Superior Industries’ Earnings Show Decline
Superior Industries International Inc., a Van Nuys-based maker of wheels and other automotive products, said its fourth-quarter earnings plunged 92% from a year earlier because of a previously announced $5.2-million charge and the industrywide slowdown in auto sales.
In the quarter ended Dec. 31, Superior’s net income dropped to $388,000 from $4.99 million a year earlier, and its sales inched up 1%, to $61.4 million from $60.9 million. The charge that reduced earnings stemmed from Superior’s decision to close its plant in Newmarket, Ontario in Canada, and transfer its production to more efficient facilities.
For all of 1990, Superior’s profit fell 24%, to $12.3 million from $16.2 million the previous year, and its annual sales climbed 9%, to $267.6 million from $246.1 million.