Superior Narrows Loss

The opening of a new facility in Mexico and restructuring costs contributed to Superior Industries International, Inc. posting a nearly $5 million loss for the fourth quarter, the company announced Tuesday. On a full 2006 year basis, however, the Van Nuys-based manufacturer of aluminum wheels for the automotive industry widened its net loss over the previous year. For the fourth quarter ending Dec. 31, Superior reported a net loss of $4.8 million, or $0.18 per diluted share, on revenues of $212 million. That is down significantly from a loss of nearly $20 million, or $0.75 per diluted share, on revenues of $206 million for the same reporting period in 2005. For the full year, the company reported a net loss of $9.3 million, or $0.35 per diluted share, on revenues of $789.9 million. For the 2005 fiscal year, Superior had a net loss of $5.8 million, or $0.22 per diluted share, on revenues of $804.2 million. “Although Superior’s operating performance of 2006 did not measure up to our expectations, we made substantial progress in the multi-year restructuring program that is crucial to maintaining our leadership in the aluminum wheel business and achieving our long-term goals for growth and profitability,” company President and CEO Steven Borick said. Superior has closed plants in Johnson City, Tenn. and Fayetteville, Ark., reduced capacity at the Van Nuys facility and sold its aluminum suspension component business. On the flip side, it has completed construction of a new plant in Chihuahua, Mexico for making large-diameter wheels.