Superior Industries International, Inc. (SUP) showed an income of $4.7 million or 18 cents per share in the first quarter of 2010, compared with a loss of $30 million or $1.12 per share in the year-ago quarter. The profit, led by a recovery in the North American automotive industry, was a penny higher than the Zacks Consensus Estimate of 17 cents per share.
Consolidated sales shot up 84% to $150.2 million as unit shipments to all customers increased significantly during the quarter. Operating income was $6.4 million, compared with an operating loss of $28 million a year ago.
Unit wheel shipments to all the customers rose 69%. Unit shipments to Ford increased 71.3%, General Motors went up 47.8% and to Chrysler grew 54.8%. Average selling prices increased 10.5% due to an increase in the pricing of aluminum and to an increase in the mix of units sold.
Superior Industries had cash, cash equivalents and short-term investments of $137.3 million as of March 31, 2010 compared with $162.9 million in the year-ago period.
Based in Van Nuys, California, Superior Industries is one of the world’s largest designers and manufacturers of aluminum road wheels for original equipment manufacturers (OEMs) for their automobile and light trucks. It supplies cast and forged aluminum wheels with manufacturing operations in the U.S., Mexico and Hungary.
Superior Industries sells aluminum road wheels to OEMs such as Audi, BMW, Chrysler LLC, General Motors (MTLQQ), Fiat, Ford Motor (F), Jaguar, Land Rover, Mazda, Mercedes Benz, Mitsubishi, Nissan (NSANY), Skoda, Subaru, Suzuki, Toyota (TM), Volkswagen and Volvo. Among these, General Motors, Ford and Chrysler contributed 81% of the company’s sales in 2009.
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