Superior Industries Q1 Profit Down

(RTTNews) - Superior Industries International Inc. (SUP) reported that its net income for the first quarter of 2017, was $3.1 million or $0.12 per share including a $4.8 million or $0.19 per share, impact related to acquisition support costs. This compared to $14.5 million of net income or $0.56 per share, in the first quarter of 2016.

Net sales for the first quarter of 2017 were $174.2 million, compared to net sales of $186.1 million in the first quarter of 2016. Value-added sales, a non-GAAP financial measure defined as net sales less pass-through charges, primarily for the value of aluminum, were $95.5 million for the first quarter of 2017, a 6.7% decrease compared to the first quarter of 2016, driven by lower unit volume.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.37 per share and revenues of $175.34 million. Analysts' estimates typically exclude special items.

Wheel unit shipments were 2.8 million in the first quarter of 2017, a decrease of 10.6%, compared to first quarter unit shipments of 3.2 million in the prior year period. The decline in unit shipments was due to overall industry trends and the expected timing of launches and completion of certain programs.

Based on the current outlook for the year, Superior reaffirmed its previous 2017 outlook provided on March 2, 2017. This outlook is based on Superior stand-alone and excludes any future impact from the acquisition of UNIWHEELS.

Superior expects net sales to be in the range of $730 million to $750 million driven by unit shipments of 12.0 million to 12.25 million.

Value-added sales are expected to be in the range of $400 million to $410 million. Value-added sales are defined as net sales less pass-through charges, primarily for the value of aluminum.