Accuride Corp (ACW) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2015

Earnings Press Release
10-Q Quarterly Report
10-Q QoQ Changes
Accuride Corp
Ticker: ACW CIK: 817979

Investor Relations: Todd Taylor		Media Relations: Timothy G. Weir, APR
Email: ttaylor@accuridecorp.com		Email: tweir@accuridecorp.com
Phone: (812) 962-5105		Phone: (812) 962-5128

FOR IMMEDIATE RELEASE

Accuride Achieves Profitable Third Quarter and Acquires Advanced Wheel-end Technology

·	Third Quarter 2015 results from continuing operations included:

o	Net sales of $163.4 million, down 11.2 percent year-over-year

o	Adjusted EBITDA of $19.2 million, down 9.5 percent year-over-year

o	Net Income of $0.04 per share compared to $0.02 in 2014

·	Acquired intellectual property rights to revolutionary lightweight wheel-end technology

·	Reducing revenue and EBITDA guidance to reflect continued softening in Brillion's end markets:

o	2015 net sales expected to be in the range of $675 million to $700 million

o	Adjusted EBITDA expected to be in the range of $80 million to $85 million

EVANSVILLE, Ind. – November 2, 2015 – Accuride Corporation (NYSE: ACW) – a leading supplier of components to the North American commercial vehicle industry – today reported financial results for the third quarter ended September 30, 2015.

Third Quarter 2015 Results

Third quarter 2015 net sales were $163.4 million, compared with $184.0 million in the same period in 2014, a decrease of 11.2 percent, primarily due to lower pricing related to lower raw material costs in Wheels and Gunite and weaker end-market conditions at Brillion Iron Works during the quarter. Accuride's operating income was $7.5 million for the quarter, compared to operating income of $10.0 million in the third quarter of 2014. The Company reported income from continuing operations of $1.8 million, or $0.04 per share, during the quarter, compared to income from continuing operations of $1.2 million, or $0.02 per share, in 2014. Income from continuing operations in 2015 included a tax benefit of $3.7 million, or $0.07 per share, related to a change in postretirement benefits. Third quarter Adjusted EBITDA decreased by 9.5 percent year-over-year to $19.2 million, or 11.7 percent of net sales, compared to $21.2 million, or 11.5 percent of net sales, in the same quarter of 2014. As of September 30, 2015, Accuride had $39.1 million of cash plus $42.1 million in availability under its ABL Credit Facility, for total liquidity of $81.2 million.

Industry Conditions

North American commercial vehicle industry conditions remained robust in the third quarter, with Class 8 truck and Trailer production increasing by 4 percent and 12 percent, respectively, over 2014. Class 5-7 truck production slipped by 5 percent versus 2014, but the backlog remains healthy at 7 percent above 2014 levels. The Class 8 backlog also remains strong at 20 percent above year-ago levels, while the Trailer backlog is 33 percent above last year. Class 8 truck and Trailer net orders returned to more seasonal levels through the quarter and, as a result, Class 8 OEM production has begun to moderate. Demand in the medium duty segment is steady. Fleets are generally optimistic about current industry conditions, despite some driver-shortage constraints, as U.S. freight tonnage is forecasted to steadily increase over the next several years.

The following information was filed by Accuride Corp (ACW) on Monday, November 2, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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