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

Accuride Corp

CIK: 817979 Ticker: ACW
 
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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Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (unaudited)
Condensed Consolidated Balance Sheets (unaudited) (parenthetical)
Condensed Consolidated Statements Of Cash Flows (unaudited)
Condensed Consolidated Statements Of Operations And Comprehensive Income (loss) (unaudited)
Condensed Consolidated Statements Of Stockholders' Equity (unaudited)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (details)
Basis Of Presentation And Summary Of Significant Accounting Policies (policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (tables)
Changes In Accumulated Other Comprehensive Income (loss) By Component
Changes In Accumulated Other Comprehensive Income (loss) By Component (details)
Changes In Accumulated Other Comprehensive Income (loss) By Component (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Debt
Debt (details)
Discontinued Operations
Discontinued Operations (details)
Discontinued Operations (tables)
Financial Instruments
Financial Instruments (details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (details)
Goodwill And Other Intangible Assets (tables)
Guarantor And Non-guarantor Financial Statements
Guarantor And Non-guarantor Financial Statements (tables)
Guarantor And Non-guarantor Financial Statements, Condensed Consolidated Balance Sheets (details)
Guarantor And Non-guarantor Financial Statements, Condensed Consolidated Statements Of Cash Flows (details)
Guarantor And Non-guarantor Financial Statements, Condensed Consolidated Statements Of Comprehensive Income (loss) (details)
Inventories
Inventories (details)
Inventories (tables)
Pension And Other Postretirement Benefit Plans
Pension And Other Postretirement Benefit Plans (details)
Pension And Other Postretirement Benefit Plans (tables)
Segment Reporting
Segment Reporting (details)
Segment Reporting (tables)
Segment Reporting, Asset Reconciliation (details)
Subsequent Events
Subsequent Events (details)

Material Contracts, Statements, Certifications & more

Accuride Corp provided additional information to their SEC Filing as exhibits

Ticker: ACW
CIK: 817979
Form Type: 10-Q Quarterly Report
Accession Number: 0000817979-15-000041
Submitted to the SEC: Mon Nov 02 2015 1:32:18 PM EST
Accepted by the SEC: Mon Nov 02 2015
Period: Wednesday, September 30, 2015
Industry: Motor Vehicle Parts And Accessories

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