Aluminium wheel producer and suppler Superior Industries International has appointed Parveen Kakar to the position of senior vice president, Corporate Engineering and Product Development. The 42-year old has been with Superior since 1989, most recently serving as the company’s vice president, Program Development. Kakar holds a Bachelor of Science in Mechanical Engineering from India’s Punjab Engineering College.
Supplier of OE alloy wheels, Superior Industries International, have announced a decrease in net sales for the quarter period to March 31, 2008, but despite this a marked increase in net income. Net income, at US$3.71 million, delivered a result of $0.12 per diluted share compared to net income of $0.08 per diluted share for the first quarter of 2007. Commenting on these results, company chairman and CEO Steven Borick said: “The benefits of our hard work these past few years to optimise our manufacturing performance have continued into 2008. Reflecting our continued progress in improving production efficiencies in our plants, we delivered sharply higher gross margin for this year’s first quarter versus the prior year despite the impact of the American Axle strike on our shipments to GM.”
OE alloy wheel supplier Superior Industries International announced their financial results for the second quarter of this year on August 9, figures that show a solid increase in unit wheel shipments, net sales, gross margin and pre-tax income from continuing operations compared to the second quarter of 2006.
“The benefits of our hard work during the past several years to improve productivity, reduce costs, and position Superior for success as a truly global company are becoming increasingly evident in our financial performance,” said chairman, president and CEO Steven Borick.
For the three months ended June 30, 2007, net sales increased 16.1 per cent to US$255,217,000 compared to $219,880,000 for the second quarter of 2006, driven by a 3.7 per cent increase in unit wheel shipments, a higher percentage of large-diameter wheels in the sales mix than in the prior year, and higher pass-through aluminium costs in selling prices.
Aluminium wheel and component manufacturer Superior Industries International, Inc. has been named a General Motors Supplier of the Year for 2006 for its overall business performance in providing GM with parts and services. The award was given during the 15th annual awards ceremony – themed the “Best of the Best” – on March 31, 2007.
“We are proud to honour Superior as one of the ‘Best of the Best’ GM suppliers in 2006,” said Bo Andersson, vice president, GM Global Purchasing and Supply Chain. “Superior achieved the award based on its outstanding performance. We appreciate their energy, hard work and dedication to the success of GM.”
Superior Industries International, one of the world’s largest suppliers of OE aluminium wheels, announced on March 21 the company’s financial results for the fourth quarter and the 2006 year.
For the three months to December 31, 2006, revenue increased 3.0 per cent to US$212,169,000 compared with $205,901,000 for the fourth quarter of 2005. Results during the quarter were, however, affected – to the tune of $3,256,000 – by start-up costs for the company’s new facility in Mexico, and restructuring expenses placed a further $964,000 strain on the quarter’s figure. Superior’s share of profits from its joint venture aluminium wheel manufacturing operation in Hungary were almost double that of a year earlier, at $2,198,000.
Net loss for the fourth quarter of 2006, taking the above factors into account, came to $4,827,000, or $0.18 per diluted share. In the fourth quarter of 2005 the company recorded a loss of $19,943,000, or $0.75 per diluted share.
Superior Industries International Inc., supplier of aluminium wheels and components for a number of leading car manufacturers, have announced the appointment of Ken Stakas to the new position of Vice President of Manufacturing.
Superior Industries International, Inc is restructuring its manufacturing facility in Van Nuys, California, laying off approximately 375 employees, out of 635 manufacturing employees. Superior’s corporate offices and 125 corporate staff, which also are located at this facility, will not be affected by the downsizing. The company reports that manufacturing will continue despite the job cuts.
Superior Industries International, Inc has announced that its board of directors has authorised management to engage an investment banker and/or other advisors to explore options for disposal of the company’s suspension components business.
Superior Industries International, Inc has announced operating results for the third quarter and first nine months of 2005 in-line with management’s prior guidance and analysts’ expectations. For the three months ended 30 September 2005, revenue decreased 5.9 per cent to $187,618,000 from $199,328,000 for the third quarter of 2004. Wheel revenue declined 7.2 per cent to $178,288,000 from $192,164,000, as unit wheel shipments declined 7.8 per cent. Components revenue increased 30.2 per cent to $9,330,000 from $7,164,000.
Superior Industries International, has announced a 3.2 per cent increase in the company’s quarterly cash dividend, to $0.16 per share at today’s AGM. The new, higher dividend is payable to shareholders on 15 July 2005.
“We always are pleased to increase the cash dividend, particularly as we are faced with the difficult challenges of an increasingly competitive environment and the rapid globalisation of the automotive industry,” said president and chief executive officer, Steven Borick. “This latest dividend increase demonstrates the Board’s conviction that we have the right long-term strategy to protect and enhance our industry leadership, and the discipline, determination, and resources required to successfully implement our plans for the future.”
Superior Industries has announced that Steven J Borick will become the company’s new president and chief executive officer from the 1 January, 2005. He will succeed Louis Borick, who will remain chairman of the board.
Commenting on the appointment, Louis Borick said: “Steven Borick has demonstrated his ability to effectively manage our complex operation. He has earned the trust and respect of our employees, our entire management team, and our customers. With his leadership and personal commitment to Superior’s success, we are confident that Steven is the right choice to lead this company into the future.”
Steven Borick, has been president and COO of Superior since 2003. He was executive vice president from 2000 to 2002, and has been a director since 1981. Mr Borick is a director and member of the Audit Committee of MDC Holdings, Inc, Colorado, America’s eighth largest homebuilder, and a director of Richmond American Homes, Denver.
Superior Industries International, Inc has announced that it has been awarded four new aluminium wheel contracts for the 2005 Jeep Grand Cherokee and Liberty models.
Superior Industries International, Inc expects its operating results for the third quarter of 2004 to be less than expected. Management expects about a 5 per cent decline in unit wheel shipments for the third quarter, and net earnings of approximately $0.20 per diluted share.
“Our major OEM customers have announced planned production cuts for the second half of the year based on weak summer sales of cars and light trucks resulting in an unanticipated decline in unit wheel shipments for the company. In addition, operating difficulties led to a delay in the ramp-up of production in certain of our factories following this year’s extended seasonal shutdowns,” said President and COO Steve Borick.
Superior Industries is to build a new wheel-manufacturing plant in Mexico, with construction starting this year and production beginning in mid-2006. Mexico was chosen because of cheaper labour costs, although the factory is expected to have a high degree of automation. Estimated cost of the plant is $60-80 million and it will have an annual production capacity of 2.5 million wheels.
Wheel manufacturer Superior Industries has released its first quarter 2004 results. Turnover was up 10.7 per cent to an all-time high of $234.19 million. Net income fell to $13.667 million, compared with $22.266 million in 1Q 2003. Superior’s aluminium suspension components business made a loss of $2.9 million, while the company’s share of profits from its wheel manufacturing joint venture SUOFTEC in Hungary was $2.17 million, due largely to the favourable currency exchange rate.
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