EVANSVILLE, Ind. Accuride Corp. has reported its financial results for the second quarter ended June 30.
The company says it achieved second quarter 2012 net sales from continuing operations of $268.8 million, compared with $241.9 million in the same period in 2011, an increase of 11.1 percent, with all business segments reporting year-over-year-growth. It delivered operating income for the quarter of $9.6 million, up $1.1 million, or 13.4 percent, from the second quarter of 2011. Accuride reported a net loss of $0.8 million, or 2 cents per share during the quarter.
“Accuride continues to solidly execute our ‘Fix and Grow’ strategy to drive profitable operational improvements across our core businesses,” said Accuride President and CEO Rick Dauch. “We are restoring our reputation as a dependable and capable supplier to our customers. Although industry conditions began to soften in the second quarter, we remain intensely focused on the improvement initiatives within our control," Dauch added.
“As we continue to execute our ‘Fix & Grow’ strategy, we are improving the operational and financial performance of our business,” Dauch said. “Given the positive long-term outlook for the North American commercial vehicle market, we remain confident that we are on track and will restore Accuride to a profitable, world-class supplier to the global commercial vehicle industry.”
CFO Greg Risch outlined the company’s full-year guidance, stating, “Despite near-term softness in market demand, we continue to expect 2012 net sales to be in the range of $1 million to $1.025 million. We expect a fully diluted loss per share between 12 cents and 5 cents, including a 6 cent loss per share related to the Elkhart, Ind., closure, and Adjusted EBITDA ranging from $95 to $100 million for the year.”