarter, as compared to $9.5 million of operating income in the fourth quarter of 2011. The 2012 operating loss included $139.6 million in one-time impairment charges related to goodwill and other assets related to Gunite and other one-time charges (as detailed below). The Company reported a net loss of $156.5 million, or $3.30 per share during the quarter, including one-time charges. Fourth quarter Adjusted EBITDA declined year-over-year to $5.1 million, resulting in an Adjusted EBITDA margin of 2.9 percent, compared to 10.0 percent in the same quarter of 2011. As of December 31, 2012, the Company had $26.8 million of cash plus $37.2 million in availability under its ABL credit facility for total liquidity of $64.0 million.

Fiscal Year 2012 ResultsNet sales from continuing operations for the fiscal year ended December 31, 2012 were $929.8 million, compared with $936.1 million in the prior year, a decrease of 0.7 percent. The decline in net sales resulted from weak second-half industry conditions that saw commercial vehicle manufacturers cut production schedules, previously announced OEM customer decisions for Gunite, and aftermarket demand fall. In addition, Brillion’s industrial end-markets were weak during the second half of 2012. The Company believes the industry cycle is at or near the bottom, with a market recovery expected in the second half of 2013. Accuride reported a fully diluted loss per share of $3.76 for the year ended December 31, 2012, which includes the impact from the one-time impairment charges for Gunite of approximately $2.78 per share and other one-time charges of approximately $0.17 per share. Adjusted EBITDA from continuing operations for fiscal-year 2012 was $62.8 million, compared to $86.1 million in the prior year, a 27.1 percent decrease. Cash was $26.8 million at year end, while free cash flow was negative $31.2 million for the year which included $59.2 million of capital expenditures to selectively expand capacity and improve facilities and operations.

Commenting on Accuride’s results and business outlook, President and CEO Rick Dauch said, “We continue to take the tough, necessary actions to “FIX” Accuride and restore our reputation as an industry leading supplier. The majority of our capital investments and restructuring activities are now complete, positioning our business units to compete aggressively in the marketplace now and during the expected industry upturn in the second half of 2013.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

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