Superior Industries Slips To Loss In Q1

(RTTNews) - Superior Industries International, Inc. (SUP), an aluminum wheel supplier on Thursday said it swung to loss in the first quarter ended March 31, 2023, on lower sales.

Net loss for the period was $4 million or $0.49 per share as compared with a profit of $10.1 million or $0.04 per share in the first quarter of 2022.

Net sales for the first quarter dropped 5 percent to $381 million, from $400.5 million in the prior-year period.

The decline in net sales compared to the prior year period has been attributed to foreign exchange, lower cost of aluminum and lower unit shipments.

Value-added sales adjusted for foreign exchange however increased to $207.1 million, from $189.4 million in the previous period.

For the year 2023, the company's sales outlook is between $1.55 billion and $1.63 billion. Value-added Sales outlook is seen between $755 million and 795 million.

Shares of Superior Industries International are trading in pre-market at $4.60, down $0.15 or 3.16 percent from the previous close.