VAN NUYS, Calif. — Superior Industries International has announced net income of $8.9 million, or 33 cents per share, for the first quarter of 2010, compared with a net loss of $56.5 million, or $2.12 per share, for the first quarter of 2009.
“Results for the first quarter as compared with the same period in 2009 showed extraordinary improvement. This, of course, reflected last year’s depressed state of the industry, the continued subsequent stabilization of automotive production in North America and anticipated operating efficiencies achieved from the restructuring actions we have taken over the past two years,” said Steven Borick, chairman, CEO and president.
“While the year-over-year comparative results are encouraging, we continue to be diligent about controlling costs throughout the company. I am proud of the efforts of all of our employees, who enabled us to achieve a solid operating profit in the quarter,” Borick added.
Consolidated net sales for the 2010 first quarter increased 84.2 percent to $150.2 million from $81.5 million for the same period of 2009. Unit wheel shipments increased 68.6 percent for the 2010 period, which equated to $54.4 million of the net sales increase. Average selling prices increased approximately 10.5 percent, compared with the prior year, due equally to an increase in the pass-through pricing of aluminum and to an increase in the mix of units sold.
Gross profit increased to $12.6 million, or 8.4 percent of net sales, for the first quarter of 2010, compared with a gross loss of $14.5 million, or 17.8 percent of net sales, for the first quarter of 2009. The improvement in gross profit reflected steps taken to manage costs and rationalize production capacity compared with the same period a year ago, the company said.
