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Last10K.com | 10-Q Quarterly Report Wed Aug 05 2020
Exhibit 99.1
|
News Release |
Superior Reports Second Quarter 2020 Results
Executing on Strategic Priorities as Production Resumes
Second Quarter 2020 Financial Highlights:
| • | Safe and efficient restart of production activities across the manufacturing footprint |
| • | Unit shipments of 2.1M; net sales of $145M |
| • | Value-Added Sales(1) of $84M, growth over market of 11%(2), per wheel growth of 4%(2) |
| • | Net loss of $43M, includes $7 million of restructuring and net other expense(3) |
| • | Adjusted EBITDA(1) loss of $4M |
| • | Executed approximately $40M of permanent and temporary cost actions for 2020 |
| • | Aggressively managed cash – costs, working capital, and capital expenditures |
| • | Net debt of $596M; available liquidity of $245M(4); ongoing compliance with covenants |
SOUTHFIELD, MICHIGAN – August 5, 2020 – Superior Industries International, Inc. (“Superior” or the “Company”) (NYSE:SUP), one of the world’s leading light vehicle aluminum wheel suppliers for OEMs and the European aftermarket, today reported financial results for the second quarter ended June 30, 2020.
| ($ in millions, units in thousands) | Three Months | Six Months | ||||||||||||||
| 2Q 2020 | 2Q 2019 | YTD 2020 | YTD 2019 | |||||||||||||
| Units |
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| North America |
841 | 2,489 | 3.060 | 5,113 | ||||||||||||
| Europe |
1,227 | 2,401 | 3,315 | 4,816 | ||||||||||||
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| Global |
2,068 | 4,890 | 6,375 | 9,929 | ||||||||||||
| Net Sales |
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| North America |
$ | 58.9 | $ | 180.4 | $ | 214.5 | $ | 365.5 | ||||||||
| Europe |
85.9 | 172.1 | 231.4 | 344.7 | ||||||||||||
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| Global |
$ | 144.8 | $ | 352.5 | $ | 445.9 | $ | 710.2 | ||||||||
| Value-Added Sales (1) |
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| North America |
$ | 31.4 | $ | 87.2 | $ | 111.3 | $ | 176.6 | ||||||||
| Europe |
52.9 | 106.4 | 143.2 | 209.8 | ||||||||||||
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| Global |
$ | 84.3 | $ | 193.6 | $ | 254.4 | $ | 386.4 | ||||||||
“During the second quarter of 2020, Superior executed significant actions to minimize the unprecedented impact of COVID-19 on automotive production. Our team responded decisively with safety, cost, and cash flow initiatives to ensure the health of our employees, manage our financial condition, and conserve liquidity. After a complete shutdown of our facilities, our employees efficiently brought production back online during the quarter, while continuing to capture the previously executed structural cost improvements. I am very pleased by the response of the entire Superior team,” commented Majdi Abulaban, President and Chief Executive Officer of Superior. “As we move through the second half of 2020, I remain confident that our team’s flexibility and the actions we have taken will allow us to navigate the evolving market conditions ahead and position us for growth as we emerge from the pandemic.”
| (1) | See “Non-GAAP Financial Information” below for a definition and reconciliation to the most comparable GAAP measure. |
| (2) | Excludes impact of FX. NA and Western and Central EU combined industry production declined 67%. Source: IHS as of July 16, 2020. |
| (3) | See ”Impact of Acquisition, Restructuring, and Other Items” in the tables of this press release. |
| (4) | Includes cash and available amounts under revolving credit facilities. |
The following information was filed by Superior Industries International Inc (SUP) on Wednesday, August 5, 2020 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 2020 10-K Annual Report includes:
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Revenue - Product Highlight
Based on recent IHS production forecasts, full-year 2020 industry volumes are now expected to be down approximately 24% in our key regions, 23% in North America and 25% in Western and Central Europe, as compared to the prior year, which may negatively impact our year-over-year financial results and cash flows.
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Revenue - Product Highlight
Forecasted revenues, EBITDA and cash flow for the European reporting unit also declined as compared to the prior year long-range plan due to lower forecasted industry production volumes which adversely impacted fair value under both the income and market approaches.
