Strong demand from automakers for aluminum wheels contributed to Superior Industries International to greatly improving its first quarter earning when compared to a year ago. The Van Nuys-based manufacturer reported net income of $8.9 million, or $0.33 per diluted share, on revenues of $150.2 million for the quarter ending March 31. For the same period a year ago the company reported a net loss of $56.5 million, or $2.12, on revenues of $81.5 million. Superior had been hard hit by the economic downturn and the struggles of the automakers, particularly the Big Three domestic manufacturers. The company shut down its manufacturing plant in Van Nuys and made others cuts elsewhere as demand for its wheels dropped. In the first quarter, however, shipments to the Big Three went up by more than 50 percent, with Ford leading the way with a 71.3 percent increase, the company reported. While the comparative results were encouraging, Superior will continue to be diligent about controlling costs throughout the company, said Chairman, CEO and President Steven Borick. Mark R. Madler
Wheel Demand Results in Q1 Net Profit for Superior Industries
