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

November 01, 2012 | About:

10qk

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Superior Industries International Inc. (SUP) filed Quarterly Report for the period ended 2012-09-23.

Superior Industries International has a market cap of $455.8 million; its shares were traded at around $17.41 with a P/E ratio of 15.5 and P/S ratio of 0.6. The dividend yield of Superior Industries International stocks is 3.8%.

Highlight of Business Operations:

Net sales in the third quarter of 2012 decreased $13.2 million, or 6 percent, to $193.9 million from $207.1 million in the comparable period a year ago. Wheel sales in the third quarter of 2012 decreased $13.6 million, or 7 percent, to $191.4 million from $205.0 million in the comparable period a year ago. Wheel unit shipments increased to 3.0 million from 2.9 million a year ago. Gross profit in the third quarter of 2012 was $15.0 million, or 8 percent of net sales, compared to $12.6 million, or 6 percent of net sales, in the comparable period a year ago. Net income for the third quarter of 2012 was $15.1 million, or $0.55 per diluted share, and

Consolidated gross profit increased $2.4 million for the third quarter of 2012 to $15.0 million, or 8 percent of net sales, compared to $12.6 million, or 6 percent of net sales, for the comparable period a year ago. As indicated above, unit shipments increased 2 percent in the third quarter of 2012 as compared to the third quarter last year. The third quarter 2012 gross profit includes a $3.5

Selling, general and administrative expenses for the third quarter of 2012 decreased $0.6 million to $6.0 million, or 3 percent of net sales, from $6.6 million, or 3 percent of net sales, for the comparable period in 2011. The 2012 period included decreases in environmental compliance costs, and labor and fringe benefit expenses. For the first three quarters of 2012, selling, general and administrative expenses were $20.3 million, or 3 percent of net sales, compared to $19.7 million, or 3 percent of net sales, for the comparable period in 2011. The year-to-date period included increases totaling $1.1 million in legal, audit and consulting fees, partially offset by $0.4 million lower labor and fringe benefit costs.

Consolidated income from operations increased $3.1 million in the third quarter of 2012 to $9.1 million, or 5 percent of net sales, from $6.0 million, or 3 percent of net sales, in the comparable period in 2011. Income from our Mexican operations increased $7.6 million, while income from our U.S. operations decreased $6.2 million, when comparing the third quarter of 2012 to the comparable period in 2011. Operating income in the third quarter of 2012 reflects the $3.5 million benefit from releasing the foreign consumption tax reserve described above, partially offset by unfavorable impacts of changes in product mix, as compared to the third quarter last year. Additionally, corporate costs incurred during the third quarter of 2012 were $1.8 million lower than the comparable period in 2011 primarily due to decreases in workers' compensation costs of $0.5 million, medical self-insurance costs of $0.4 million, as well as lower environmental compliance and legal expenses.

For the first three quarters of 2012, consolidated income from operations decreased $1.5 million to income of $27.5 million, or 4 percent of net sales, from $29.0 million, or 5 percent of net sales, in 2011. Income from our U.S. operations decreased $13.3 million, while income from our Mexico operations increased $11.7 million when comparing 2012 to 2011. Operating income in the first three quarters of 2012 has been unfavorably impacted by changes in product mix and foreign exchange rates, partially offset by the benefit from releasing the foreign consumption tax reserve discussed above, as compared to the first three quarters last year. Corporate costs incurred during the first three quarters of 2012 were relatively unchanged as compared to the comparable

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