Accuride Beneish M-Score Historical Data
The historical data trend for Accuride's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Accuride Beneish M-Score Chart
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Accuride Annual Data
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Trend |
Dec06 |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
| Beneish M-Score |
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-2.29 |
-3.98 |
-2.79 |
-2.85 |
-2.89 |
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Accuride Quarterly Data
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Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
| Beneish M-Score |
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-3.11 |
-2.89 |
-3.10 |
-3.01 |
-3.19 |
Competitive Comparison of Accuride's Beneish M-Score
For the Auto Parts subindustry, Accuride's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Accuride's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Accuride's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Accuride's Beneish M-Score falls into.
Accuride Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Accuride for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.0341 | + | 0.528 * 1.041 | + | 0.404 * 1.0357 | + | 0.892 * 0.8555 | + | 0.115 * 0.8921 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2004 | + | 4.679 * -0.116279 | - | 0.327 * 1.0616 |
| = | -3.15 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (56.383 / 603.367) | / | (63.735 / 705.279) |
| = | 0.093447 | / | 0.090368 |
| | = | 1.0341 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (79.221 / 705.279) | / | (65.105 / 603.367) |
| = | 0.112326 | / | 0.107903 |
| | = | 1.041 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (126.73 + 184.814) / 533.218) | / | (1 - (150.746 + 203.778) / 592.271) |
| = | 0.415729 | / | 0.401416 |
| | = | 1.0357 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 603.367 | / | 705.279 |
| | = | 0.8555 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (42.369 / (42.369 + 203.778)) | / | (44.185 / (44.185 + 184.814)) |
| = | 0.172129 | / | 0.192948 |
| | = | 0.8921 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (30.482 / 603.367) | / | (29.683 / 705.279) |
| = | 0.05052 | / | 0.042087 |
| | = | 1.2004 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((307.435 + 87.896) / 533.218) | / | ((322.022 + 91.602) / 592.271) |
| = | 0.741406 | / | 0.698369 |
| | = | 1.0616 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (-46.099 - -1.19 | - | 17.093) | / | 533.218 |
| | = | -0.116279 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Accuride has a M-score of -3.15 suggests that the company is unlikely to be a manipulator.
Accuride (Accuride) Business Description
Traded in Other Exchanges
N/A
Address
Accuride Corp is a Delaware corporation, and a corporation formed under the laws of the province of Ontario, Canada, and a wholly owned subsidiary of Accuride, were incorporated in November 1986 for the purpose of acquiring all of the assets and assuming certain of the liabilities of Firestone Steel Products, a division of The Firestone Tire & Rubber Company. The Company is one of the manufacturers and suppliers of commercial vehicle components in North America. Its products include commercial vehicle wheels, wheel-end components and assemblies, truck body and chassis parts, and ductile and gray iron castings. It markets its products under some of the recognized brand names in the industry, including Accuride, Gunite, Imperial, and Brillion. Its main product lines are standard equipment used by a majority of North American heavy- and medium-duty truck OEMs. The Company's business consists of three operating segments that design, manufacture, and distribute components for the commercial vehicle market, including heavy- and medium-duty trucks, commercial trailers, light trucks, buses, as well as specialty and military vehicles and their related aftermarket channels and for the global industrial, mining and construction markets. The Wheels segment's products consist of steel and aluminum wheels. The Gunite segment's products consist of wheel-end components and assemblies. The Brillion Iron Works segment's products consist of ductile, austempered ductile and gray iron castings, including engine and transmission components and industrial components. The Company designs, produces, and markets one of the broadest portfolios of commercial vehicle components in the industry. It classifies its products under several categories, including wheels, wheel-end components and assemblies, and ductile and gray iron castings. The Company markets its components to major North American heavy- and medium-duty truck and commercial trailer OEMs, as well as to the major aftermarket participants, including OEM dealer networks, wholesale distributors, and aftermarket buying groups. The Company's competitors in the wheel markets include Alcoa Inc. and Maxion Wheels. Its competitors in the wheel-ends and assemblies markets for heavy- and medium-duty trucks and commercial trailers are KIC Holdings, Inc., Meritor, Inc., Consolidated Metco Inc., and Webb Wheel Products Inc. The Company's registered trademark include Accuride, Brillion, and Gunite. The Company's operations, facilities, and properties are subject to extensive and evolving laws and regulations pertaining to air emissions, wastewater and stormwater discharges, the handling and disposal of solid and hazardous materials and wastes, the investigation and remediation of contamination, and otherwise relating to health, safety, and the protection of the environment and natural resources.
Executives
| Richard F Dauch |
director, officer: President & CEO |
C/O SPARTAN MOTORS INC, 1541 REYNOLDS ROAD, CHARLOTTE MI 48813 |
| Keith E Busse |
director |
7575 W. JEFFERSON BLVD., FORT WAYNE IN 46804 |
| Lewis M Kling |
director |
31515 BALLANTYNE CORP, C/O SPX CORP, CHARLOTTE NC 28277 |
| Robin J Adams |
director |
3850 HAMLIN RD., AUBURN HILLS MI 48326 |
| Littlejohn Associates Iv, L.l.c. |
10 percent owner |
8 SOUND SHORE DRIVE, SUITE 303, GREENWICH CT 06830 |
| Cetus Capital Ii, Llc |
10 percent owner |
8 SOUND SHORE DRIVE, SUITE 303, GREENWICH CT 06830 |
| Littlejohn Fund Iv, L.p. |
10 percent owner |
8 SOUND SHORE DRIVE, GREENWICH CT 06830 |
| Michael A Hajost |
officer: SVP/Chief Financial Officer |
C/O CARPENTER TECHNOLOGY CORPORATION, PO BOX 14662, READING PA 19612-4662 |
| James R Rulseh |
director |
5001 N SECOND STREET, ROCKFORD IL 61111 |
| Coliseum Capital Management, Llc |
10 percent owner |
105 ROWAYTON AVENUE, ROWAYTON CT 06853 |
| Coliseum Capital Partners Ii, L.p. |
10 percent owner |
105 ROWAYTON AVENUE, ROWAYTON CT 06853 |
| Coliseum Capital Partners, L.p. |
10 percent owner |
105 ROWAYTON AVENUE, ROWAYTON CT 06853 |
| Coliseum Capital, Llc |
10 percent owner |
105 ROWAYTON AVENUE, ROWAYTON CT 06853 |
| Christopher S Shackelton |
10 percent owner |
105 ROWAYTON AVENUE, ROWAYTON CT 06853 |
| Adam Gray |
10 percent owner |
105 ROWAYTON AVENUE, ROWAYTON CT 06853 |
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