Last10K.com

Superior Industries International Inc (SUP) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Superior Industries International Inc

CIK: 95552 Ticker: SUP

Exhibit 99.1

LOGO   News Release

Superior Reports Third Quarter 2019 Financial Results

Continued strong cash flow supported additional debt principal reduction

Third Quarter 2019 Highlights:

 

   

Unit shipments of 4.9 million, up 2% year-over-year

 

   

Net sales of $352.0 million, up 1% year-over-year

 

   

Value-Added Sales(1) up 12%, excluding foreign exchange; 12% growth over market(2)

 

   

The UAW labor strike negatively impacted units and sales by approximately 2%

 

   

Net loss of $6.6 million, includes $15.0 million of restructuring and net other expense

 

   

Adjusted EBITDA(1) of $38.9 million

 

   

Debt principal reduction(3) of $12.4 million supported by ongoing strong cash flow

SOUTHFIELD, MICHIGAN – November 4, 2019Superior Industries International, Inc. (NYSE:SUP), one of the world’s leading light vehicle aluminum wheel suppliers for OEMs and the European aftermarket, today reported financial results for the third quarter ended September 30, 2019.

 

($ in Millions, Units in Thousands)    Three Months      Nine Months  
     3Q 2019      3Q 2018      YTD 2019      YTD 2018  

Units

           

North America

     2,505        2,647        7,618        8,639  

Europe

     2,346        2,087        7,162        7,185  
  

 

 

    

 

 

    

 

 

    

 

 

 

Global

     4,851        4,734        14,780        15,824  

Net Sales

           

North America

   $ 188.1      $ 197.8      $ 553.6      $ 606.7  

Europe

     163.9        149.8        508.6        516.3  
  

 

 

    

 

 

    

 

 

    

 

 

 

Global

   $ 352.0      $ 347.6      $ 1,062.2      $ 1,123.0  

Value-Added Sales (1)

           

North America

   $ 93.5      $ 92.4      $ 270.1      $ 294.2  

Europe

     101.9        86.7        311.8        296.7  
  

 

 

    

 

 

    

 

 

    

 

 

 

Global

   $ 195.5      $ 179.1      $ 581.9      $ 590.9  

“Our third quarter revenue reflects the ongoing momentum of our positioning as a premium wheel solutions provider. We continue to benefit from the shift to larger, more complex wheels with premium finishes, which resulted in Value-Added Sales growing above market(1,2) during the quarter,” commented Majdi Abulaban, Chief Executive Officer of Superior.

“Despite the weaker macro environment, our continued focus across the organization is on improving operating performance, aligning our cost structure, and generating cash flow, which delivered positive results in the quarter, including an improvement in net leverage by 0.3 times,” continued Mr. Abulaban.

 

(1)

See “Non-GAAP Financial Information” below and the attached pages for reconciliations to the most comparable GAAP measures

(2)

Source: IHS Automotive October 16th, 2019; NA and EU combined industry production (0.2%); EU based on Western and Central EU

(3)

Includes open market repurchases of senior unsecured notes, Term Loan B payments, and other debt payments


The following information was filed by Superior Industries International Inc (SUP) on Monday, November 4, 2019 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.

View differences made from one quarter to another to evaluate Superior Industries International Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Superior Industries International Inc.

Continue

Assess how Superior Industries International Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Superior Industries International Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Rating

Learn More
Bullish Bearish Neutral
Filter by Sentiment:
All
Positive
Negative
Filter by Category:
All
Financial
M & A
Revenue
Other
Filter by Subcategory:
All
Earnings
Product
Expense
Dividend
Geography
Income
Shares
Other
Inside Superior Industries International Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Income Statements
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Shareholders' Equity
Condensed Consolidated Statements Of Shareholders' Equity (Parenthetical)
Business Segments
Business Segments (Tables)
Business Segments - Net Sales By Geographic Location (Detail)
Business Segments - Summary Of Net Sales And Results Of Operations And Total Assets By Reportable Segment (Detail)
Commitments And Contingencies
Common Stock Repurchase Programs
Common Stock Repurchase Programs - Additional Information (Detail)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Debt - Summary Of Long-Term Debt And Related Weighted Average Interest Rates (Detail)
Debt - Summary Of Long-Term Debt And Related Weighted Average Interest Rates (Parenthetical) (Detail)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Detail)
Derivative Financial Instruments - Summary Of Fair Value Of Derivatives By Balance Sheet Line Item (Detail)
Derivative Financial Instruments - Summary Of Gain Or Loss Recognized In Aoci (Detail)
Derivative Financial Instruments - Summary Of Notional Amount And Estimated Fair Value Of Derivative Financial Instruments (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Schedule Of Earnings Per Share, Basic And Diluted (Detail)
European Non-Controlling Redeemable Equity
European Non-Controlling Redeemable Equity (Tables)
European Non-Controlling Redeemable Equity - Additional Information (Detail)
European Non-Controlling Redeemable Equity - Summary Of Redeemable Noncontrolling Interests (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Detail)
Fair Value Measurements - Recurring (Detail)
Fair Value Measurements - Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments (Detail)
Fair Value Measurements - Summary Of Changes In Level 3 Fair Value Measurement Of Embedded Derivative Liability (Detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Detail)
Goodwill And Other Intangible Assets - Summary Of Finite-Lived And Indefinite-Lived Intangible Assets (Detail)
Income Taxes
Income Taxes - Additional Information (Detail)
Inventories
Inventories (Tables)
Inventories - Additional Information (Detail)
Inventories - Summary Of Inventories (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Schedule Of Future Minimum Rental Payments For Finance And Operating Leases (Detail)
Leases - Schedule Of Lease Expense, Cash Flow, Operating And Finance Lease Assets And Liabilities, Average Lease Term And Average Discount Rate (Detail)
Leases - Schedule Of Lease Expense, Cash Flow, Operating And Finance Lease Assets And Liabilities, Average Lease Term And Average Discount Rate (Parenthetical) (Detail)
Nature Of Operations And Presentation Of Condensed Consolidated Financial Statements
Nature Of Operations And Presentation Of Condensed Consolidated Financial Statements (Policies)
Nature Of Operations And Presentation Of Condensed Consolidated Financial Statements (Tables)
Nature Of Operations And Presentation Of Condensed Consolidated Financial Statements - Additional Information (Detail)
Nature Of Operations And Presentation Of Condensed Consolidated Financial Statements - Summary Of Error Corrections And Prior Periods Adjustments (Detail)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Additional Information (Detail)
Property, Plant And Equipment - Schedule Of Property, Plant And Equipment (Detail)
Receivables Factoring
Receivables Factoring - Additional Information (Detail)
Redeemable Preferred Stock
Redeemable Preferred Stock - Additional Information (Detail)
Restructuring
Restructuring - Additional Information (Detail)
Retirement Plans
Retirement Plans (Tables)
Retirement Plans - Additional Information (Detail)
Retirement Plans - Schedule Of Net Benefit Costs (Detail)
Revenue
Revenue (Tables)
Revenue - Summary Of Company's Customer Receivables And Current And Long-Term Contract Liabilities (Detail)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Detail)
Stock-Based Compensation - Summary Of Restricted Performance Stock Unit And Equity Incentive Activity (Detail)
Ticker: SUP
CIK: 95552
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-039771
Submitted to the SEC: Mon Nov 04 2019 11:02:11 AM EST
Accepted by the SEC: Mon Nov 04 2019
Period: Monday, September 30, 2019
Industry: Motor Vehicle Parts And Accessories

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/sup/0001564590-19-039771.htm