Wheel maker posts wider loss

Aluminum wheel maker Superior Industries International Inc. of Van Nuys said its loss widened in the third quarter as hemorrhaging automakers scaled back production.

Shares fell $1.20 to $11.83 after the worse-than-expected report.

Superior reported a loss of $14.2 million, or 53 cents a share, for the period ended Sept. 30, compared with a loss of $739,000, or 3 cents, a year earlier.

Results included a $5-million pretax charge to close its Pittsburg, Kan., facility in December. The company announced in August that it would cut 755 jobs to cope with reduced business.

Sales fell 28% to $163.4 million. Company shipments for light truck and SUV wheels plummeted more than 50% as automakers responded to stalling demand for those vehicles.

Analysts polled by Thomson Reuters expected a smaller loss of 6 cents a share on higher sales of $202.8 million for the quarter.

Management stressed that the company’s balance sheet remained strong, with $274 million in working capital.