Superior Industries Q3 Earnings Fall, In Line With Estimates

(RTTNews) - Superior Industries International, Inc (SUP), reported decreased third-quarter earnings citing unfavorable tax impact.

The company's earnings for the current period declined to $5.2 million, or $0.19 per share, from $15 million, or $0.55 per share, a year ago. Superior Industries said there has been a $7.7 million, or $0.28 per share tax impact that hurt earnings.

The prior-year quarter had a considerable tax benefit of $5.2 million related to the settlement of a 2004 Mexican income tax audit, while during the current quarter the company paid $2.5 million in income taxes.

Three analysts had estimated the company's earnings to be $0.19 on an average, for the quarter. Analysts' estimates typically exclude one-time items. Net sales declined marginally to $191.6 million from $193.9 million a year ago.

Thursday the stock closed at $18.75 on the NYSE.