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Superior Industries International Inc. Reports Operating Results (10-Q)

October 28, 2011 | About:
10qk

10qk

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Superior Industries International Inc. (SUP) filed Quarterly Report for the period ended 2011-09-25.

Superior Industries International Inc. has a market cap of $533.9 million; its shares were traded at around $19.66 with a P/E ratio of 9.7 and P/S ratio of 0.7. The dividend yield of Superior Industries International Inc. stocks is 3.2%.

Highlight of Business Operations:

Consolidated income from operations decreased $5.4 million in the third quarter of 2011 to $6.0 million, or 3 percent of net sales, from $11.4 million, or 6 percent of net sales, in the comparable period in 2010. Income from our U.S. operations decreased $5.7 million, while income from our Mexican operations decreased $2.7 million when comparing 2011 to the comparable period in 2010. Partially offsetting these income declines were corporate costs which were $3.0 million lower during the third quarter of 2011 when compared to the third quarter of 2010.

Within the next twelve month period ending September 23, 2012, we do not expect any income tax examinations to be completed. During the first three quarters of 2011, the liability for uncertain tax positions decreased by $1.6 million, from $33.0 million at December 26, 2010. This decline primarily resulted from a $3.5 million decrease due to foreign currency translation and a $0.2 decrease due to expirations of statutes of limitation on uncertain positions, partially offset by $1.7 million of interest and penalties and a $0.4 million increase in uncertain tax positions recognized in prior periods which were recognized in income tax expense.

quarters of 2011, selling, general and administrative expenses were $19.7 million, or 3 percent of net sales, compared to $21.9 million, or 4 percent of net sales, for the comparable period in 2010. The higher cost in the 2010 year-to-date period primarily reflects $1.4 million of implementation costs related to our new ERP system, a $0.7 million increase to the allowance for doubtful accounts receivable and $0.7 million higher legal and audit fees, partially offset by $0.8 million in higher salaries and benefits for the first three quarters of 2011.

Net income in the third quarter of 2011 was $4.2 million, or $0.16 per diluted share, compared to net income of $10.4 million, or $0.39 per diluted share, in the third quarter of 2010. Net income in the first three quarters of 2011 was $27.0 million, or $0.99 per diluted share, compared to net income of $29.4 million, or $1.10 per diluted share, in the first three quarters of 2010.

Net sales in the third quarter of 2011 increased $23.4 million, or 13 percent, to $207.1 million from $183.7 million in the comparable period a year ago. Wheel sales in the third quarter of 2011 increased $23.0 million, or 13 percent, to $205.0 million from $182.0 million in the comparable period a year ago, while our wheel unit shipments were 2.9 million for both periods. Gross profit in the third quarter of 2011 was $12.6 million, or 6 percent of net sales, compared to $19.7 million, or 11 percent of net sales, in the comparable period a year ago. Net income for the third quarter of 2011 was $4.2 million, or $0.16 per diluted share, compared to net income in the third quarter of 2010 of $10.4 million, or $0.39 per diluted share.

Read the The complete Report

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