EVANSVILLE, Ind. – Accuride Corp. has reported financial results for the first quarter ended March 31.
The company says it achieved first quarter 2012 net sales from continuing operations of $269.5 million, compared with $210.9 million in the same period in 2011, an increase of 27.8 percent, with all business segments posting double-digit revenue growth. The company delivered operating income for the quarter of $7.2 million, up from $1.4 million in the first quarter of 2011. The company reported a net loss of $2.9 million, or 6 cents per share during the quarter.
“Our first-quarter performance benefitted from continued commercial vehicle production strength and aftermarket order volumes – driven by healthy Class 8 truck and trailer demand – together with higher pricing and productivity gains coming from the solid execution of our ‘Fix and Grow’ operational improvement plans,” said Accuride President and CEO Rick Dauch. “We are engaged in nothing less than the complete operational turnaround of our core businesses. These efforts include expanding our aluminum wheel production capacity in response to strong demand, boosting performance and efficiencies at Gunite while upgrading its manufacturing capabilities, completing the consolidation of Imperial, and instituting common LEAN systems across the company. We have solid action plans in place to accomplish this and continue to execute them on schedule. In addition, our margins are beginning to reflect the impact of greater operating efficiencies and working capital performance as we execute our ‘Fix and Grow’ strategy.”
CFO Greg Risch expressed the company’s confidence in the full-year guidance it issued in March 2012, stating, “Despite somewhat softer market demand, we continue to expect to deliver 2012 net sales in the range of $1,000 to $1,025 million, fully diluted earnings per share between 7 cents and 15 cents, and Adjusted EBITDA ranging from $100 to $105 million for the year. The actions we are taking as part of our ‘Fix and Grow’ strategy are yielding the sustainable improvements in quality, delivery and cost necessary to make Accuride a more dependable supplier to our customers and profitable investment for our shareholders.”
