Superior Industries Inc.’s earnings per share of 23 cents for the second quarter of 2013 were in line with the year-ago quarter, but it outpaced the Zacks Consensus Estimate by 6 cents. Net income declined 1.6% to $6.3 million from $6.4 million in the year-ago quarter.
Revenues for the quarter dropped 7.5% year over year to $199 million, missing the Zacks Consensus Estimate of $205 million. The year-over-year decline was due to a 12% decrease in unit shipments to 2.9 million from 3.3 million recorded in the year-ago quarter. Revenues benefited from a 3% increase in the average unit selling price.
Gross profit increased 3.3% to $16.2 million, or 8% of sales, from $15.7 million, or 7%, in the prior-year quarter. The increase was attributable to higher average selling prices and marginally lower overall costs.
Selling, general and administrative expenses dropped 5.3% to $7.1 million in the quarter, or 3.6% of net sales, from $7.5 million, or 3.5%, in the prior-year quarter. Operating income rose 11.2% to $9.1 million, or 5% of sales, from $8.2 million, or 4% of sales, a year ago.
As of Jun 30, 2013, Superior Industries had a working capital of $347.6 million, including cash, cash equivalents and short-term investments of $206.5 million. This compared with a working capital of $338.3 million, including cash, cash equivalents and short-term investments of $207.3 million as of Dec 31, 2012. The company has no bank or other interest bearing debt at the end of the quarter.
Calif.-based Superior Industries is one of the world’s largest designers and manufacturers of cast aluminum road wheels for the automotive industry. The company’s aluminum road wheels are sold to OEMs such as Audi, BMW, Chrysler LLC, General Motors Co. , Fiat, Ford Motor Co. , Jaguar, Land Rover, Mazda, Mercedes Benz, Mitsubishi, Nissan, Skoda, Subaru, Suzuki and Toyota Motor Corp. .
Superior Industries retains a Zacks Rank #2 (Buy).