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Superior Industries International Inc (SUP) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Superior Industries International Inc

CIK: 95552 Ticker: SUP

Exhibit 99.1

 

LOGO   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, 2020Superior 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

           

North America

     841        2,489        3.060        5,113  

Europe

     1,227        2,401        3,315        4,816  
  

 

 

    

 

 

    

 

 

    

 

 

 

Global

     2,068        4,890        6,375        9,929  

Net Sales

           

North America

   $ 58.9      $ 180.4      $ 214.5      $ 365.5  

Europe

     85.9        172.1        231.4        344.7  
  

 

 

    

 

 

    

 

 

    

 

 

 

Global

   $ 144.8      $ 352.5      $ 445.9      $ 710.2  

Value-Added Sales (1)

           

North America

   $ 31.4      $ 87.2      $ 111.3      $ 176.6  

Europe

     52.9        106.4        143.2        209.8  
  

 

 

    

 

 

    

 

 

    

 

 

 

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.

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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 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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