Superior Industries reports Q3 EPS ($3.42) vs (35c) last year

Reports Q3 revenue $323.10M vs $405.7M last year. Reports Adjusted EBITDA margin2 of 22%, up 160 bps YoY. “Our results this quarter underscore the continued execution of our strategy to deliver a market differentiated portfolio while enhancing our manufacturing footprint. We grew content per wheel for an eighteenth consecutive quarter, a testament to the expertise of our commercial, manufacturing, and engineering teams as well as the competitive positioning of our products. Adjusted EBITDA increased, coupled with healthy margin expansion despite a challenging operating environment and periodic production shutdowns of a key customer. We are also seeing signs of recovery in our European aftermarket business as wholesalers and distributors restock for the winter season,” commented Majdi Abulaban, President and Chief Executive Officer of Superior. “Although the UAW strike had a marginal impact on our third quarter results, we are increasingly concerned that the strike may have a meaningful impact on our fourth quarter. We have made substantial progress in aligning our business to a rapidly evolving operating environment, including improving our manufacturing footprint to a more competitively advantaged position. The strategic action we recently announced in Europe is intended to further enhance our competitive position, improve the profitability of our European operations, and to drive cash generation, all goals we are well on track to achieve,” Mr. Abulaban continued. “We remain confident in our ability to continue capitalizing on the secular demand for premium wheels. Leveraging our advanced portfolio, operational strength, and our ‘Local for Local’ manufacturing capability sought out by our customers, we look forward to delivering sustained value for shareholders,” Mr. Abulaban concluded.