Superior Reports Fourth Quarter and Full Year 2021 Financial Results
Superior Industries reported a strong financial performance for the full year 2021, achieving net sales of $1.385 billion, up from $1.101 billion in 2020. Value-added sales rose 16% year-over-year to $754 million, with adjusted EBITDA increasing 29% to $167 million. Despite a 24% decrease in industry volumes since 2019, the company saw growth supported by a favorable product mix and higher shipment volumes. However, the ongoing semiconductor shortage and inflationary pressures are expected to impact operations in 2022, with revenue guidance set between $1.58 billion and $1.71 billion.
- Net sales increased to $1.385 billion, a 26% rise YOY.
- Value-added sales grew 16% YOY to $754 million.
- Adjusted EBITDA rose 29% YOY to $167 million.
- Gross profit increased to $115 million from $66 million in 2020.
- Reported a net loss of $4 million in Q4 2021, despite improvement from a $21 million loss in Q4 2020.
- Gross profit for Q4 2021 decreased to $21 million from $33 million YOY due to lower unit sales.
- Cash flow from operations decreased to $45 million from $150 million in 2020.
Achieved Third Consecutive Year of Growth over Market
Full Year 2021 Financial Highlights:
-
2021
Net Sales of$1,385M 16% YoY to$754M -
Portfolio delivered Growth over Market of
17% 2;9% Content per Wheel1 growth -
2021 Net Income of
$4M $247M -
Adjusted EBITDA1 increased
29% YoY to$167M -
FY 2021 cash flow provided by operations of
$45M
| ($ in millions and units in thousands) | ||||||||||||
| Three Months | Twelve Months | |||||||||||
4Q 2021 |
4Q 2020 |
YTD 2021 |
YTD 2020 |
|||||||||
| Units | ||||||||||||
|
1,951 |
|
2,264 |
|
8,478 |
|
7,716 |
|||||
|
1,979 |
|
2,193 |
|
7,645 |
|
7,478 |
|||||
| Global |
|
3,930 |
|
4,457 |
|
16,123 |
|
15,194 |
||||
$ |
195.4 |
$ |
168.9 |
$ |
744.9 |
$ |
550.1 |
|||||
|
172.9 |
|
168.8 |
|
639.8 |
|
550.7 |
|||||
| Global | $ |
368.3 |
$ |
337.7 |
$ |
1,384.8 |
$ |
1,100.8 |
||||
| Value-Added Sales (1) | ||||||||||||
$ |
86.3 |
$ |
91.7 |
$ |
361.1 |
$ |
296.4 |
|||||
|
102.5 |
|
109.8 |
|
392.5 |
|
351.9 |
|||||
| Global | $ |
188.7 |
$ |
201.5 |
$ |
753.7 |
$ |
648.3 |
||||
"We delivered impressive results in 2021 underscoring the agility and operational strength of our teams in the face of a weak and volatile OEM production environment. Our performance was supported by the strong execution against our value creation roadmap, enabling us to grow profitability to pre-pandemic levels while managing through immense operational challenges. Importantly, these improvements have been realized despite a
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. FY 2021 North American and Western and Central European industry production per |
3 Expressed as Adjusted EBITDA margin as a percentage of Value-Added Sales, both Non-GAAP Financial Measures; see footnote 1 above. |
Fourth Quarter Results
Net sales for the fourth quarter of 2021 were
Gross profit for the fourth quarter of 2021 was
Selling, general, and administrative (“SG&A”) expenses for the fourth quarter of 2021 were
Operating income for the fourth quarter of 2021 was
The income tax provision for the fourth quarter of 2021 was
For the fourth quarter of 2021, 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 2021 Results
Net sales for 2021 were
Gross profit for 2021 was
SG&A expenses for 2021 were
Income from operations increased year-over-year from a loss of
The income tax provision for 2021 was
For 2021, the Company reported net income of
Adjusted EBITDA, a non-GAAP financial measure, was
The Company reported cash provided by operating activities of
Financial Position
As of
2022 Outlook
Superior management assumes full year 2022 industry OEM production in its markets to grow at a mid- to high single digit percentage rate. As a result, Superior’s full year 2022 outlook is as follows:
| FY 2022 Outlook | |||
| Unit Shipments | 16.4 - 17.7 million | ||
| Value-Added Sales | |||
| Adjusted EBITDA | |||
| Cash Flow from Operations | |||
| Capital Expenditures | ~ |
||
The industry production volume assumption reflects the supply chain challenges impacting the OEMs stemming from the continued semiconductor shortage. The impact of the
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 2022 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
During the conference call, the Company's management plans to review operating results and discuss financial and operating matters. In addition, management may disclose material information in response to questions posed by participants during the call.
