Seven gurus traded SUP in the third quarter of 2013, and according to GuruFocus Real Time Picks
, Mario Gabelli
just made a reduction to his stake in Superior Industries International (NYSE:SUP
), the largest manufacturer of aluminum wheels for cars and trucks in North America. The company has five plants in the U.S. and Mexico, and sells wheels to the original equipment market via auto makers Ford Motor Co. (NYSE:F
), General Motors Co. (NYSE:GM
) and a number of others.
In the third quarter, the dropping price of aluminum made a direct impact on SUP’s bottom line. Superior Industries International reported financial results for the third quarter of 2013 with a net income of $5.2 million, compared to $15.1 in the third quarter of 2012. Earnings for the third quarter of 2013 were $0.19 per diluted share, down from $0.55 in the same quarter a year ago. The company reported consolidated net sales down 1% at $191.6 million in the third quarter of 2013, compared to $193.9 million in the same quarter of 2012, indicating the drop in aluminum’s value, hitting a four-year low. Superior’s gross profit was $15.4 million, up from last year’s same quarter at $15 million. In May 2013, the company broke ground on its new wheel plant in Chihuahua, Mexico, and anticipates the facility will be operation in early 2015, according to a company press release. Continue Reading »