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Superior Industries Q3 Earnings In Line, Rev Beats


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Superior Industries International Inc.’s (SUP - Analyst Report) earnings per share dropped 65.5% year over year to 19 cents for the third quarter of 2013 compared to 55 cents in the third quarter of 2012. Earnings per share were in line with the Zacks Consensus Estimate. Net income declined 65.6% to $5.2 million from $15.1 million in the year-ago quarter.

Revenues for the quarter dropped 1.2% year over year to $191.6 million, which beat the Zacks Consensus Estimate of $183 million. The year-over-year decline was due to decrease in aluminum component value, partially offset by better sales mix. Unit shipments were unchanged year over year.

Gross profit increased 2.7% to $15.4 million, or 8% of sales, from $15 million, or 7.7%, in the prior-year quarter. The increase was attributable to lower costs and favorable impacts from stronger product mix.

Selling, general and administrative expenses increased 38.3% to $8.3 million in the quarter, or 4.3% of net sales, from $6 million, or 3.1%, in the prior-year quarter. The increase in expense was due to executive severance costs related to the departure of two executives together with several accrual adjustments.

Operating income decreased 20.9% to $7.2 million, or 4% of sales, from $9.1 million, or 5% of sales, a year ago.
Financial Details

As of Sep 29, 2013, Superior Industries had a working capital of $318.9 million, including cash, cash equivalents and short-term investments of $186.5 million. This compared with a working capital of $346 million including cash, cash equivalents and short-term investments of $219.9 million as of Sep 30, 2012. The company has no bank or other interest bearing debt at the end of the quarter.

Cash flow from operating activities decreased to $20.7 million in the first thirty-nine weeks of 2013 from $48.2 million in the same period of 2012. Capital expenditures increased to $43.4 million from $12.2 million in the first thirty-nine weeks of 2012.

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. (GM - Analyst Report), Fiat, Ford Motor Co. (F - Analyst Report), Jaguar, Land Rover, Mazda, Mercedes Benz, Mitsubishi, Nissan, Skoda, Subaru, Suzuki and Toyota Motor Corp. (TM - Analyst Report).

Superior Industries retains a Zacks Rank #3 (Hold).

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