Superior Reports Fourth Quarter and Full Year 2020 Financial Results
Superior Industries International reported 2020 revenue of $1,101 million, down from $1,372 million in 2019, impacted by COVID-19. Fourth-quarter net sales rose to $338 million from $310 million, with Value-Added Sales at $202 million. Gross profit for 2020 decreased to $66 million, down from $116 million in 2019. The company recorded a net loss of $244 million or $10.81 per share, compared to a $97 million loss in 2019. Looking ahead, Superior projects 2021 net sales between $1.30-$1.37 billion and Adjusted EBITDA of $160-$180 million.
- Fourth quarter net sales increased 9% year-over-year.
- Value-Added Sales grew to $202 million in Q4 2020, reflecting a 16.5% increase.
- Operating income improved significantly, from a loss of $92 million to $18 million in Q4 2020.
- Free Cash Flow for Q4 2020 improved to $42 million, compared to $38 million in Q4 2019.
- 2021 outlook anticipates unit shipments between 16.9 - 17.7 million.
- 2020 net loss of $244 million was significantly higher than 2019's loss of $97 million.
- Full-year 2020 net sales declined by $271 million compared to 2019.
- Gross profit for 2020 fell to $66 million from $116 million the previous year.
Superior Industries International, Inc. (“Superior” or the “Company”) (NYSE:SUP), one of the world’s leading light vehicle aluminum wheel suppliers for OEMs and the European aftermarket, today reported financial results for the fourth quarter and fiscal year ended December 31, 2020.
| ($ in millions, units in thousands) | Three Months | Twelve Months | ||||||||||
4Q 2020 |
4Q 2019 |
YTD 2020 | YTD 2019 | |||||||||
| Units | ||||||||||||
| North America |
|
2,264 |
|
2,177 |
|
7,716 |
|
9,795 |
||||
| Europe |
|
2,193 |
|
2,289 |
|
7,478 |
|
9,451 |
||||
| Global |
|
4,457 |
|
4,466 |
|
15,194 |
|
19,246 |
||||
| Net Sales | ||||||||||||
| North America | $ |
168.9 |
$ |
150.7 |
$ |
550.1 |
$ |
704.3 |
||||
| Europe |
|
168.8 |
|
159.6 |
|
550.7 |
|
668.2 |
||||
| Global | $ |
337.7 |
$ |
310.3 |
$ |
1,100.8 |
$ |
1,372.5 |
||||
| Value-Added Sales (1) | ||||||||||||
| North America | $ |
91.7 |
$ |
74.7 |
$ |
296.4 |
$ |
344.8 |
||||
| Europe |
|
109.8 |
|
98.8 |
|
351.9 |
|
410.5 |
||||
| Global | $ |
201.5 |
$ |
173.4 |
$ |
648.3 |
$ |
755.3 |
||||
“2020 proved to be an inflection point for Superior. Despite the immense operational challenges due to the pandemic, we remained committed to executing on our key initiatives while following our COVID-19 playbook. During the year we delivered substantial cash flow, operating performance improvement, and enhanced margins after the COVID-19-related shutdowns. We captured tailwinds from the portfolio shift towards premium, larger diameter wheels, which supported our growth above market in 2020. Further, we realized the benefits of the structural cost improvements and working capital initiatives implemented throughout the year, leading to the second consecutive year of substantial Free Cash Flow1 generation,” commented Majdi Abulaban, President and Chief Executive Officer of Superior.
Mr. Abulaban continued, “Overall, I am pleased with our results and our progress in achieving our long-term value-creation initiatives. We look forward to continuing this momentum throughout 2021 as we leverage our differentiated technology portfolio to further position Superior for growth and deliver value to our shareholders, customers, and other stakeholders.”