About
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 light weighting and finishing technologies. Superior serves the European aftermarket with the brands ATS®, RIAL®, ALUTEC®, and ANZIO®. Headquartered in
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 and impairments of long-lived assets and investments, changes in fair value of redeemable preferred stock embedded derivative liability, acquisition and integration and 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 Foreign Exchange 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 “assumes”, “may,” “should,” “could,” “will,” “expects,” “expected,” “seeks to,” “anticipates,” “plans,” “believes,” “estimates,” “intends,” “outlook,” “guidance,” “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 2022 outlook included herein, the impact of COVID-19 and supply chain disruption on our future business results, operations and prospects, 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
| Condensed Consolidated Statements of Operations (Unaudited) | |||||||||||||||
| (Dollars in Millions, Except Per Share Amounts) | |||||||||||||||
| Three Months | Twelve Months | ||||||||||||||
4Q 2021 |
4Q 2020 |
YTD 2021 |
YTD 2020 |
||||||||||||
$ |
368.3 |
|
$ |
337.7 |
|
$ |
1,384.8 |
|
$ |
1,100.8 |
|
||||
| Cost of Sales |
|
347.4 |
|
|
304.4 |
|
|
1,270.0 |
|
|
1,035.1 |
|
|||
| Gross Profit | $ |
20.9 |
|
$ |
33.3 |
|
$ |
114.7 |
|
$ |
65.6 |
|
|||
| SG&A Expenses |
|
14.1 |
|
|
15.9 |
|
|
59.3 |
|
|
52.4 |
|
|||
| Impairment of |
|
- |
|
|
- |
|
|
- |
|
|
193.6 |
|
|||
| Income (Loss) From Operations | $ |
6.8 |
|
$ |
17.5 |
|
$ |
55.4 |
|
$ |
(180.4 |
) |
|||
| Interest Expense, net |
|
(10.5 |
) |
|
(11.0 |
) |
|
(41.9 |
) |
|
(45.4 |
) |
|||
| Other Income (Expense), net |
|
3.7 |
|
|
(1.9 |
) |
|
(2.3 |
) |
|
(2.8 |
) |
|||
| Income (Loss) Before Income Taxes | $ |
- |
|
$ |
4.6 |
|
$ |
11.2 |
|
$ |
(228.7 |
) |
|||
| Income Tax Provision |
|
(3.9 |
) |
|
(26.0 |
) |
|
(7.4 |
) |
|
(14.9 |
) |
|||
| Net (Loss) Income | $ |
(3.9 |
) |
$ |
(21.4 |
) |
$ |
3.8 |
|
$ |
(243.6 |
) |
|||
| (Loss) Earnings Per Share: | |||||||||||||||
| Basic | $ |
(0.48 |
) |
$ |
(1.16 |
) |
$ |
(1.17 |
) |
$ |
(10.81 |
) |
|||
| Diluted | $ |
(0.48 |
) |
$ |
(1.16 |
) |
$ |
(1.17 |
) |
$ |
(10.81 |
) |
|||
| Weighted Average and Equivalent Shares Outstanding for EPS (in Thousands): |
|||||||||||||||
| Basic |
|
26,163 |
|
|
25,592 |
|
|
25,995 |
|
|
25,498 |
|
|||
| Diluted |
|
