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Superior Industries Reports Full Year 2013 And Fourth Quarter Financial Results

Stocks in this article: SUP

Superior Industries International, Inc. (NYSE:SUP) today reported net income of $22.8 million, or $0.83 per diluted share, for 2013, compared with net income of $30.9 million, or $1.13 per diluted share, for 2012. The change in net income primarily reflects an increased tax provision, amounting to $14.0 million for 2013, versus a tax provision of $3.6 million for the prior year.

Consolidated net sales for 2013 were $789.6 million, a 4 percent decline from $821.5 million for 2012. Unit shipments decreased 5% in 2013 from last year. Gross profit for 2013 increased to $64.1 million, or 8 percent of net sales for 2013, from $60.6 million, or 7 percent of net sales for 2012. The 2012 gross profit included a $3.5 million non-cash benefit from resolution of a foreign consumption tax issue.

The net sales decline primarily was attributable to a decrease in unit shipments and a reduction in average selling price due to lower aluminum prices. The gross profit improvement in 2013 principally reflects efficiency improvements at the company’s U.S. operations due to improved equipment reliability and process control, resulting from capital reinvestments, more robust maintenance programs and other improvements in manufacturing practices.

“I continue to be pleased with the year-over-year gross margin growth being achieved, demonstrating that the ongoing investments being made in our existing manufacturing facilities have contributed important efficiency gains,” said Steven J. Borick, Chairman, Chief Executive Officer and President. “While we still have opportunities to further improve our manufacturing performance and flexibility, the actions being taken at our existing manufacturing facilities, particularly in the U.S., are resulting in lower operating costs and productivity improvements.

“We are making excellent progress with the construction of our new, state-of-the-art manufacturing plant in Chihuahua, Mexico, which will add needed capacity, further enhance efficiencies and complement our three existing Mexico-based facilities. The project is on plan and scheduled for completion and initial testing by the end of this year, with commercial production anticipated for the first half of 2015,” Borick said.

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