Superior Industries International, Inc. (NYSE:SUP)
today reported net income of $6.3 million, or $0.23 per diluted share, for the second quarter of 2013, compared with net income of $6.4 million, or $0.23 per diluted share, for the second quarter of 2012.
Consolidated net sales for the 2013 second quarter decreased 7 percent to $199.0 million from $215.1 million for the comparable period a year ago. Unit shipments decreased 12 percent to 2.9 million from 3.3 million in last year’s second quarter. Gross profit increased to $16.2 million and was 8 percent of net sales for the current year quarter, compared with $15.7 million, or 7 percent of net sales for the same period a year ago.
The company said the negative impact of lower unit volume on net sales was partially offset by a 3 percent increase in the average unit selling price in the 2013 second quarter. The increase in average unit selling price reflected an improved mix of wheel sizes and finishes, partially offset by a decline in the value of the aluminum component of sales, which generally is passed through to customers. The improved gross profit and margin percentage in the 2013 second quarter primarily reflected higher average selling prices and marginally lower costs overall.
“While the fundamentals of the auto sector remain strong, it appears that Superior’s more selective pricing decisions and ongoing capacity limitations are reflected in the reduced unit sales volume,” said Steven J. Borick, Chairman, Chief Executive Officer and President. “We are investing in our existing plants to enhance efficiencies and improve processes, and we are making excellent progress with the construction of a new manufacturing facility in Mexico that is expected to be completed in 2015 and increase capacity by approximately 20 percent.”
Selling, general and administrative expenses for the 2013 second quarter decreased to $7.1 million from $7.5 million for the comparable 2012 period.