Superior Industries International Inc.
) earnings per share dropped 65.5% year over year to 19 cents for
the third quarter of 2013 compared to 55 cents in the third
quarter of 2012. Earnings per share were in line with the Zacks
Consensus Estimate. Net income declined 65.6% to $5.2 million
from $15.1 million in the year-ago quarter.
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Revenues for the quarter dropped 1.2% year over year to $191.6
million, which beat the Zacks Consensus Estimate of $183 million.
The year-over-year decline was due to decrease in aluminum
component value, partially offset by better sales mix. Unit
shipments were unchanged year over year.
Gross profit increased 2.7% to $15.4 million, or 8% of sales,
from $15 million, or 7.7%, in the prior-year quarter. The
increase was attributable to lower costs and favorable impacts
from stronger product mix.
Selling, general and administrative expenses increased 38.3% to
$8.3 million in the quarter, or 4.3% of net sales, from $6
million, or 3.1%, in the prior-year quarter. The increase in
expense was due to executive severance costs related to the
departure of two executives together with several accrual
Operating income decreased 20.9% to $7.2 million, or 4% of sales,
from $9.1 million, or 5% of sales, a year ago.
As of Sep 29, 2013, Superior Industries had a working capital of
$318.9 million, including cash, cash equivalents and short-term
investments of $186.5 million. This compared with a working
capital of $346 million including cash, cash equivalents and
short-term investments of $219.9 million as of Sep 30, 2012. The
company has no bank or other interest bearing debt at the end of
Cash flow from operating activities decreased to $20.7 million in
the first thirty-nine weeks of 2013 from $48.2 million in the
same period of 2012. Capital expenditures increased to $43.4
million from $12.2 million in the first thirty-nine weeks of
Calif.-based Superior Industries is one of the world's largest
designers and manufacturers of cast aluminum road wheels for the
automotive industry. The company's aluminum road wheels are sold
to OEMs such as Audi, BMW, Chrysler LLC,
General Motors Co.
Ford Motor Co.
), Jaguar, Land Rover, Mazda, Mercedes Benz, Mitsubishi, Nissan,
Skoda, Subaru, Suzuki and
Toyota Motor Corp
Superior Industries retains a Zacks Rank #3 (Hold).