Hayes Lemmerz Reports First Quarter Results
8 June 2000
Hayes Lemmerz Reports First Quarter Results
NORTHVILLE, Mich. - Hayes Lemmerz International Inc. today announced first
quarter 2000 fiscal year results. Sales were $595 million compared to $588
million for the first quarter of 1999. First quarter 2000 diluted earnings per
share were $.51, equal to diluted earnings per share in the first quarter of
1999. First quarter sales and diluted earnings per share were at the same
level as last year as increased automotive original equipment sales were offset
by lower sales to the North America heavy truck market, coupled with the
devaluation of the euro versus the dollar.
"Our first quarter global OEM sales volumes continued to show year over
year growth increasing by close to 6%", said Ron Cucuz, Chairman and CEO of
Hayes Lemmerz International. "European sales and profits were better than
last year, despite the 11% devaluation of the euro against the dollar, which
impacted our sales by close to $17 million. We also saw a significant drop in
orders for heavy truck wheel and brake components at the start of 2000.
"Our OEM wheel businesses continued to grow in the first quarter as we
further extended our global leadership. We continue to successfully expand
aluminum wheel capacity in the United States, Mexico, the Czech Republic,
Thailand and South Africa to meet the strong demand for our aluminum wheels
globally. Our North American steel wheel business is benefiting from the
major restructuring and introduction of innovative new products the last
several years, and is delivering strong results. We launched the
restructuring program for our steel wheel business in Europe this year, as we
outlined last quarter. Our wheel/tire assembly business continues to expand
as we launched two new facilities in 1999, and will launch our sixth facility
for BMW in Munich later this year.
"We also further strengthened our strategic position as a leading supplier
of suspension components," continued Ron Cucuz. "The combination of Hayes
Lemmerz and CMI significantly enhanced our product offering, increased our
capabilities to design and develop suspension modules and expanded our leading
technology in rapidly growing aluminum components. The integration has gone
extremely well and we have gained significant new contracts for our
lightweight aluminum suspension components. We also announced the formation
of our European Chassis Components Group in late 1999, positioning ourselves
to grow our aluminum components business in Europe as well."
Hayes Lemmerz International, Inc. is a leading supplier of automotive and
commercial highway wheels, brakes, powertrain, suspension, structural and
other lightweight components. The company has annual sales of $2.3 billion,
with 45 plants, 6 joint venture facilities and over 15,000 employees
worldwide.
Hayes Lemmerz International will be hosting a conference call to discuss
the companies first quarter earnings at 11 a.m. EDT today, June 8, 2000. The
dial in number for domestic participants is 888-391-0089 and for international
participants is 415-904-2412. The reservation number is 14041314. Please
dial into the conference call approximately five minutes before the call.
A recording of this call will be available from 1 p.m. EDT on June 8, 2000
through 1 p.m. EDT on June 12, 2000. To access this recording, domestic
participants should dial 800-633-8284 and international participants should
dial 858-812-6440. The reservation number is 14041314.
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Actual results may
differ materially from those expressed or implied in these statements,
including but not limited to economic conditions in the automotive industry,
risks associated with conducting business in foreign countries and other
factors discussed in the company's Securities and Exchange Commission filings.
Hayes Lemmerz International
First Quarter Results
$ Millions Quarter Ended April 30,
2000 1999
Sales $594.8 $587.9
Earnings from Operations $67.5 $68.8
Net Income $15.7 $16.3
Per Share Data:
Basic earnings per share data $0.52 $0.54
Diluted earnings per share data $0.51 $0.51
Basic weighted average common shares (000's) 30,356 30,324
Diluted weighted average common shares (000's) 30,876 31,710