Fourth Quarter Results
Net sales for the fourth quarter of 2020 were
Gross profit for the fourth quarter of 2020 was
Selling, general, and administrative (“SG&A”) expenses for the fourth quarter of 2020 were
Operating income for the fourth quarter of 2020 was
The income tax provision for the fourth quarter of 2020 was
For the fourth quarter of 2020, the Company reported a net loss of
Adjusted EBITDA, a non-GAAP financial measure, was
The Company reported net cash provided by operating activities of
Full Year 2020 Results
Net sales for 2020 were
Gross profit for 2020 was
SG&A expenses for 2020 were
The loss from operations for 2020 was
The income tax provision for 2020 was
For 2020, the Company reported a net loss of
Adjusted EBITDA, a non-GAAP financial measure, was
The Company reported cash provided by operating activities of
Financial Position
As of December 31, 2020, Superior had funded debt of
2021 Outlook
Based on IHS' latest forecast and management’s estimates for 2021, Superior assumes industry production in North America and Europe to increase year-over-year in 2021 by
| FY 2021 | ||||
| Unit Shipments | 16.9 - 17.7 million | |||
| Net Sales | ||||
| Value-Added Sales | ||||
| Adjusted EBITDA | ||||
| Cash Flow from Operations | ||||
| Capital Expenditures | Approximately |
|||
Value-Added Sales and Adjusted EBITDA are non-GAAP measures as defined below. In reliance on the safe harbor provided under section 10(e) or Regulation S-K, Superior has not quantitatively reconciled from net income, the most comparable GAAP measure, to Adjusted EBITDA presented in the 2021 outlook, as Superior is unable to quantify certain amounts included in net income without unreasonable efforts and due to the inherent uncertainty regarding such variables. Superior also believes that such reconciliation would imply a degree of precision that could potentially be confusing or misleading to investors. However, the magnitude of these amounts may be significant.
Conference Call
Superior will host a conference call beginning at 8:30 AM ET on Friday, March 5, 2021. The conference call may be accessed by dialing 800-367-2403 for participants in the U.S./Canada or +1 334-777-6978 for participants outside the U.S./Canada using the required conference ID 8857902. The live conference call can also be accessed by logging into the Company’s website at www.supind.com or by clicking this link: earnings call webcast. A replay of the webcast will be available on the Company’s website immediately following the conclusion of the call.
During the conference call, the Company's management plans to review operating results and discuss other financial and operating matters. In addition, management may disclose material information in response to questions posed by participants during the call.
About Superior Industries
Superior is one of the world’s leading aluminum wheel suppliers. Superior’s team collaborates with customers to design, engineer, and manufacture a wide variety of innovative and high-quality products utilizing the latest lightweighting and finishing technologies. Superior also maintains leading aftermarket brands ATS®, RIAL®, ALUTEC®, and ANZIO®. Headquartered in Southfield, Michigan, Superior is listed on the New York Stock Exchange. For more information, please visit www.supind.com.
Non-GAAP Financial Measures
In addition to the results reported in accordance with GAAP included throughout this earnings release, this release refers to the following non-GAAP measures:
“Adjusted EBITDA,” defined as earnings before interest income and expense, income taxes, depreciation, amortization, restructuring charges and other closure costs, impairments of long-lived assets and investments, changes in fair value of redeemable preferred stock embedded derivative, acquisition and integration costs, certain hiring and separation related costs, proxy contest fees, gains associated with early debt extinguishment and accounts receivable factoring fees. “Value-Added Sales,” defined as net sales less the value of aluminum and services provided by outsourced service providers that are included in net sales. “Value-Added Sales Adjusted for Foreign Exchange,” defined as Value-Added Sales adjusted for the impact of foreign exchange translation. “Content per Wheel,” defined as Value-Added Sales Adjusted for FX on a per unit (wheel) shipment basis. “Free Cash Flow,” defined as the net cash from operations, investing activities, and non-debt components of financing activities. “Net Debt,” defined as total funded debt less cash and cash equivalents.
For reconciliations of these non-GAAP measures to the most directly comparable GAAP measure, see the attached supplemental data pages. Management believes these non-GAAP measures are useful to management and may be useful to investors in their analysis of Superior’s financial position and results of operations. Further, management uses these non-GAAP financial measures for planning and forecasting purposes. This non-GAAP financial information is provided as additional information for investors and is not in accordance with or an alternative to GAAP and may be different from similar measures used by other companies.
