Accuride Turns To Profit In Q3

(RTTNews) - Automotive components maker Accuride Corp. (ACW) Monday said it recorded a profit for the third quarter, compared with loss last year, helped by 18.5 percent revenue growth.

Net profit totaled $1.2 million or $0.02 per share, compared with a loss of $8.4 million, or $0.18 per share last year.

On average, three analysts polled by Thomson-Reuters estimated a loss of $0.01. Analysts' estimates typically exclude one-time items.

The company recorded an 88 percent rise in adjusted EBITDA to $21.2 million.

Net sales increased to $184 million, from $155.26 million in the previous year. Analysts projected revenues to be $174.4 million.

Revenues from wheels segment improved 21.3 percent to $106.7 million, due primarily to stronger demand for OEM trucks and trailers, and stronger aftermarket revenues from aluminium wheels.

Looking ahead, for the full year, the company expects revenues of $690 million - $700 million, and adjusted EBITDA of $75 million - $80 million.

Analysts see annual revenues of $693.4 million.