Superior Industries International Inc. matched analysts’ net income estimates for the first quarter but just missed on revenue due to a drop in sales and aluminum prices, the company reported on Friday.
The Van Nuys aluminum-wheel manufacturer reported net income of $4.8 million (18 cents a share) for the quarter ended March 31, compared with $4.9 million (18 cents) in the same period a year earlier. Revenue decreased 11 percent to $183.4 million.
Analysts on average expected net income of 18 cents on revenue of $187.3 million, according to Thomson Financial Network.
Lower revenue was attributed to an 8-percent decline in unit sales to 2.8 million and a drop in the average selling price as raw aluminum prices fell.
Shares closed down 66 cents, or more than 3 percent, to $20.24 on the New York Stock Exchange.
Crown Media Holdings Inc. reported on Friday a drop in net income for the first quarter despite rising ratings and advertising rates.
The Studio City-based owner of the Hallmark Channel and Hallmark Movie Channel reported net income of $12 million (3 cents a share) for the quarter ended March 31, compared with $14.5 million (4 cents) in the same period a year earlier. Revenue increased 6 percent to $90.7 million.
The company said higher audience numbers and advertising rates drove the improvement in revenue.
During the quarter, Crown Media introduced its second original television series, “When Calls the Heart,” broadcast its inaugural “Kitten Bowl” on Super Bowl Sunday, and announced a rebranding and renaming of the Hallmark Movie Channel into Hallmark and Movie & Mysteries that will take place during the fourth quarter.
Shares closed down a penny to $3.59 on the Nasdaq.
The Bank of Santa Clarita posted strong earnings on Friday for the first quarter.
The Santa Clarita financial institution reported net income of $248,000 in the quarter ended Sept. 30, compared with $234,000 in the same period a year earlier.
The bank said total loans rose 4 percent to $158 million, deposits rose 6 percent to $187 million and total assets stayed flat at $248 million from a year ago.
Chairman and Chief Executive Frank Di Tomaso said the institution remains focused on strategies to keep the bank profitable while maintaining a high level of service.
“These strategies further enhance our ability to better serve our clients and increase our potential to generate even stronger financial results on behalf of our shareholders,” Di Tomaso said in a prepared statement.
No shares traded Friday, and remained at $9.05 on the OTC Bulletin Board.