Q2 sales, shipments down at Superior Industries
Wheel manufacturer Superior Industries International has reported a slightly lower year-on-year net income for the second quarter of 2012. Net income decreased from US$6.4 million a year ago to $6.3 million in the March to June quarter.
Consolidated net sales for the 2013 second quarter decreased seven per cent to $199.0 million and unit shipments decreased 12 per cent to 2.9 million. Gross profit increased to $16.2 million and was eight per cent of net sales for the current year quarter, compared with $15.7 million, or seven per cent of net sales for the same period a year ago.
The company said the negative impact of lower unit volume on net sales was partially offset by a three per cent increase in the average unit selling price during the quarter. The improved gross profit and margin percentage in the 2013 second quarter primarily reflected higher average selling prices and marginally lower costs overall.
“While the fundamentals of the auto sector remain strong, it appears that Superior’s more selective pricing decisions and ongoing capacity limitations are reflected in the reduced unit sales volume,” said Steven J. Borick, chairman, CEO and president. “We are investing in our existing plants to enhance efficiencies and improve processes, and we are making excellent progress with the construction of a new manufacturing facility in Mexico that is expected to be completed in 2015 and increase capacity by approximately 20 per cent.”
Selling, general and administrative expenses for the 2013 second quarter decreased to $7.1 million from $7.5 million for the comparable 2012 period. Consolidated income from operations for the 2013 second quarter increased to $9.1 million, or five per cent of net sales, from $8.2 million, or four per cent of net sales.