Superior Industries backs FY23 revenue view $1.55B – $1.63B, consensus $1.55B

Backs FY23 Adjusted EBITDA view $170 – $190M… In conjunction with the proceedings, Superior has developed a revised operating plan at its SPG facility to reduce costs, enhance revenues, and to better address critical customer needs. The actions the Company is undertaking are expected to drive long-term improvement in margins and cash flow while enabling a more efficient and effective footprint to support long-term growth. Superior maintains a strong financial position with ample liquidity, enabling the Company to focus on providing the highest level of service for its customers throughout the proceedings. The Company expects to recognize a non-cash charge of approximately $82 million in the third quarter of 2023, representing the excess of the carrying value of the net assets over the estimated preliminary fair value of its interest in SPG. Superior expects to incur cash charges associated with these proceedings of EUR 15 to 18 M and a benefit to adjusted EBITDA, which is expected to be fully realized in 2024 on a run rate basis, that reflects a payback of approximately one year.