Profits Roll in for Superior in Q3

Automakers replenishing their inventory contributed to Superior Industries International Inc. posting positive results for the third quarter compared to the net loss from a year ago. The Van Nuys-based manufacturer of aluminum wheels reported net income of $10.4 million, or $0.39 per diluted share, on revenues of $183.7 million for the quarter ending Sept. 26. For the same period in 2009, the company had a net loss of $12.7 million, or $0.48 per diluted share, on revenues of $111.4 million. Unit shipments to General Motors increased by 36 percent, to Chrysler by 65 percent, to Ford by 31 percent and to international customers by 75 percent when compared to the third quarter a year ago. “As a result of this increased demand by our customers and our higher production level, gross margin increased substantially during the quarter, compared to the same period last year,” said Superior Chairman, Chief Executive Officer and President Steven J. Borick. “Additionally, more stable demand levels helped us build on the benefits of the previous restructuring actions that were taken to strengthen the company for the long term.” Mark R. Madler