SOUTHFIELD, Mich. (April 28, 2016) — Aluminum-wheel supplier Superior Industries International Inc. more than tripled its first-quarter net income, driven by a 25-percent gain in wheel shipments.
The suburban Detroit supplier posted net income of $14.5 million in the first quarter, up from $4.3 million in the first quarter of 2015. Revenue increased 7.1 percent to $186 million, driven primarily by higher unit shipments but partially offset by lower value for aluminum.
Donald J. Stebbins
Superior credited the earnings gain to the increase in wheel shipments to 3.2 million units, which CEO Donald Stebbins attributed to “strong growth in our passenger car shipments on top of sustained increases in our light truck programs.
“Our results in the first quarter are encouraging and a testament to the solid execution throughout the program,” Mr. Stebbins said.
Superior said its new wheel plant in Mexico operated near capacity in the first quarter, helping to keep costs down. The Mexico plant, which was ramping up its production in the first quarter of 2015, opened after Superior shut a plant in Arkansas in 2014.
The company said it maintains its 2016 outlook, expecting net sales of between $690 million and $710 million.
“Looking ahead, we are confident in our ability to achieve our short-term 2016 objectives,” Mr. Stebbins said.
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This report appeared on the website of Automotive News, a Detroit-based sister publication of Tire Business.
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