91.1 F
San Fernando
Thursday, Mar 28, 2024
Array

Superior Industries Raises Dividend

Superior Industries International Inc. has approved a 12.5 percent increase in the dividend rate to be paid to shareholders in October, the company announced Monday. Shareholders in the Van Nuys aluminum wheel manufacturer will receive 18 cents per share, up from a previous amount of 16 cents per share. The approval by the board of directors of increasing the dividend rate reflects Superior’s strong financial position and confidence in the long-term future,” said Chairman and Chief Executive Steven J. Borick. “We are particularly pleased to be increasing our cash dividend during a time when we also are investing in our manufacturing facilities, including the construction of a new facility in Mexico, to further enhance operating efficiencies and expand capacity,” Borick said in a prepared statement. In its second quarter earnings, Superior reported net income of $6.3 million (23 cents a share) on revenue of $199 million. The results beat analysts’ earnings but not revenue estimates. Shares fell 7 cents, or a fraction of a percent, to close at $17.69 on the New York Stock Exchange.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

Featured Articles

Related Articles