Superior Industries’ Profit Drops 25% in 3rd Quarter
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Superior Industries Inc., a Van Nuys maker of aluminum car wheels, said it expects third-quarter net income to fall about 25% to roughly $9 million from $12.6 million in the same quarter last year.
Sales are expected to be about $115 million for the quarter, up 7% from last year, but due to an increase in aluminum prices.
The price of Superior’s shares fell as much as 15% on the news.
The company said the dip in earnings was caused by a fall in demand for aluminum wheels, especially those destined for Ford and General Motors models that are not selling as well as expected. Superior’s production of wheels for some of those cars is down 12% from the third quarter of last year, and unit shipments are down 5%.
Superior’s chief financial officer, Jeff Ornstein, said Thunderbirds, Mustangs, Camaros and Firebirds are among the cars that have seen drops in sales.
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