Superior Industries International Inc.s profits narrowed
in the third quarter as a lower aluminum sales pass-through and
a tax change dented results.
The Van Nuys,
Calif.-based aluminum wheels producer reported net income of
$5.2 million in the three months ended Sept. 29, down 65.7
percent from $15.1 million in the year-ago quarter on net sales
that slipped 1.2 percent to $191.6 million. For the first nine
months of the year, Superior posted net income of $16.4
million, down 41.8 percent from $28.2 million in the same
period last year as sales dipped 2.4 percent to $597.1 million
in the same comparison.
But Superior stressed
that investments at its manufacturing facilities, especially in
the United States, have lowered operating costs and boosted
productivity, chief executive officer and president Steven J.
In addition, Superior
continues to make progress on the construction of a new
manufacturing plant in Mexico (
amm.com, May 7), Borick said. "The project is well
under way, with approximately 75 percent of the total
commitments made for the facility and production equipment," he
The drop in
third-quarter net income was due in part to an unfavorable tax
"swing" of $7.7 million, Superior said. The company did not
provide figures in its earnings release for the amount of the
reduction in its aluminum pass-through.
Shipments in the
quarter were unchanged from last year, but fell 4.3 percent to
8.9 million units for the first nine months of the year
compared with the same period last year, Superior said. That
drop in volume was partially offset by a 1-percent increase in
average selling prices due to a better sales mix, the company