Forward-Looking Statements
This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and can generally be identified by the use of future dates or words such as “may,” “should,” “could,” “will,” “expects,” “expected,” “seeks to,” “anticipates,” “plans,” “believes,” “estimates,” “intends,” “outlook”, “predicts,” “projects,” “potential” or “continue,” or the negative of such terms and other comparable terminology. These statements also include, but are not limited to, the 2021 outlook included herein, Superior’s strategic and operational initiatives, product mix and overall cost improvement and are based on current expectations, estimates, and projections about Superior's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, risks, and uncertainties discussed in Superior's Securities and Exchange Commission filings and reports, including Superior's current Annual Report on Form 10-K, and other reports from time to time filed with the Securities and Exchange Commission. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this press release. Such forward-looking statements speak only as of the date on which they are made, and Superior does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
1 See “Non-GAAP Financial Measures” below for a definition and reconciliation to the most comparable GAAP measure.
2 Based on Value-Added Sales Adjusted for Foreign Exchange; comparison vs. Q4 NA and Western and Central EU industry production per February 16th, 2021 IHS.
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | ||||||||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||||
| (Dollars in Millions, Except Per Share Amounts) | ||||||||||||||||
Three Months |
Twelve Months |
|||||||||||||||
4Q 2020 |
4Q 2019 |
YTD 2020 |
YTD 2019 |
|||||||||||||
| Net Sales | $ |
337.7 |
|
$ |
310.3 |
|
$ |
1,100.8 |
|
$ |
1,372.5 |
|
||||
| Cost of Sales |
|
304.4 |
|
|
283.4 |
|
|
1,035.1 |
|
|
1,256.4 |
|
||||
| Gross Profit | $ |
33.3 |
|
$ |
26.9 |
|
$ |
65.6 |
|
$ |
116.1 |
|
||||
| SG&A Expenses |
|
15.9 |
|
|
17.1 |
|
|
52.4 |
|
|
63.9 |
|
||||
| Impairment of Goodwill and Indefinite-Lived Intangibles |
|
- |
|
|
102.2 |
|
|
193.6 |
|
|
102.2 |
|
||||
| Income (Loss) From Operations | $ |
17.5 |
|
$ |
(92.4 |
) |
$ |
(180.4 |
) |
$ |
(50.1 |
) |
||||
| Interest Expense, net |
|
(11.0 |
) |
|
(11.5 |
) |
|
(45.4 |
) |
|
(47.0 |
) |
||||
| Other (Expense) Income, net |
|
(1.9 |
) |
|
0.6 |
|
|
(2.8 |
) |
|
4.0 |
|
||||
| Income (Loss) Before Income Taxes | $ |
4.6 |
|
$ |
(103.3 |
) |
$ |
(228.7 |
) |
$ |
(93.0 |
) |
||||
| Income Tax Benefit (Provision) |
|
(26.0 |
) |
|
4.3 |
|
|
(14.9 |
) |
|
(3.4 |
) |
||||
| Net Loss | $ |
(21.4 |
) |
$ |
(99.0 |
) |
$ |
(243.6 |
) |
$ |
(96.5 |
) |
||||
| Loss Per Share: | ||||||||||||||||
| Basic | $ |
(1.16 |
) |
$ |
(4.25 |
) |
$ |
(10.81 |
) |
$ |
(5.10 |
) |
||||
| Diluted | $ |
(1.16 |
) |
$ |
(4.25 |
) |
$ |
(10.81 |
) |
$ |
