Wheel maker posts wider loss
- Share via
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.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.