VAN NUYS, Calif. – Superior Industries International has reported net income of $6.3 million, or 23 cents per diluted share, for the second quarter of 2013, compared with net income of $6.4 million, or 23 cents per diluted share, for the second quarter of 2012.
Consolidated net sales for the second quarter decreased 7 percent to $199 million from $215.1 million for the comparable period a year ago. Unit shipments decreased 12 percent to 2.9 million from 3.3 million in last year’s second quarter. Gross profit increased to $16.2 million and was 8 percent of net sales for the current year quarter, compared with $15.7 million, or 7 percent of net sales for the same period a year ago.
The company said the negative impact of lower unit volume on net sales was partially offset by a 3 percent increase in the average unit selling price in the 2013 second quarter. The increase in average unit selling price reflected an improved mix of wheel sizes and finishes, partially offset by a decline in the value of the aluminum component of sales, which generally is passed through to customers. The improved gross profit and margin percentage in the 2013 second quarter primarily reflected higher average selling prices and marginally lower costs overall.
“While the fundamentals of the auto sector remain strong, it appears that Superior’s more selective pricing decisions and ongoing capacity limitations are reflected in the reduced unit sales volume,” said Steven Borick, chairman, CEO and president. “We are investing in our existing plants to enhance efficiencies and improve processes, and we are making excellent progress with the construction of a new manufacturing facility in Mexico that is expected to be completed in 2015 and increase capacity by approximately 20 percent.”
Year-to-Date Results
Consolidated net sales for the first half of 2013 were $405.4 million, compared with $417.5 million for the comparable period a year ago, primarily reflecting a decrease in the number of wheels shipped. Unit shipments for the first six months of 2013 were 6 million versus 6.4 million a year ago. The negative impact of lower unit sales volume was partially offset by a 2 percent increase in the average selling price for the first half of 2013, attributable to an improved mix of wheel sizes and finishes offset partially by a decline in the value of the aluminum component of sales.
Consolidated gross profit for the first half of 2013 decreased to $29.8 million and was 7 percent of net sales, compared with $32.8 million, or 8 percent of net sales, for the comparable period a year ago. The gross profit and margin percentage declines in the first half of 2013 were largely the result of lower volumes, the company said. Despite the second quarter improvement, the year-to-date declines primarily reflect lower cost efficiency in the first quarter of this year.