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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 second quarter of 2020, we incurred approximately $3.1 million of restructuring costs comprised of on-going fixed costs associated with our Fayetteville, Arkansas, facility, relocation and installation costs of repurposed machinery and severance costs as well as $0.2 million of accounts receivables factoring fees.
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Revenue - Product Highlight
In the first quarter of 2020, we recognized a non-cash impairment charge of $11.0 million related to our aftermarket trade name indefinite-lived intangible asset which was primarily attributable to a further decline in forecasted aftermarket revenues and a decline in associated profitability (refer to Note 8, "Goodwill and Other Intangible Assets" in the notes to condensed consolidated financial statements in Item 1, "Financial Statements and Supplementary Data" in this Quarterly Report for further discussion of asset impairments).
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Revenue - Product Highlight
The increased usage of cash for investing activities year-over-year is driven by a one-time benefit from the sale of other assets in the second quarter of 2019, partially offset by 2020 reductions in capital expenditures.
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Revenue - Product
Segment Sales and Income from...Read more
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Revenue - Product
Net sales for our European...Read more
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Financial - Earnings
Refer to "Non-U.S. GAAP Financial...Read more
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Financial - Earnings
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Revenue - Product
The decline in fair value...Read more
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Financial - Cash Flow
The decrease in cash flow...Read more
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Revenue - Product
Segment Sales and Income from...Read more
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Financial - Expense
SG&A expenses were lower due...Read more
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Revenue - Product
Net sales for our European...Read more
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Other - Other
We believe the adjusted EBITDA...Read more
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Other - Other
Impairment of Intangible Assets -...Read more
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Revenue - Geography
The decline in unit shipments...Read more
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Financial - Expense
(2) In the first half...Read more
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Financial - Expense
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Revenue - Geography
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Revenue - Geography
European segment income from operations...Read more
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Financial - Expense
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Revenue - Product
The decrease in net sales...Read more
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Financial - Earnings
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Other - Other
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Other - Other
The decline in the fair...Read more
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Financial - Income
This impairment was recognized at...Read more
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Revenue - Product
The Company's unit shipments declined...Read more
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Other - Other
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Financial - Income
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Financial - Income
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Financial - Income
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Financial - Income
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Revenue - Geography
This was primarily due to...Read more
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Other - Other
During the first quarter of...Read more
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Other - Other
Adjusted EBITDA is used in...Read more
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Other - Other
Capital expenditures consist of ongoing...Read more
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Financial - Expense
The increase in interest expense...Read more
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Revenue - Geography
Finally, as part of the...Read more
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Other - Other
While the Company believes its...Read more
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Other - Other
We continue to deliver on...Read more
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Revenue - Product
Management utilizes value added sales...Read more
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Financial - Expense
The increase in interest expense...Read more
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Other - Other
This decline in unit shipments...Read more
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Other - Other
Finite-lived intangible assets are amortized...Read more
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Financial - Expense
(3) In the second quarter...Read more
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Revenue - Geography
European segment income from operations...Read more
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Financial - Cash Flow
In determining the WACC, management...Read more
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Other - Other
Both of our revolving credit...Read more
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Other - Other
Finite-lived intangible assets consist of...Read more
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Other - Other
Indefinite-lived intangible assets, excluding goodwill,...Read more
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Other - Other
Also, leading up to and...Read more
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Revenue - Product
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Other - Other
This non-GAAP financial measure may...Read more
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 Statement Of Income (Loss)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Shareholders' Equity (Deficit)
Condensed Consolidated Statements Of Shareholders' Equity (Deficit) (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
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 - Recurring (Detail)
Fair Value Measurements - Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments (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)
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 - Additional Information (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 Stock Unit And Restricted Performance Stock Unit 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: 0001564590-20-036771
Submitted to the SEC: Wed Aug 05 2020 4:01:01 PM EST
Accepted by the SEC: Wed Aug 05 2020
Period: Tuesday, June 30, 2020
Industry: Motor Vehicle Parts And Accessories
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