Superior Industries International Reports Record Q3 Results
17 October 2000
Superior Industries International Reports Record Third Quarter Unit Shipments, Sales and Net Income; Net income per share of $0.66 Exceeds Analysts' Expectations
VAN NUYS, Calif.--Oct. 17, 2000--Driven by strong orders and continued share gains in the global market for aluminum road wheels, Superior Industries International Inc. today announced that unit shipments, revenue and net income all increased to new third-quarter records.For the three months ended Sept. 30, 2000, net income increased 18.9 percent to $17,231,000, or $0.66 per diluted share, as revenue increased 10.2 percent to $144,813,000. Unit shipments for the period increased 3.4 percent. This compares with net income for last year's third quarter of $14,489,000, or $0.54 per diluted share, on revenue of $131,430,000.
For the nine months ended Sept. 30, 2000, net income increased 17.1 percent to a record $57,587,000, or $2.19 per diluted share, compared with $49,194,000, or $1.81 per diluted share, for the first nine months of 1999. Revenue increased 12.4 percent to a record $476,020,000 from $423,368,000 for the same period last year.
"Superior is continuing to increase its share of the growing global market for aluminum road wheels because we consistently meet or exceed our customers' design, build quality, delivery and service expectations. In just the past few months, Superior has won new aluminum wheel supply contracts from major automotive manufacturers valued at more than $120,000,000 annually, including new and replacement programs for some of the hottest-selling cars on the market.
"Previously announced capacity additions, including our new state-of-the-art plant in Chihuahua, Mexico are on schedule to meet these new contract wins. It's also noteworthy that our impressive third quarter results were achieved despite the unexpected shut downs of certain Ford plants that use our wheels. Superior's aluminum wheel business is gaining momentum, and we anticipate record results for the fourth quarter and 2000 as a whole," a spokesman said.
Superior repurchased 103,300 shares of its common stock in open market transactions during the third quarter, and 683,600 shares so far in 2000. The company has repurchased approximately 4,318,000 shares since 1995.
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
Consolidated Statements of Income (Unaudited)
(Dollars in Thousands, Except Per Share Amounts)
Three Months Ended Nine Months Ended
September 30 September 30
2000 1999 2000 1999
Net Sales $ 144,813 $ 131,430 $ 476,020 $ 423,368
Costs and Expenses
Cost of Sales 114,295 104,476 374,160 333,786
Selling and
Administrative
Expenses 5,010 5,172 15,405 15,539
Income From
Operations 25,508 21,782 86,455 74,043
Interest Income,
net 2,017 1,406 5,597 3,892
Miscellaneous
Expense, net 1,118 811 3,796 1,960
Income Before
Taxes 26,407 22,377 88,256 75,975
Income Tax
Expense 9,176 7,888 30,669 26,781
Net Income $ 17,231 $ 14,489 $ 57,587 $ 49,194
Earnings Per
Share:
Basic $ 0.67 $ 0.54 $ 2.21 $ 1.82
Diluted $ 0.66 $ 0.54 $ 2.19 $ 1.81
Weighted Average
and Equivalent
Shares Outstanding:
Basic 25,877,000 26,832,000 26,059,000 27,022,000
Diluted 26,136,000 26,998,000 26,270,000 27,144,000
Summarized Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)
As of September 30
2000 1999
Current Assets $ 272,955 $ 263,731
Property, Plant and Equipment, net 215,386 157,076
Other Assets 30,285 33,612
$ 518,626 $ 454,419
Current Liabilities $ 113,266 $ 89,827
Capitalized Leases 95 451
Other Long-Term Liabilities 20,651 23,694
Shareholders' Equity 384,614 340,447
$ 518,626 $ 454,419