Superior Industries Sets New All-Time Records in 2nd Quarter
13 July 2000
Net Earnings of $0.83 Per Diluted Share Exceed Analysts' Expectations
VAN NUYS, Calif. - Superior Industries International, Inc. announced today that it set new all-time records for unit shipments, revenue and net income in the second quarter ended June 30, 2000, as it continues to benefit from robust orders and expanding market share for its aluminum road wheels.Net income for the second quarter increased 14% to an all-time record $21,901,000, or $0.83 per diluted share, exceeding analysts' expectations. Revenue rose 13.4% to $175,817,000, a new quarterly high, on a 7.2% increase in unit shipments to a new record. For the second quarter of 1999, net income was 19,211,000, or $0.71 per diluted share, on revenue of $155,029,000.
For the six months ended June 30, 2000, net income increased 16.3% to a record $40,356,000, or $1.53 per diluted share. This compares to net income of $34,705,000, or $1.28 per diluted share, for the first half of 1999. Revenue increased 13.5% to a record $331,207,000 from $291,938,000 for the same period last year.
"The outlook for the second half of the year is positive, and we continue to expect record performance for 2000 as a whole. Superior's steadfast pursuit of quality and reliability in the design and manufacture of aluminum road wheels, suspension and related automotive components is at the core of our success in winning more business than ever before and building value for our shareholders. Our commitment to expanding capacity and entering new markets reflects our confidence that the growth in the use of aluminum in automotive applications that has so conspicuously characterized the industry in recent years will continue for many years to come," a spokesman said.
The spokesman added: "The Company's capacity expansion projects are on schedule and on budget. In addition, we currently have orders booked for aluminum suspension and related underbody components to be designed and manufactured at our state-of-the-art facility now under construction in Arkansas. The market for aluminum suspension and related components is emerging as an important new source of growth for Superior."
Superior repurchased approximately 231,000 shares of its common stock in open market transactions during the second quarter, and approximately 580,000 shares so far in 2000. The Company has repurchased almost 4,600,000 shares since 1995. In March 2000, the Board of Directors authorized the repurchase of up to an additional 4,000,000 shares.
About Superior Industries
Superior supplies aluminum wheels and other aluminum automotive components to Ford, General Motors, DaimlerChrysler, BMW, Volkswagen, Audi, Rover, Toyota, Mazda, Mitsubishi, Nissan and Isuzu.
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
Consolidated Statements of Income (Unaudited)
(Dollars in Thousands, Except Per Share Amounts)
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
NET SALES $ 175,817 $ 155,029 $ 331,207 $ 291,938
Costs and Expenses
Cost of Sales 137,309 121,052 259,865 229,310
Selling and
Administrative
Expenses 5,317 5,236 10,395 10,367
INCOME FROM OPERATIONS 33,191 28,741 60,947 52,261
Interest Income, net 1,740 1,437 3,580 2,486
Miscellaneous Expense, net 1,366 509 2,678 1,149
INCOME BEFORE TAXES 33,565 29,669 61,849 53,598
Income Tax Expense 11,664 10,458 21,493 18,893
NET INCOME $ 21,901 $ 19,211 $ 40,356 $ 34,705
DILUTED EARNINGS PER SHARE $ 0.83 $ 0.71 $ 1.53 $ 1.28
WEIGHTED AVERAGE AND
EQUIVALENT SHARES
OUTSTANDING 26,322,000 27,092,000 26,349,000 27,134,000
Consolidated Balance Sheets (Unaudited)
(Dollars in Thousands)
As of June 30,
2000 1999
CURRENT ASSETS $ 277,468 $ 244,870
PROPERTY, PLANT AND EQUIPMENT, net 180,675 159,592
OTHER ASSETS 30,885 32,085
$ 489,028 $ 436,547
CURRENT LIABILITIES $ 97,899 $ 79,655
CAPITALIZED LEASES 176 526
OTHER LONG-TERM LIABILITIES 19,691 23,375
SHAREHOLDERS' EQUITY 371,262 332,991
$ 489,028 $ 436,547
(a) Per share amounts are based on the weighted average number of
shares of common stock and common stock equivalents outstanding
during the period.
(b) Interim financial reporting standards require management to make
estimates based on assumptions of future events and circumstances
that may affect future operating results as the ultimate outcome
becomes known.
(c) Certain statements included in this Shareholder Report that are
not historical in nature are forward-looking statements within the
meaning of the Private Securities Legigation Reform Act of 1995.
Forward-looking statements regarding the Company's future
performance and financial results are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those set forth in the forward-looking statements due to a
variety of factors. Factors that may impact such forward-looking
statements include, among others, changes in the general economic
conditions and the success of the Company's strategic and
operating plans.