Superior Industries Q3 Loss Widens; Cuts FY23 Outlook

(RTTNews) - Superior Industries International, Inc. (SUP), a manufacturer of aluminum wheels, on Wednesday reported higher loss and lower revenue for the third quarter.

Further, the company lowered its adjusted EBITDA and revenue outlook for fiscal 2023.

Quarterly loss widened to $86.3 million, or $3.42 per share from $0.4 million or $0.35 per share loss in the same period last year, on the loss on deconsolidation of subsidiary.

Revenue decreased to $1.145 billion from $1.102 billion in the prior year on fewer unit shipments and lower aluminum pass throughs.

Looking ahead to the full year, the company said it now expects adjusted EBITDA to be in the range of $170 million to $185 million compared to the previous expectation of $170 million to $190 million.

The company also lowered its revenue guidance to the range of $1.39 billion-$1.49 billion from the earlier expectation of $1.55 billion-$1.63 billion.

On Tuesday, Superior Industries shares closed at $2.77 down 0.35% on the New York Stock Exchange.