(5.10 |
) |
||||
| Weighted Average and Equivalent Shares Outstanding for EPS (in Thousands): |
||||||||||||||||
| Basic |
|
25,592 |
|
|
25,128 |
|
|
25,498 |
|
|
25,099 |
|
||||
| Diluted |
|
25,592 |
|
|
25,128 |
|
|
25,498 |
|
|
25,099 |
|
||||
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | |||||||
| Condensed Consolidated Balance Sheets (Unaudited) | |||||||
| (Dollars in Millions) | |||||||
| 12/31/2020 | 12/31/2019 | ||||||
| Current Assets | $ |
383.6 |
|
$ |
354.2 |
||
| Property, Plant and Equipment, net |
|
522.1 |
|
|
529.3 |
||
| Intangibles and Other Assets |
|
203.6 |
|
|
428.4 |
||
| Total Assets | $ |
1,109.3 |
|
$ |
1,311.9 |
||
| Current Liabilities | $ |
231.1 |
|
$ |
191.1 |
||
| Long-Term Liabilities |
|
718.6 |
|
|
701.6 |
||
| Redeemable Preferred Shares |
|
179.4 |
|
|
161.0 |
||
| European Non-controlling Redeemable Equity |
|
1.7 |
|
|
6.5 |
||
| Shareholders’ Equity (Deficit) |
|
(21.5 |
) |
|
251.7 |
||
| Total Liabilities and Shareholders’ Equity (Deficit) | $ |
1,109.3 |
|
$ |
1,311.9 |
||
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | ||||||||||||||||
| Consolidated Statements of Cash Flows (Unaudited) | ||||||||||||||||
| (Dollars in Millions) | ||||||||||||||||
Three Months |
Twelve Months |
|||||||||||||||
4Q 2020 |
4Q 2019 |
YTD 2020 |
YTD 2019 |
|||||||||||||
| Net Loss | $ |
(21.4 |
) |
$ |
(99.0 |
) |
$ |
(243.6 |
) |
$ |
(96.5 |
) |
||||
| Depreciation and Amortization |
|
25.0 |
|
|
23.2 |
|
|
98.2 |
|
|
100.7 |
|
||||
| Income tax, Non-cash changes |
|
26.9 |
|
|
- |
|
|
7.5 |
|
|
(3.5 |
) |
||||
| Impairments of Goodwill and Indefinite-Lived Intangibles |
|
- |
|
|
102.2 |
|
|
193.6 |
|
|
102.2 |
|
||||
| Stock-based Compensation |
|
1.6 |
|
|
2.0 |
|
|
2.4 |
|
|
5.7 |
|
||||
| Amortization of Debt Issuance Costs |
|
0.9 |
|
|
1.2 |
|
|
4.0 |
|
|
4.8 |
|
||||
| Other Non-cash items |
|
7.3 |
|
|
(1.2 |
) |
|
5.8 |
|
|
(0.7 |
) |
||||
| Changes in Operating Assets and Liabilities: |
|
|
|
|
|
|
||||||||||
| Accounts Receivable |
|
32.1 |
|
|
57.2 |
|
|
28.1 |
|
|
26.7 |
|
||||
| Inventories |
|
(8.4 |
) |
|
(3.8 |
) |
|
20.9 |
|
|
5.3 |
|
||||
| Other Assets and Liabilities |
|
(0.3 |
) |
|
(12.9 |
) |
|
11.3 |
|
|
7.4 |
|
||||
| Accounts Payable |
|
(2.9 |
) |
|
(3.7 |
) |
|
24.5 |
|
|
7.5 |
|
||||
| Income Taxes |
|
(3.3 |
) |
|
(4.8 |
) |
|
(2.5 |
) |
|
3.1 |
|
||||
| Cash Flow Provided By Operating Activities | $ |
57.6 |
|
$ |
60.5 |
|
$ |
150.1 |
|
$ |
162.8 |
|
||||
| Capital Expenditures |
|
(11.4 |
) |
|
(16.7 |
) |
|
(45.0 |
) |
|
(64.3 |
) |
||||
| Proceeds from Sale of Property, Plant and Equipment |
|
- |
|
|
- |
|
|
0.9 |
|
|
- |
|
||||
| Other Investing Activities |
|
- |
|
|
- |
|
|
- |
|
|
9.6 |
|
||||
| Cash Flow Used In Investing Activities | $ |
(11.4 |
) |
$ |
(16.7 |
) |
$ |
(44.2 |
) |
$ |
(54.7 |
) |
||||
| Proceeds from the Issuance of Long-term Debt |
|
- |
|
|
- |
|
|
11.7 |