26,163 |
|
|
25,592 |
|
|
25,995 |
|
|
25,498 |
|
|||
| Condensed Consolidated Balance Sheets (Unaudited) | |||||||
| (Dollars in Millions) | |||||||
| Current Assets | $ |
404.3 |
|
$ |
383.6 |
|
|
| Property, Plant and Equipment, net |
|
494.4 |
|
|
522.1 |
|
|
| Intangibles and Other Assets |
|
155.5 |
|
|
203.6 |
|
|
| Total Assets | $ |
1,054.1 |
|
$ |
1,109.3 |
|
|
| Current Liabilities | $ |
231.9 |
|
$ |
231.1 |
|
|
| Long-Term Liabilities |
|
691.7 |
|
|
718.6 |
|
|
| Redeemable Preferred Shares |
|
199.9 |
|
|
179.4 |
|
|
| European Non-controlling Redeemable Equity |
|
1.1 |
|
|
1.7 |
|
|
| Shareholders’ Deficit |
|
(70.4 |
) |
|
(21.5 |
) |
|
| Total Liabilities and Shareholders’ Deficit | $ |
1,054.1 |
|
$ |
1,109.3 |
|
|
| Consolidated Statements of Cash Flows (Unaudited) | ||||||||||||||||
| (Dollars in Millions) | ||||||||||||||||
| Three Months | Twelve Months | |||||||||||||||
|
4Q 2021 |
|
|
4Q 2020 |
|
YTD 2021 | YTD 2020 | |||||||||
| Net (Loss) Income | $ |
(3.9 |
) |
$ |
(21.4 |
) |
$ |
3.8 |
|
$ |
(243.6 |
) |
||||
| Depreciation and Amortization |
|
24.2 |
|
|
25.0 |
|
|
99.6 |
|
|
98.2 |
|
||||
| Income tax, Non-cash Changes |
|
2.2 |
|
|
26.9 |
|
|
(2.0 |
) |
|
7.5 |
|
||||
| Impairments of |
|
- |
|
|
- |
|
|
- |
|
|
193.6 |
|
||||
| Stock-based Compensation |
|
2.6 |
|
|
1.6 |
|
|
9.5 |
|
|
2.4 |
|
||||
| Amortization of Debt Issuance Costs |
|
1.2 |
|
|
0.9 |
|
|
4.4 |
|
|
4.0 |
|
||||
| Other Non-cash items |
|
0.2 |
|
|
7.3 |
|
|
(10.5 |
) |
|
5.8 |
|
||||
| Changes in Operating Assets and Liabilities: | ||||||||||||||||
| Accounts Receivable |
|
9.7 |
|
|
32.1 |
|
|
(38.2 |
) |
|
28.1 |
|
||||
| Inventories |
|
40.1 |
|
|
(8.4 |
) |
|
(26.4 |
) |
|
20.9 |
|
||||
| Other Assets and Liabilities |
|
(7.9 |
) |
|
(0.3 |
) |
|
6.6 |
|
|
11.3 |
|
||||
| Accounts Payable |
|
(8.9 |
) |
|
(2.9 |
) |
|
(1.7 |
) |
|
24.5 |
|
||||
| Income Taxes |
|
(0.2 |
) |
|
(3.3 |
) |
|
(0.3 |
) |
|
(2.5 |
) |
||||
| Cash Flow Provided By Operating Activities | $ |
59.5 |
|
$ |
57.6 |
|
$ |
44.9 |
|
$ |
150.1 |
|
||||
| Capital Expenditures |
|
(16.5 |
) |
|
(11.4 |
) |
|
(64.1 |
) |
|
(45.0 |
) |
||||
| Proceeds from Sale of Property, Plant and Equipment |
|
- |
|
|
- |
|
|
6.6 |
|
|
0.9 |
|
||||
$ |
(16.5 |
) |
$ |
(11.4 |
) |
$ |
(57.5 |
) |
$ |
(44.2 |
) |
|||||
| Proceeds from the Issuance of Long-term Debt |
|
- |
|
|
- |
|
|
1.7 |
|
|
11.7 |
|
||||
| Debt Repayment |
|
(1.4 |
) |
|
(0.8 |
) |
|
(5.0 |
) |
|
(25.7 |
