Superior Industries Reduces Quarterly Loss
Aluminium wheel maker Superior Industries International posted a narrower year-on-year loss in the third quarter due to cost cuts and increased production volumes. In the quarter ending September 30 the company reported a loss of US$12.7 million, or 48 cents a share, compared with a loss of $14.2 million, or 53 cents a share, a year earlier. Quarterly sales of $111.4 million represented a decline of 32 per cent on the same quarter of 2008.
The company said its third-quarter results were helped by the return to normal production levels at Chrysler and General Motors, two of its major customers. Increased vehicle demand due to the “Cash for Clunkers” scrappage scheme also helped Superior. “Based on orders received thus far, we believe that our sales will show moderate improvement during the fourth quarter,” said Chief Executive Steven Borick in a statement.