|
|
- |
|
||||
| Debt Repayment |
|
(0.8 |
) |
|
(11.0 |
) |
|
(25.7 |
) |
|
(46.0 |
) |
||||
| Proceeds from Borrowings on Revolving Credit Facility |
|
- |
|
|
44.4 |
|
|
313.8 |
|
|
114.0 |
|
||||
| Repayments of Borrowings on Revolving Credit Facility |
|
- |
|
|
(44.4 |
) |
|
(316.9 |
) |
|
(114.0 |
) |
||||
| Cash Dividends |
|
(3.4 |
) |
|
(3.4 |
) |
|
(13.6 |
) |
|
(22.6 |
) |
||||
| Purchase of Non-controlling Redeemable Shares |
|
- |
|
|
(2.8 |
) |
|
(5.0 |
) |
|
(6.7 |
) |
||||
| Payments Related to Tax Withholdings for Stock-Based Compensation |
|
(0.5 |
) |
|
- |
|
|
(0.5 |
) |
|
(0.1 |
) |
||||
| Finance Lease Payments |
|
(0.2 |
) |
|
(0.2 |
) |
|
(1.0 |
) |
|
(1.2 |
) |
||||
| Cash Flow Used In Financing Activities | $ |
(4.9 |
) |
$ |
(17.4 |
) |
$ |
(37.1 |
) |
$ |
(76.6 |
) |
||||
| Effect of Exchange Rate on Cash |
|
0.1 |
|
|
2.2 |
|
|
5.6 |
|
|
(1.1 |
) |
||||
| Net Change in Cash | $ |
41.3 |
|
$ |
28.6 |
|
$ |
74.5 |
|
$ |
30.4 |
|
||||
| Cash - Beginning |
|
111.1 |
|
|
49.3 |
|
|
77.9 |
|
|
47.5 |
|
||||
| Cash - Ending | $ |
152.4 |
|
$ |
77.9 |
|
$ |
152.4 |
|
$ |
77.9 |
|
||||
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | ||||||||||||||||
| Earnings Per Share Calculation (Unaudited) | ||||||||||||||||
| (Dollars, except per share, and Shares in Millions) | ||||||||||||||||
| Three Months | Twelve Months | |||||||||||||||
4Q 2020 |
4Q 2019 |
YTD 2020 |
YTD 2019 |
|||||||||||||
| Basic EPS Calculation(1) | ||||||||||||||||
| Net Loss | $ |
(21.4 |
) |
$ |
(99.0 |
) |
$ |
(243.6 |
) |
$ |
(96.5 |
) |
||||
| Less: Accretion of Preferred Stock |
|
(4.8 |
) |
|
(4.3 |
) |
|
(18.4 |
) |
|
(16.5 |
) |
||||
| Less: Redeemable Preferred Stock Dividends |
|
(3.4 |
) |
|
(3.4 |
) |
|
(13.6 |
) |
|
(14.5 |
) |
||||
| Less: European Noncontrolling Redeemable Equity Dividends |
|
- |
|
|
- |
|
|
(0.2 |
) |
|
(0.6 |
) |
||||
| Numerator | $ |
(29.6 |
) |
$ |
(106.7 |
) |
$ |
(275.8 |
) |
$ |
(128.0 |
) |
||||
| Denominator: Weighted Avg. Shares Outstanding |
|
25.6 |
|
|
25.1 |
|
|
25.5 |
|
|
25.1 |
|
||||
| Basic Loss Per Share | $ |
(1.16 |
) |
$ |
(4.25 |
) |
$ |
(10.81 |
) |
$ |
(5.10 |
) |
||||
| Diluted EPS Calculation(1) | ||||||||||||||||
| Net Loss | $ |
(21.4 |
) |
$ |
(99.0 |
) |
$ |
(243.6 |
) |
$ |
(96.5 |
) |
||||
| Less: Accretion of Preferred Stock |
|
(4.8 |
) |
|
(4.3 |
) |
|
(18.4 |
) |
|
(16.5 |
) |
||||
| Less: Redeemable Preferred Stock Dividends |
|
(3.4 |
) |
|
(3.4 |
) |
|
(13.6 |
) |
|
(14.5 |
) |
||||
| Less: European Noncontrolling Redeemable Equity Dividends |
|
- |
|
|
- |
|
|
(0.2 |
) |
|
(0.6 |
) |
||||
| Numerator | $ |
(29.6 |
) |
$ |
(106.7 |
) |
$ |
(275.8 |
) |
$ |
(128.0 |
) |
||||
| Weighted Avg. Shares Outstanding-Basic |
|
25.6 |
|
|
25.1 |
|
|
25.5 |
|
|
25.1 |
|
||||
| Dilutive Stock Options and Restricted Stock Units |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||