) |
||||
| Proceeds from Borrowings on Revolving Credit Facility |
|
- |
|
|
- |
|
|
- |
|
|
313.8 |
|
||||
| Repayments of Borrowings on Revolving Credit Facility |
|
- |
|
|
- |
|
|
- |
|
|
(316.9 |
) |
||||
| Cash Dividends |
|
(3.4 |
) |
|
(3.4 |
) |
|
(13.5 |
) |
|
(13.6 |
) |
||||
| Financing Costs Paid and Other |
|
- |
|
|
- |
|
|
(4.3 |
) |
|
(5.0 |
) |
||||
| Payments Related to Tax Withholdings for Stock-Based Compensation |
|
- |
|
|
(0.5 |
) |
|
(1.5 |
) |
|
(0.5 |
) |
||||
| Finance Lease Payments |
|
(0.3 |
) |
|
(0.2 |
) |
|
(1.3 |
) |
|
(1.0 |
) |
||||
| Cash Flow Used In Financing Activities | $ |
(5.2 |
) |
$ |
(4.9 |
) |
$ |
(24.0 |
) |
$ |
(37.1 |
) |
||||
| Effect of Exchange Rate on Cash |
|
(0.4 |
) |
|
0.1 |
|
|
(2.3 |
) |
|
5.6 |
|
||||
| Net Change in Cash | $ |
37.4 |
|
$ |
41.3 |
|
$ |
(39.0 |
) |
$ |
74.5 |
|
||||
| Cash - Beginning |
|
76.1 |
|
|
111.1 |
|
|
152.4 |
|
|
77.9 |
|
||||
| Cash - Ending | $ |
113.5 |
|
$ |
152.4 |
|
$ |
113.5 |
|
$ |
152.4 |
|
||||
| Earnings Per Share Calculation (Unaudited) | |||||||||||||||
| (Dollars and Outstanding Shares in Millions, Except Per Share Amounts) | |||||||||||||||
| Three Months | Twelve Months | ||||||||||||||
4Q 2021 |
4Q 2020 |
YTD 2021 | YTD 2020 | ||||||||||||
| Basic EPS Calculation(1) | |||||||||||||||
| Net (Loss) Income | $ |
(3.9 |
) |
$ |
(21.4 |
) |
$ |
3.8 |
|
$ |
(243.6 |
) |
|||
| Less: Accretion of Preferred Stock |
|
(5.3 |
) |
|
(4.8 |
) |
|
(20.5 |
) |
|
(18.4 |
) |
|||
| Less: Redeemable Preferred Stock Dividends |
|
(3.4 |
) |
|
(3.4 |
) |
|
(13.5 |
) |
|
(13.6 |
) |
|||
| Less: European Noncontrolling Redeemable Equity Dividends |
|
0.1 |
|
|
(0.1 |
) |
|
- |
|
|
(0.2 |
) |
|||
| Numerator | $ |
(12.5 |
) |
$ |
(29.7 |
) |
$ |
(30.2 |
) |
$ |
(275.8 |
) |
|||
| Denominator: Weighted Avg. Shares Outstanding |
|
26.2 |
|
|
25.6 |
|
|
26.0 |
|
|
25.5 |
|
|||
| Basic (Loss) Earnings Per Share | $ |
(0.48 |
) |
$ |
(1.16 |
) |
$ |
(1.17 |
) |
$ |
(10.81 |
) |
|||
| Diluted EPS Calculation(1) | |||||||||||||||
| Net (Loss) Income | $ |
(3.9 |
) |
$ |
(21.4 |
) |
$ |
3.8 |
|
$ |
(243.6 |
) |
|||
| Less: Accretion of Preferred Stock |
|
(5.3 |
) |
|
(4.8 |
) |
|
(20.5 |
) |
|
(18.4 |
) |
|||
| Less: Redeemable Preferred Stock Dividends |
|
(3.4 |
) |
|
(3.4 |
) |
|
(13.5 |
) |
|
(13.6 |
) |
|||
| Less: European Noncontrolling Redeemable Equity Dividends |
|
0.1 |
|
|
(0.1 |
) |
|
- |
|
|
(0.2 |
) |
|||
| Numerator | $ |
(12.5 |
) |
