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Monday, May 27, 2024

Superior Reports 4Q Loss

Superior Industries International, Inc., a manufacturer of automotive aluminum wheels and auto parts in Van Nuys, reported to a net loss of $19.1 million, or $0.72 per share on revenues of $218.8 million for the fourth quarter of 2005. In comparison, net earnings for the fourth quarter of 2004 were at $11.9 million, or $0.45 per share on revenues of $234.5 million. Sales were down 6.7 percent and the company was hit with a pre-tax impairment of $45.7 million for writing off assets from the sale of its suspension components division. For the full year of 2005, the net loss was $5.8 million, or $0.22 per share on sales of $844.9 million versus net earnings for 2004 at $44.7 million, or $1.67 per share on sales of $901.7 million. Sales dropped 6.3% for the full year. Without one-time items, the company’s fourth quarter results would have beaten analysts’ expectations, and Superior’s stock prices rose 5.4% to $20.88 on Friday morning. Superior customer Ford Motor Company, which accounts for 36% of Superior’s business, announced plans earlier this year to cut 25,000-30,000 jobs after reporting a $1.6 billion loss. Ford’s decision led in part to Superior announcement of layoffs for about 375 workers earlier this year, almost half its San Fernando Valley manufacturing workforce.

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