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Superior Industries Reports Financial Results For 2013 Third Quarter

Stocks in this article: SUP

Superior Industries International, Inc. (NYSE:SUP) today reported net income of $5.2 million, or $0.19 per diluted share, for the third quarter of 2013, compared with net income of $15.1 million, or $0.55 per diluted share, for the third quarter of 2012. The change in net income is primarily the result of an unfavorable $7.7 million, or $0.28 per diluted share, swing in income tax.

Consolidated net sales for the 2013 third quarter decreased 1 percent to $191.6 million from $193.9 million for the comparable period a year ago. Unit shipments in the 2013 third quarter were unchanged, compared with the third quarter of 2012. Gross profit increased to $15.4 million and was 8 percent of net sales for the current year quarter, compared with $15.0 million, or 8 percent of net sales for the same period a year ago. The 2012 third quarter gross profit included a $3.5 million non-cash benefit, equal to 1.8 percent of net sales, resulting from resolution of a foreign consumption tax issue.

The net sales decline reflected a lower value of the aluminum component of sales, which generally is passed through to customers, partially offset by an improved sales mix. Excluding the benefit from the release of the foreign consumption tax reserve in 2012, the gross profit improvement in the third quarter of 2013 primarily reflected overall cost reductions and the benefit of a stronger product mix.

“The continued investments being made in our existing manufacturing facilities, particularly in the U.S., are resulting in lower operating costs and productivity improvements,” said Steven J. Borick, Chairman, Chief Executive Officer and President. “We also continue to make excellent progress with the construction of our new manufacturing facility in Mexico. The project is well underway, with approximately 75 percent of the total commitments made for the facility and production equipment.”

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