$ |
(29.7 |
) |
$ |
(30.2 |
) |
$ |
(275.8 |
) |
|||
| Weighted Avg. Shares Outstanding-Basic |
|
26.2 |
|
|
25.6 |
|
|
26.0 |
|
|
25.5 |
|
|||
| Dilutive Stock Options and Restricted Stock Units |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||
| Denominator: Weighted Avg. Shares Outstanding |
|
26.2 |
|
|
25.6 |
|
|
26.0 |
|
|
25.5 |
|
|||
| Diluted (Loss) Earnings Per Share | $ |
(0.48 |
) |
$ |
(1.16 |
) |
$ |
(1.17 |
) |
$ |
(10.81 |
) |
|||
| (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 |
|||||||||||||||
| Impact of Acquisition, Restructuring and Other Items on EPS (Unaudited) | ||||||||||||||||
| (Dollars in Millions, Except Per Share Amounts) | ||||||||||||||||
| Three Months | Twelve Months | |||||||||||||||
| Before Tax Impact on Net Income (Loss) | 4Q 2021 |
4Q 2020 |
YTD 2021 | YTD 2020 | Location on Inc. Stat. | |||||||||||
| Integration, Certain Hiring & Separation Costs | $ |
(0.4 |
) |
$ |
(1.6 |
) |
$ |
(6.7 |
) |
$ |
(9.2 |
) |
SG&A / COGS | |||
| Restructuring Costs |
|
(5.2 |
) |
|
(2.5 |
) |
|
(3.8 |
) |
|
(8.7 |
) |
COGS / SG&A | |||
| Change in Fair Value of Preferred Derivative |
|
3.5 |
|
|
(1.6 |
) |
|
0.0 |
|
|
(1.6 |
) |
Other Income/Expense | |||
| Impairment of |
|
- |
|
|
- |
|
|
- |
|
|
(193.6 |
) |
Operating Income | |||
| Werdohl Flood |
|
- |
|
|
- |
|
|
(1.5 |
) |
|
- |
|
Other Income/Expense | |||
| Total Before Tax Impact on Net Income (Loss) | $ |
(2.1 |
) |
$ |
(5.6 |
) |
$ |
(11.9 |
) |
$ |
(213.1 |
) |
||||
| After Tax Impact on Net Income (Loss) | $ |
(2.1 |
) |
$ |
(4.9 |
) |
$ |
(11.9 |
) |
$ |
(207.2 |
) |
||||
| Impact on Earnings (Loss) Per Share | $ |
(0.08 |
) |
$ |
(0.19 |
) |
$ |
(0.46 |
) |
$ |
(8.13 |
) |
||||
| Non-GAAP Financial Measures (Unaudited) | ||||||||||||||||
| (Dollars in Millions and Units in Thousands, Except Per Wheel) | ||||||||||||||||
| Value-Added Sales; Value-Added Sales Adjusted for Foreign Exchange; and Content per Wheel | ||||||||||||||||
| Three Months | Twelve Months | |||||||||||||||
4Q 2021 |
4Q 2020 |
YTD 2021 | YTD 2020 | |||||||||||||
$ |
368.3 |
|
$ |
337.7 |
|
$ |
1,384.8 |
|
$ |
1,100.8 |
|
|||||
| Less: Aluminum Value and Outside Service Provider Costs |
|
(179.6 |
) |
|
(136.2 |
) |
|
(631.1 |
) |
|
(452.5 |
) |
||||
| Value-Added Sales | $ |
188.7 |
|
$ |
201.5 |
|
$ |
753.7 |
|
$ |
648.3 |
|
||||
| Impact of Foreign Exchange on Value-Added Sales |
|
4.1 |
|
|
(7.6 |
) |
|
(14.8 |
) |
|
(9.2 |
) |
||||
