Superior’s loss widens as carmakers cut demand
From the Associated Press
Superior Industries International Inc. said its losses deepened in the third quarter as struggling carmakers including Ford Motor Co. and General Motors Corp. cut back their demand for the company’s aluminum wheels.
The Van Nuys-based company posted a quarterly loss of $7.7 million, or 29 cents a share, compared with a year-earlier loss of $133,000, or break-even on a per-share basis.
Sales slipped 2% to $174.3 million from $178.3 million a year earlier.
At $178 million, the company’s cost of sales outweighed revenue in the quarter.
Analysts forecast a more modest loss of 13 cents a share and stronger sales of $187.8 million, according to a Thomson Financial poll.
