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Last10K.com | 10-Q Quarterly Report Mon Nov 04 2019
Exhibit 99.1
|
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 $12.4 million supported by ongoing strong cash flow |
SOUTHFIELD, MICHIGAN – November 4, 2019 – Superior Industries International, Inc. (NYSE:SUP), one of the world’s leading light vehicle aluminum wheel suppliers for OEMs and the European aftermarket, today reported financial results for the third quarter ended September 30, 2019.
| ($ in Millions, Units in Thousands) | Three Months | Nine Months | ||||||||||||||
| 3Q 2019 | 3Q 2018 | YTD 2019 | YTD 2018 | |||||||||||||
| Units |
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| North America |
2,505 | 2,647 | 7,618 | 8,639 | ||||||||||||
| Europe |
2,346 | 2,087 | 7,162 | 7,185 | ||||||||||||
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| Global |
4,851 | 4,734 | 14,780 | 15,824 | ||||||||||||
| Net Sales |
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| North America |
$ | 188.1 | $ | 197.8 | $ | 553.6 | $ | 606.7 | ||||||||
| Europe |
163.9 | 149.8 | 508.6 | 516.3 | ||||||||||||
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| Global |
$ | 352.0 | $ | 347.6 | $ | 1,062.2 | $ | 1,123.0 | ||||||||
| Value-Added Sales (1) |
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| North America |
$ | 93.5 | $ | 92.4 | $ | 270.1 | $ | 294.2 | ||||||||
| Europe |
101.9 | 86.7 | 311.8 | 296.7 | ||||||||||||
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| 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
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Superior Industries International Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
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Financial - Earnings Highlight
Refer to "Non-U.S. GAAP Financial Measures" for a definition of adjusted EBITDA and a reconciliation of our adjusted EBITDA to net income, the most comparable U.S. GAAP measure.
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Financial - Earnings Highlight
Refer to "Non-U.S. GAAP Financial Measures" for a definition of adjusted EBITDA and a reconciliation of our adjusted EBITDA to net income, the most comparable U.S. GAAP measure.
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M & A - Other Highlight
The decrease is primarily due to a reduction in acquisition and integration expenses, the alignment of reporting for SG&A between our North American and European operations, and actions to align costs with current industry production levels.
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Revenue - Product Highlight
The following table reconciles our net sales, the most directly comparable U.S. GAAP financial measure, to our value added sales: The following table reconciles our net income, the most directly comparable U.S. GAAP financial measure, to our adjusted EBITDA: (1) In the third quarter of 2019, we incurred approximately $5.4 million of Fayetteville restructuring costs (excluding $7.6 million of accelerated depreciation), $1.6 million of certain hiring and separation costs, $0.4 million of acquisition and integration costs, $0.2 million of accounts receivable factoring fees, and $1.0 million of gains on extinguishment of debt.
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Revenue - Product Highlight
Segment Sales and Income from Operations Net sales for our North American segment for the third quarter of 2019 decreased 4.9 percent, compared to the same period in 2018 primarily due to a 5.4 percent decrease in volumes and lower aluminum prices, partially offset by improved product mix comprised of larger diameter wheels and premium wheel finishes.
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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)
Material Contracts, Statements, Certifications & more
Superior Industries International Inc provided additional information to their SEC Filing as exhibits
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
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