Superior Industries International, Inc. reported a net loss of $78.2 million for the fiscal year ending December 31, 2024, translating to a loss per diluted share of $4.25. This marks an improvement from the previous year's net loss of $92.9 million, or $4.73 per diluted share. The company's net sales for 2024 totaled $1.27 billion, a decrease of 8.5% from $1.39 billion in 2023. The decline in revenue was attributed to lower volumes and a reduced product mix and pricing, particularly in the European segment, which saw a significant 18.6% drop in net sales.
The company faced operational challenges, including the deconsolidation of its German subsidiary, Superior Industries Production Germany GmbH, which filed for insolvency in August 2023. This led to a loss on deconsolidation of $79.6 million in 2023, impacting the financial results for both years. In response to these challenges, Superior has shifted its production focus from Germany to Poland, where manufacturing costs are lower. The company employed approximately 6,500 full-time employees as of December 31, 2024, with 4,000 in North America and 2,500 in Europe.
In terms of strategic developments, Superior has restructured its debt, securing a new $520 million term loan facility in August 2024 to refinance existing obligations and support general corporate purposes. The company also reported a net interest expense of $67.1 million for 2024, up from $62.1 million in 2023, primarily due to increased borrowings. The company’s liquidity position remains stable, with $39.7 million in cash and cash equivalents and $42.5 million in unused commitments under its revolving credit facility as of year-end.
Looking ahead, Superior anticipates continued challenges in the automotive market, with projected declines in production volumes for 2025. The company expects to maintain compliance with its financial covenants and plans to invest between $30 million and $40 million in capital expenditures during 2025. The ongoing geopolitical tensions, particularly the Ukraine conflict, and inflationary pressures on raw materials and energy costs are expected to impact the company's operations and financial performance in the near term.
About SUPERIOR INDUSTRIES INTERNATIONAL INC
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