| Denominator: Weighted Avg. Shares Outstanding |
|
25.6 |
|
|
25.1 |
|
|
25.5 |
|
|
25.1 |
|
||||
| Diluted Loss Per Share | $ |
(1.16 |
) |
$ |
(4.25 |
) |
$ |
(10.81 |
) |
$ |
(5.10 |
) |
||||
| (1) Basic earnings per share is computed by dividing net income (loss), after deducting preferred dividends and accretion and European non-controlling redeemable equity dividends, by the weighted average number of common shares outstanding. For purposes of calculating diluted earnings per share, the weighted average shares outstanding includes the dilutive effect of outstanding stock options and time and performance based restricted stock units under the treasury stock method. The redeemable preferred shares are not included in the diluted earnings per share because the conversion would be anti-dilutive for the periods ended December 31, 2020 and 2019. |
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | ||||||||||||||||||
| Impact of Acquisition, Restructuring and Other Items on EPS (Unaudited) | ||||||||||||||||||
| (Dollars in Millions, except EPS amounts) | ||||||||||||||||||
| Three Months | Twelve Months | Location on Income Statement | ||||||||||||||||
| Before Tax Impact on Net Income (Loss) | 4Q 2020 |
4Q 2019 |
YTD 2020 |
YTD 2019 |
||||||||||||||
| Acquisition, Integration, Certain Hiring & Separation Costs | $ |
(0.7 |
) |
$ |
(1.7 |
) |
$ |
(2.9 |
) |
$ |
(4.8 |
) |
SG&A | |||||
| Acquisition, Integration, Certain Hiring & Separation Costs |
|
(0.8 |
) |
|
- |
|
|
(6.4 |
) |
|
(1.7 |
) |
COGS | |||||
| Restructuring Costs |
|
(2.5 |
) |
|
(1.8 |
) |
|
(8.7 |
) |
|
(14.8 |
) |
COGS | |||||
| Debt Extinguishment Gains |
|
- |
|
|
0.2 |
|
|
- |
|
|
3.7 |
|
Other Income | |||||
| Change in Fair Value of Preferred Derivative |
|
(1.6 |
) |
|
(0.5 |
) |
|
(1.6 |
) |
|
(0.8 |
) |
Other Income | |||||
| Impairment of Goodwill and Indefinite-Lived Intangibles |
|
- |
|
|
(102.2 |
) |
|
(193.6 |
) |
|
(102.2 |
) |
Operating Income | |||||
| Total Before Tax Impact on Net Income (Loss) | $ |
(5.6 |
) |
$ |
(106.0 |
) |
$ |
(213.1 |
) |
$ |
(120.6 |
) |
||||||
| After Tax Impact on Net Income (Loss) | $ |
(4.9 |
) |
$ |
(104.7 |
) |
$ |
(207.2 |
) |
$ |
(116.8 |
) |
||||||
| Impact on Earnings (Loss) Per Share | $ |
(0.19 |
) |
$ |
(4.17 |
) |
$ |
(8.13 |
) |
$ |
(4.65 |
) |
||||||
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | ||||||||||||||||
| Non-GAAP Financial Measures (Unaudited) | ||||||||||||||||
| (Dollars in Millions, except per wheel, and Units in Thousands) | ||||||||||||||||
| Value-Added Sales; Value-Added Sales Adjusted for FX; and Content per Wheel |
||||||||||||||||
Three Months |
Twelve Months |
|||||||||||||||
4Q 2020 |
4Q 2019 |
YTD 2020 |
YTD 2019 |
|||||||||||||
| Net Sales | $ |
337.7 |
|
$ |
310.3 |
|
$ |
1,100.8 |
|
$ |
1,372.5 |
|
||||
| Less: Aluminum Value and Outside Service Provider Costs |
|
(136.2 |
) |
|
(136.9 |
) |
|
(452.5 |
