98.3 F
San Fernando
Thursday, Apr 18, 2024
Array

Superior Beats Earnings Expectations, But Not Revenue

Superior Industries International Inc. fell short of analysts’ forecasts on revenue but beat expectations on earnings per share in the second quarter. The Van Nuys aluminum wheel manufacturer reported net income of $6.3 million (23 cents a share) for the quarter ending June 30 compared with $6.4 million (23 cents) in the same period a year earlier. Revenue fell 7 percent to $199 million. Analysts’ estimates put revenue at $214 million and earnings per share at 21 cents, according to Thomson Financial. Superior shipped 2.9 million units in the second quarter, a decrease of 12 percent from the same period last year. The lower shipments were partly offset by a 3 percent increase in price. “While the fundamentals of the auto sector remain strong, it appears that Superior’s more selective pricing decisions and ongoing capacity limitations are reflected in the reduced unit sales volume,” said Superior President and Chief Executive Steven J. Borick in a prepared statement. Shares closed up18 cents, or less than 1 percent, to $18.53 on the New York Stock Exchange.

Mark Madler
Mark Madler
Mark R. Madler covers aviation & aerospace, manufacturing, technology, automotive & transportation, media & entertainment and the Antelope Valley. He joined the company in February 2006. Madler previously worked as a reporter for the Burbank Leader. Before that, he was a reporter for the City News Bureau of Chicago and several daily newspapers in the suburban Chicago area. He has a bachelor’s of science degree in journalism from the University of Illinois, Urbana-Champaign.

Featured Articles

Related Articles