Superior Industries Guides FY24 Net Sales Below Estimates; Slips To Loss In Q4

(RTTNews) - While reporting financial results for the fourth quarter on Thursday, aluminum wheel supplier Superior Industries International, Inc. (SUP) initiated net sales guidance for the full-year 2024, below analysts' estimates.

For fiscal 2024, the company now project net sales in a range of $1.38 billion to $1.48 billion. On average, three analysts polled by Thomson Reuters expect the company to report net sales of $1.57 billion for the year.

For the fourth quarter, the company reported a net loss of $2.4 million or $0.44 per share, compared to net income of $16.5 million or $0.25 per share in the prior-year quarter.

Net sales for the quarter declined 23 percent to $308.6 million from $402.1 million in the same quarter last year. It was down 4 percent before giving effect to lower cost of aluminum and Deconsolidation of Subsidiary.

Analysts expected a loss of $0.17 per share on revenues of $359.57 million for the quarter.

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