EVANSVILLE, IN — Accuride Corp. reported net sales of $111.4 million for the first quarter, which ended on March 31. This compares to net sales of $88.2 million for the first quarter of 2003, an increase of 26.3 percent. The increase is due primarily to greater demand across all market segments.
Adjusted EBITDA of $22.3 million for the first quarter is up from $16.8 million for the first quarter of 2003, an increase of 32.7 percent. The resulting EBITDA margin has increased to 20 percent of net sales from 19 percent of net sales in last year’s first quarter primarily due to volume.
“Due to the continued improvement in demand, revenue in the first quarter was at its highest level since the second quarter of 2000,” said Terry Keating, Accuride’s president and CEO. “The rising production levels due to the strength in net orders should lead to a robust recovery in 2004.”
Accuride had net income of $4.8 million, or 4.3 percent of net sales, for the first quarter of 2004, compared to a net loss of $0.6 million, or a negative 7 percent of net sales, for the first quarter of 2003.