Net sales of $160.9 million, down 12.4 percent from the first quarter of 2015
Adjusted EBITDA of $15.0 million, down 29.6 percent from the first quarter of 2015
Full-year financial guidance remains unchanged
EVANSVILLE, Ind. – May 3, 2016 – Accuride Corporation (NYSE: ACW) – a leading supplier of components to the North American and European commercial vehicle industries – today reported financial results for the first quarter ended March 31, 2016.
"Overall, our first quarter results were within our expectations," said Rick Dauch, Accuride President and CEO. "Our North American facilities continue to operate at world class levels producing industry-leading products at superior lead times, while we carefully managed working capital and cash. This was a challenging task, as the team dealt with several headwinds including the onset of lower North American Class 8 truck demand and ongoing weakness in Brillion's end markets, as well as the anticipated results of our Gianetti Ruote business now in the early stages of its 'Fix & Grow' turnaround plan.
"Looking ahead, production in the medium-duty segment is expected to remain healthy while the trailer segment is projected to be flat to slightly down compared to 2015. The overall stability of these two market segments, along with our increased share position in the aftermarket, should help mitigate some of the 27 percent decline expected in North American Class 8 production this year. To proactively address the forecasted decline in volumes in both our commercial vehicle and industrial end markets, we took aggressive actions in the first quarter to align our cost run-rate to the anticipated lower volumes by adjusting our plant schedules and staffing levels. In addition, we reduced corporate headcount, are aggressively managing corporate spending for 2016 and lowering capital expenditures by $5 million. The combined strength in the North American medium-duty and trailer markets in conjunction with these corrective actions are the primary reason we are maintaining our key financial guidance ranges for 2016. Within this context, we will continue to pursue opportunities to expand share and drive profitable growth in 2016 and beyond."
First Quarter 2016 Results
First quarter 2016 net sales were $160.9 million, down $22.7 million or 12.4 percent, from the same period a year ago.
The decrease was driven by $19.4 million related to the continued softness in demand at our Brillion business unit, $12.8 million in pricing related to the pass-through of lower raw material costs and $4.9 million due to lower demand in North America wheels. Partially offsetting those decreases were $10.4 million in net sales related to our majority investment in Gianetti Ruote and $4.0 million from increased market share at Gunite.
The following information was filed by Accuride Corp (ACW) on Tuesday, May 3, 2016 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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Ticker: ACW CIK: 817979 Form Type:10-Q Quarterly Report Accession Number: 0000817979-16-000069 Submitted to the SEC: Tue May 03 2016 5:11:06 PM EST Accepted by the SEC: Tue May 03 2016 Period: Thursday, March 31, 2016 Industry: Motor Vehicle Parts And Accessories