) |
|
(617.2 |
) |
||||
| Value-Added Sales | $ |
201.5 |
|
$ |
173.4 |
|
$ |
648.3 |
|
$ |
755.3 |
|
||||
| Impact of FX on Value-Added Sales |
|
(7.6 |
) |
|
- |
|
|
(9.2 |
) |
|
- |
|
||||
| Value-Added Sales Adjusted for FX | $ |
193.9 |
|
$ |
173.4 |
|
$ |
639.1 |
|
$ |
755.3 |
|
||||
| Wheels Shipped |
|
4,457 |
|
|
4,466 |
|
|
15,194 |
|
|
19,246 |
|
||||
| Content per Wheel | $ |
43.50 |
|
$ |
38.84 |
|
$ |
42.06 |
|
$ |
39.25 |
|
||||
| Adjusted EBITDA | Three Months |
Twelve Months |
||||||||||||||
4Q 2020 |
4Q 2019 |
YTD 2020 |
YTD 2019 |
|||||||||||||
| Net Loss | $ |
(21.4 |
) |
$ |
(99.0 |
) |
$ |
(243.6 |
) |
$ |
(96.5 |
) |
||||
| Adjusting Items: | ||||||||||||||||
| - Interest Expense, net |
|
11.0 |
|
|
11.5 |
|
|
45.4 |
|
|
47.0 |
|
||||
| - Income Tax (Benefit) Provision |
|
26.0 |
|
|
(4.3 |
) |
|
14.9 |
|
|
3.4 |
|
||||
| - Depreciation |
|
18.4 |
|
|
18.4 |
|
|
72.8 |
|
|
75.8 |
|
||||
| - Amortization |
|
6.6 |
|
|
4.8 |
|
|
25.4 |
|
|
24.9 |
|
||||
| - Acquisition, Integration, Hiring/Separation/Restructuring Costs, and Other |
|
5.6 |
|
|
3.7 |
|
|
19.5 |
|
|
10.9 |
|
||||
| - Factoring Fees |
|
0.6 |
|
|
0.2 |
|
|
1.4 |
|
|
1.0 |
|
||||
| - Impairment of Goodwill and Indefinite-Lived Intangibles |
|
- |
|
|
102.2 |
|
|
193.6 |
|
|
102.2 |
|
||||
$ |
68.2 |
|
$ |
136.5 |
|
$ |
372.9 |
|
$ |
265.2 |
|
|||||
| Adjusted EBITDA | $ |
46.8 |
|
$ |
37.5 |
|
$ |
129.4 |
|
$ |
168.8 |
|
||||
| Free Cash Flow | Three Months |
Twelve Months |
||||||||||||||
4Q 2020 |
4Q 2019 |
YTD 2020 |
YTD 2019 |
|||||||||||||
| Cash Flow Provided By Operating Activities | $ |
57.6 |
|
$ |
60.5 |
|
$ |
150.1 |
|
$ |
162.8 |
|
||||
| Cash Flow Used In Investing Activities |
|
(11.4 |
) |
|
(16.7 |
) |
|
(44.2 |
) |
|
(54.7 |
) |
||||
| Less: Cash Payments for Non-debt Financing Activities |
|
(3.9 |
) |
|
(6.2 |
) |
|
(19.1 |
) |
|
(29.4 |
) |
||||
| Free Cash Flow | $ |
42.3 |
|
$ |
37.6 |
|
$ |
86.8 |
|
$ |
78.7 |
|
||||
| Net Debt | ||||||||
| 12/31/2020 | 12/31/2019 | |||||||
| Long Term Debt (less current portion) | $ |
637.1 |
|
$ |
626.6 |
|
||
| Short Term Debt |
|
6.1 |
|
|
4.0 |
|
||
| Total Debt |
|
643.2 |
|
|
630.6 |
|
||
| Less: Cash and Cash Equivalents |
|
(152.4 |
) |
|
(77.9 |
) |
||
| Net Debt | $ |
490.8 |
|
$ |
552.7 |
|
||
| Outlook for Full Year 2021 Value-Added Sales | Outlook Range | |||||||
| Net Sales Outlook | $ |
1,300.0 |
|
$ |
1,370.0 |
|
||
| Less: Aluminum Value and Outside Service Provider Costs |
|
(560.0 |
) |
|
(590.0 |
) |
||
| Value-Added Sales Outlook | $ |
740.0 |
|
$ |
780.0 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20210305005071/en/
FAQ
What were Superior Industries' Q4 2020 financial results?
How did the COVID-19 pandemic affect Superior Industries in 2020?
What is Superior Industries' outlook for 2021?
What was Superior Industries' Adjusted EBITDA for 2020?
How did Free Cash Flow perform in Q4 2020?
