Accuride Posts $36.1M Net Loss in Q2

The prolonged weakness within the commercial vehicle segment continued to impact upon Accuride Corporation during the second quarter 2009. A statement released by the commercial vehicle component manufacturer and supplier reports net sales of US$135.2 million in the three months to June 30, as opposed to $244.9 million in the second quarter of 2008. Sales decreased in the company’s wheels and components segments by 48.4 per cent and 42.6 per cent respectively.

A $30.4 million reduction in gross profit saw to it that Accuride recorded a loss of $9.0 million in the quarter. Gross profit in the wheels segment decreased $17.9 million to a loss of $0.8 million primarily due to the contribution lost on the reduced sales demand of $51.0 million. Gross profit in the components segment decreased $12.0 million to a loss of $9.1 million due to reduced sales of $54.3 million and recognition of a lease abandonment charge of $3.2 million.

The company reported an operating loss of $21.5 million compared to operating income of $8.6 million in the second quarter of 2008. A net loss of $36.1 million was recorded, compared to net income of $3.4 million for the same three month period last year.