manufacturer Accuride Corp. posted a first-quarter net loss of
more than $15.9 million, up sharply from a $2.9-million loss in
the same period last year on sales that fell 28.6 percent to
The bigger loss and lower sales
reflected the impact of macroeconomic and industry conditions
on its businesses, said the Evansville, Ind.-based producer of
aluminum and steel wheels and hubs for commercial vehicles.
"We continued to experience
softness in our two primary market segmentsNorth American
commercial vehicles and global mining/constructionwhich
led to significantly reduced revenue during the first quarter,"
president and chief executive officer Rick Dauch said in an
April 23 statement.
"We are focusing on what is in
our control by taking targeted actions to reduce our overall
cost structure, and have substantially completed our
manufacturing footprint consolidation efforts," he said. "We
believe that the first quarter represents the bottom of the
North American commercial vehicle cycle. We are prepared for,
and look forward to, the pending market upturn."
North American commercial
vehicle manufacturers continued to adjust their build schedules
downward during the first quarter in order to better align
their operations with demand, the company said. Class 8 vehicle
production declined by 29.2 percent vs. the first three months
of 2012, while the Class 5-7 and U.S. trailer segments declined
6.7 percent and 2.6 percent, respectively.
Industry forecasts continue to
project a significant ramp-up in production during the second
half of this year and into 2014, however.
Fleets continue to cautiously replace aging equipment, and
freight tonnage is projected to steadily increase over the next
several years, which will continue to drive increased demand
for trucks and trailers going forward, Dauch said.