| Value-Added Sales Adjusted for Foreign Exchange | $ |
192.8 |
|
$ |
193.9 |
|
$ |
738.9 |
|
$ |
639.1 |
|
||||
| Wheels Shipped |
|
3,930 |
|
|
4,457 |
|
|
16,123 |
|
|
15,194 |
|
||||
| Content per Wheel | $ |
49.05 |
|
$ |
43.50 |
|
$ |
45.83 |
|
$ |
42.06 |
|
||||
| Free Cash Flow | Three Months | Twelve Months | ||||||||||||||
4Q 2021 |
4Q 2020 |
YTD 2021 | YTD 2020 | |||||||||||||
| Cash Flow Provided By Operating Activities | $ |
59.5 |
|
$ |
57.6 |
|
$ |
44.9 |
|
$ |
150.1 |
|
||||
|
(16.5 |
) |
|
(11.4 |
) |
|
(57.5 |
) |
|
(44.2 |
) |
|||||
| Less: Cash Payments for Non-debt Financing Activities |
|
(3.4 |
) |
|
(3.9 |
) |
|
(15.0 |
) |
|
(19.1 |
) |
||||
| Free Cash Flow | $ |
39.6 |
|
$ |
42.3 |
|
$ |
(27.6 |
) |
$ |
86.8 |
|
||||
| Adjusted EBITDA | Three Months | Twelve Months | |||||||||||||
4Q 2021 |
4Q 2020 |
YTD 2021 | YTD 2020 | ||||||||||||
| Net (Loss) Income | $ |
(3.9 |
) |
$ |
(21.4 |
) |
$ |
3.8 |
$ |
(243.6 |
) |
||||
| Adjusting Items: | |||||||||||||||
| - Interest Expense, net |
|
10.5 |
|
|
11.0 |
|
|
41.9 |
|
45.4 |
|
||||
| - Income Tax Provision (Benefit) |
|
3.9 |
|
|
26.0 |
|
|
7.4 |
|
14.9 |
|
||||
| - Depreciation |
|
17.8 |
|
|
18.4 |
|
|
73.3 |
|
72.8 |
|
||||
| - Amortization |
|
6.4 |
|
|
6.6 |
|
|
26.3 |
|
25.4 |
|
||||
| - Integration, Restructuring, and Other |
|
2.1 |
|
|
5.6 |
|
|
11.9 |
|
19.4 |
|
||||
| - Factoring Fees |
|
0.6 |
|
|
0.6 |
|
|
2.1 |
|
1.4 |
|
||||
| - Impairment of |
|
- |
|
|
- |
|
|
- |
|
193.6 |
|
||||
$ |
41.3 |
|
$ |
68.2 |
|
$ |
162.9 |
$ |
372.9 |
|
|||||
| Adjusted EBITDA | $ |
37.4 |
|
$ |
46.8 |
|
$ |
166.7 |
$ |
129.4 |
|
||||
| Net Debt | |||||||
| Long Term Debt (Less Current Portion) (1) | $ |
610.2 |
|
$ |
637.1 |
|
|
| Short Term Debt |
|
6.1 |
|
|
6.1 |
|
|
| Total Debt (1) |
|
616.3 |
|
|
643.2 |
|
|
| Less: Cash and Cash Equivalents |
|
(113.5 |
) |
|
(152.4 |
) |
|
| Net Debt | $ |
502.8 |
|
$ |
490.8 |
|
|
| (1) Excluding Debt Issuance Cost | |||||||
| Outlook for Full Year 2022 Value-Added Sales | ||||||||
| Net Sales Outlook | $ |
1,580.0 |
|
$ |
1,710.0 |
|
||
| Less: Aluminum Value and Outside Service Provider Costs |
|
(800.0 |
) |
|
(870.0 |
) |
||
| Value-Added Sales Outlook | $ |
780.0 |
|
$ |
840.0 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20220303005213/en/
Superior Investor Relations
(248) 234-7104
Investor.Relations@supind.com
Source:
FAQ
What were Superior Industries' net sales for 2021?
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