Superior Industries Posts $10.1M Q2 Profit
Aluminium Wheel Manufacturer Superior Industries International has announced a net income of US$10.1 million for the second quarter of 2010, a figure that includes a $4.1 million loss on the sale of the company’s joint venture in Hungary. This compares to a net loss in the second quarter of 2009 of $21.0 million.
Unit shipments grew 114 per cent year-on-year during the quarter, with unit shipments to General Motors increasing 139 per cent, Chrysler 264 per cent, Ford 68 per cent and international customers 115 per cent. Net sales rose 141 per cent year-on-year to $194.6 million; Superior Industries notes that average selling prices increased approximately 14 per cent year-on-year due to higher pass-through pricing of aluminium. Operating income amounted to $20.6 million, compared with an operating loss of $20.8 million a year earlier.
“I am very pleased with our operating performance in the second quarter,” said Steven J. Borick, Superior Industries chairman, CEO and president. “All of our North American aluminium wheel plants delivered improved operating results in the quarter on higher and more stable volume levels, reflecting a recovering automotive sector. Also during the second quarter, the company completed the sale of its 50 per cent ownership in Suoftec to our joint venture partner, Otto Fuchs Kg, and subsequent to the close of the second quarter, we made an initial investment in Synergies Castings Limited, an aluminium wheel manufacturer in India.”