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Superior Industries International Inc (SUP) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Superior Industries International Inc

CIK: 95552 Ticker: SUP

Exhibit 99.1

 

LOGO    News Release

Superior Reports Fourth Quarter and Full Year 2020 Financial Results

Portfolio delivered significant growth above market

Execution drove margin expansion and solid cash generation

Fourth Quarter and Full Year 2020 Financial Highlights:

 

   

Q4 net sales of $338M; Value-Added Sales1 of $202M, a 12%2 increase YoY

 

   

Q4 portfolio delivered 12% Content per Wheel1 growth and growth over market of 11%2

 

   

Q4 net loss of $21M; Adjusted EBITDA1 increased 25% YoY to $47M

 

   

Reduced funded debt to $643M and Net Debt1 to $491M; $28M reduction in Q4

 

   

FY 2020 cash from operations of $150M; Free Cash Flow1 increased 10% YoY to $87M

SOUTHFIELD, MICHIGAN – March 5, 2021Superior 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 fourth quarter and fiscal year ended December 31, 2020.

 

($ in millions, units in thousands)    Three Months      Twelve Months  
     4Q 2020      4Q 2019      YTD 2020      YTD 2019  

Units

           

North America

     2,264        2,177        7,716        9,795  

Europe

     2,193        2,289        7,478        9,451  
  

 

 

    

 

 

    

 

 

    

 

 

 

Global

     4,457        4,466        15,194        19,246  

Net Sales

           

North America

   $ 168.9      $ 150.7      $ 550.1      $ 704.3  

Europe

     168.8        159.6        550.7        668.2  
  

 

 

    

 

 

    

 

 

    

 

 

 

Global

   $ 337.7      $ 310.3      $ 1,100.8      $ 1,372.5  

Value-Added Sales (1)

           

North America

   $ 91.7      $ 74.7      $ 296.4      $ 344.8  

Europe

     109.8        98.8        351.9        410.5  
  

 

 

    

 

 

    

 

 

    

 

 

 

Global

   $ 201.5      $ 173.4      $ 648.3      $ 755.3  

“2020 proved to be an inflection point for Superior. Despite the immense operational challenges due to the pandemic, we remained committed to executing on our key initiatives while following our COVID-19 playbook. During the year we delivered substantial cash flow, operating performance improvement, and enhanced margins after the COVID-19-related shutdowns. We captured tailwinds from the portfolio shift towards premium, larger diameter wheels, which supported our growth above market in 2020. Further, we realized the benefits of the structural cost improvements and working capital initiatives implemented throughout the year, leading to the second consecutive year of substantial Free Cash Flow1 generation,” commented Majdi Abulaban, President and Chief Executive Officer of Superior.

 

1

See “Non-GAAP Financial Measures” below for a definition and reconciliation to the most comparable GAAP measure.

2

Based on Value-Added Sales Adjusted for Foreign Exchange; comparison vs. Q4 NA and Western and Central EU industry production per February 16th, 2021 IHS.


The following information was filed by Superior Industries International Inc (SUP) on Friday, March 5, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Income (Loss)
Consolidated Statements Of Shareholders' Equity (Deficit)
Consolidated Statements Of Shareholders' Equity (Deficit) (Parenthetical)
Accounts Receivable
Accounts Receivable (Tables)
Accounts Receivable - Additional Information (Detail)
Accounts Receivable - Schedule Of Revenues By Major Customers (Detail)
Accounts Receivable - Summary Of Accounts Receivable (Detail)
Accrued Expenses
Accrued Expenses (Tables)
Accrued Expenses - Schedule Of Accrued Liabilities (Detail)
Business Segments
Business Segments (Tables)
Business Segments - Net Sales And Long-Lived Assets By 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 - Schedule Of Debt Maturities (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 Accumulated Other Comprehensive Income Or Loss (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 (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Benefit (Provision) For Income Taxes (Detail)
Income Taxes - Income (Loss) Before Income Taxes From Domestic And International Jurisdictions (Detail)
Income Taxes - Reconciliation Of The U.S. Federal Tax Rate (Detail)
Income Taxes - Schedule Of Unrecognized Tax Benefits Roll Forward (Detail)
Income Taxes - Summary Of Deferred Income Tax Assets And Liabilities (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)
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 - Periodic Pension Cost, Next Fiscal Year (Detail)
Retirement Plans - Schedule Of Defined Benefit Plans Disclosures (Detail)
Retirement Plans - Schedule Of Expected Benefit Payments (Detail)
Retirement Plans - Schedule Of Net Benefit Costs (Detail)
Retirement Plans - Summary Of Changes In Plan Assets And Plan Benefit Obligations (Detail)
Revenue
Revenue (Tables)
Revenue - Additional Information (Detail)
Revenue - Summary Of Opening And Closing Balances Of Company's Receivables And Current And Long-Term Contract Liabilities (Detail)
Schedule Ii - Valuation And Qualifying Accounts (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)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Summary Of Estimated Useful Lives Of The Assets. (Detail)
Valuation And Qualifying Accounts
Ticker: SUP
CIK: 95552
Form Type: 10-K Annual Report
Accession Number: 0001564590-21-011252
Submitted to the SEC: Fri Mar 05 2021 4:01:00 PM EST
Accepted by the SEC: Fri Mar 05 2021
Period: Thursday, December 31, 2020
Industry: Motor Vehicle Parts And Accessories

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