SOUTHFIELD, Mich. – Superior Industries International has reported financial results for the first quarter ended March 29, 2015.
Superior reported first quarter net income of $4.3 million, equal to 16 cents per diluted share, compared to $4.8 million, or 18 cents per diluted share, for the prior year period.
Consolidated net sales for the 2015 first quarter declined 5 percent to $173.7 million from $183.4 million in the first quarter of 2014.
Gross profit for the 2015 first quarter decreased to $11.2 million, or 6.5 percent of sales, from $15.6 million, or 8.5 percent of sales, for the first quarter of 2014.
Don Stebbins, president and CEO, commented, “Our financial performance this quarter was impacted by lower unit volumes, but we made excellent progress executing against our strategic initiatives and improving operational efficiencies. Our adjusted EBITDA as a percentage of value-added sales increased 52 basis points despite a 12 percent decline in value-added revenue. The ramp-up of our new facility in Mexico remains on track and we continue to anticipate being fully operational by the end of the year. The relocation of our headquarters to Southfield, Michigan, is progressing well, and we are excited about developing even closer customer relationships in the heart of the auto industry. It has now been a year since I joined Superior, and I am pleased with the strides we have made as a company during that time. I am confident the investments we are making today are the right ones to drive long-term growth and profitability.”
The company reaffirms its previously disclosed guidance for the full year 2015. Superior expects to report net sales in the range of $725 million to $800 million.
