Superior Industries International Q4 Profit Rises - Quick Facts

(RTTNews) - Superior Industries International Inc. (SUP) said that its fourth quarter of 2013 net income of $6.4 million or $0.23 per share, up from $2.7 million, or $0.10 per share, for the prior year period.

Net income for the most recent quarter was impacted by an increase in the tax provision to $6.0 million, or 48% of pre-tax income, from $2.6 million, or 49% of pre-tax income, for the 2012 fourth quarter.

Consolidated net sales for the 2013 fourth quarter declined 8 percent to $192.5 million from $210.0 million in the previous year. The decline principally reflects reduced unit sales volume and a reduction in average selling price due to lower aluminum prices. Unit shipments were 2.9 million in the fourth quarter of 2013 versus 3.2 million a year ago.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.23 per share and revenues of $199.26 million for the quarter. Analysts' estimates typically exclude special items.

"We are making excellent progress with the construction of our new, state-of-the-art manufacturing plant in Chihuahua, Mexico, which will add needed capacity, further enhance efficiencies and complement our three existing Mexico-based facilities. The project is on plan and scheduled for completion and initial testing by the end of this year, with commercial production anticipated for the first half of 2015," said Steven Borick, Chairman, Chief Executive Officer and President.

As previously reported, Borick will retire as CEO from Superior on March 31, 2014, and the board is currently searching for his successor.