Superior loss grows on sales decline

SOUTHFIELD–Superior Industries International Inc. (NYSE: SUP) reported a loss of $32.7 million or $1.52  share in the first quarter, worse than a loss of $4 million or 49 cents a share in the first quarter of 2023.

Revenue was $316.3 million, down from $381 million in the first quarter of 2023.

“We are pleased with the progress we have made in executing on the transformation of our European business we announced last year,” Superior President and CEO Majdi Abulaban said. “Production in our manufacturing facility in Germany, SPG, has ceased and we are in the process of transferring the business to Poland. The transformation of our European operations will significantly improve our profitability and position Superior with a competitively advantaged footprint. We expect Superior to exit 2024 as a business generating approximately $190 million of Adjusted EBITDA on unit sales of just over 15 million. Having completed the transformation of our North American operations, and following the completion of similar actions in Europe, we expect to drive significant improvement in our sales, earnings and cash flows well into the future.”

Selling, general and administrative expenses were $21 million, up from $19 million a year earlier, mostly due to restructuring costs. The company was also hit by lower unit shipments.

To listen to a conference call discussing these results, visit www.supind.com.

Superior designs, engineers, and manufactures aluminum wheels.

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