Superior Industries Reports Mixed Q3 Results Amid Challenging Market Conditions

Superior Industries International, Inc. reported its financial results for the third quarter and the first nine months of 2024, highlighting a mixed performance amid challenging market conditions. For the three months ended September 30, 2024, net sales reached $321.8 million, a slight decrease of 0.4% from $323.1 million in the same period of 2023. For the nine months, net sales totaled $957.0 million, down 11.1% from $1,076.6 million in 2023. The decline in sales was attributed to lower aluminum cost pass-throughs, reduced volumes, and a less favorable pricing mix.

Despite the drop in sales, the company reported a gross profit of $28.6 million for the third quarter, an increase from $25.3 million in the prior year. The income from operations showed a significant turnaround, posting $4.7 million compared to a loss of $71.2 million in Q3 2023. For the nine-month period, income from operations was $15.3 million, a substantial improvement from a loss of $32.0 million in 2023.

Net income for the third quarter was a loss of $24.8 million, an improvement of $61.6 million compared to a loss of $86.3 million in Q3 2023. For the nine months, the net loss narrowed to $68.6 million from $90.4 million in the previous year. The earnings per share for the third quarter were $(1.24), compared to $(3.42) in the same quarter of 2023.

The company’s restructuring efforts, particularly in Europe, have led to a reduction in operational losses. The European segment reported a loss from operations of $9.2 million for Q3 2024, a significant improvement from a loss of $85.5 million in Q3 2023, primarily due to the absence of a $79.6 million loss on deconsolidation of a subsidiary.

Total assets decreased to $801.7 million as of September 30, 2024, down from $1.03 billion at the end of 2023. Long-term debt was reported at $483.3 million, a reduction from $610.6 million at year-end 2023. The company also incurred a $12.2 million loss on extinguishment of debt during the nine months ended September 30, 2024, related to the prepayment of a term loan.

In terms of strategic developments, the company has been actively managing its debt and liquidity, with total available liquidity reported at $116.1 million as of September 30, 2024. The company also issued €250 million in senior notes, which were redeemed in August 2024. Restructuring charges for the nine months totaled $2.6 million, reflecting ongoing efforts to streamline operations and reduce costs.