Superior Earnings Improve in Q4

An increase in the average selling price of its aluminum wheels contributed to improved earnings in the fourth quarter when compared to a year ago for Superior Industries International Inc. The Van Nuys-based supplier to the U.S. and foreign automakers reported net income of $22.3 million, or $0.82 per diluted share, on revenues of $191 million for the quarter ending Dec. 31. For the same period in 2009, the company had a net loss of $3.9 million, or $0.15 per diluted share, on revenues of $145 million. For the full 2010 fiscal year, Superior reported net income of $51.6 million, $1.93 per diluted share, on revenues of $719.5 million. For the previous fiscal year, the company has a net of $94 million, or $3.53 per diluted share, on revenues of $418.8 million. In the fourth quarter, unit shipments increased by 20 percent to Ford, by 8 percent to General Motors, by 5 percent to Chrysler and by 40 percent to international customers. “Strong demand from virtually all of our customers throughout the year reflected the recovery in the automotive sector and positively impacted our performance,” said Superior Chairman, CEO and President Steven Borick. “As 2011 unfolds, strong industry momentum is continuing. We are actively evaluating a number of options to increase production levels, while maintaining cost controls.” Mark R. Madler