Superior Income Rises in Q2

A decline in shipments to Japan following the March earthquake and tsunami did not hurt the financial performance of aluminum wheel maker Superior Industries International Inc. in the second quarter. The Van Nuys-based company reported net income of $14.7 million, or $0.53 per diluted share, on revenues of $208.7 million for the quarter ending June 30. For the same period a year ago, the company had net income of $10 million, or $0.38 per diluted share, on revenues of $194.6 million. Demand for Superior’s wheel remained steady during the quarter, despite a substantial shipment decline to Toyota following the earthquake in March, said company Chairman, CEO and President Steven J. Borick. More challenging for the company has been a changing product mix, price competition and stringent quality standards, Borick said. “Higher maintenance cost is a consequence of running our factories at consistently high rates. Increased new program development cost reflects investment in our future,” Borick said. “These challenges are expected to continue into the second half of 2011.”