Superior Reports Fourth Quarter and Full Year 2022 Financial Results
Superior Industries International reported strong financial results for Q4 and full year 2022, showcasing a 9% YoY increase in net sales to $402M and an 18% YoY increase to $1,640M for the year. The company achieved a net income of $17M in Q4, up from a loss of $4M in the previous year. Adjusted EBITDA rose 54% YoY to $58M in Q4 with margins expanding 660 bps. For 2023, the forecast includes net sales between $1.55B and $1.67B and adjusted EBITDA of $170M to $200M. Despite challenges like elevated costs and volatile production schedules, Superior remains optimistic about growth driven by operational efficiencies and a strong product portfolio.
- Q4 net sales increased 9% YoY to $402M.
- Net income rose to $17M vs. a $4M loss in Q4 2021.
- Adjusted EBITDA increased 54% YoY to $58M, margin expanded 660 bps.
- Full year 2022 net sales of $1,640M, up 18% from 2021.
- Cash flow from operations reached $78M in Q4 2022.
- Challenges from elevated input costs and diminished light vehicle production.
- Potential risks from volatile OEM production schedules.
Executing on strategic priorities to deliver profitable Growth over Market
Fourth Quarter 2022 Financial Highlights:
-
Net Sales increased9% YoY to$402M -
Value-Added Sales Adjusted for FX1 increased
22% YoY to$231M -
Net income of
$17M $20M -
Adjusted EBITDA1 increased
54% YoY to$58M -
Cash Flow from Operations of
$78M -
Content per Wheel1 of
$61.91 26% YoY
Full Year 2022 Financial Highlights:
-
Net Sales increased18% YoY to$1,640M -
Value-Added Sales Adjusted for FX1 increased
8% YoY to$817M -
Net income of
$37M $33M -
Adjusted EBITDA1 increased
16% YoY to$194M -
Cash Flow from Operations of
$153M $434M -
Content per Wheel1 of
$52.36 14% YoY
| ($ in millions and units in thousands) | ||||||||||||
Three Months |
|
Twelve Months |
||||||||||
4Q 2022 |
|
4Q 2021 |
|
YTD 2022 |
|
YTD 2021 |
||||||
| Units | ||||||||||||
|
2,046 |
|
1,951 |
|
8,749 |
|
8,478 |
|||||
|
1,681 |
|
1,979 |
|
6,843 |
|
7,645 |
|||||
| Global |
|
3,727 |
|
3,930 |
|
15,592 |
|
16,123 |
||||
$ |
216.5 |
$ |
195.4 |
$ |
943.7 |
$ |
744.9 |
|||||
|
185.6 |
|
172.9 |
|
696.2 |
|
639.8 |
|||||
| Global | $ |
402.1 |
$ |
368.3 |
$ |
1,639.9 |
$ |
1,384.7 |
||||
| Value-Added Sales (1) | ||||||||||||
$ |
106.8 |
$ |
86.3 |
$ |
393.5 |
$ |
361.1 |
|||||
|
111.3 |
|
102.5 |
|
377.1 |
|
392.5 |
|||||
| Global | $ |
218.0 |
$ |
188.7 |
$ |
770.6 |
$ |
753.7 |
||||
| 1 See “Non-GAAP Financial Measures” below for a definition and reconciliation to the most comparable GAAP measure. |
2 Adjusted EBITDA as % of Value-Added Sales.1 |
“The Superior team demonstrated tremendous operational strength and agility throughout 2022, driving impressive results in the face of substantial headwinds. Focused on executing our value creation roadmap, we delivered growth in Value-Added Sales, robust Adjusted EBITDA and substantial margin expansion. Importantly, our ability to drive profitable growth despite lower OEM production volumes was enabled by ongoing operational improvements, strong demand for premium wheels, and pass through of cost inflation to customers. As a result, we delivered another year of profitable Growth over Market,” said
“As we head into 2023, the business environment remains challenging due to elevated input costs, diminished light vehicle production and volatile OEM production schedules, which will weigh on profitability. We will remain diligent in our efforts to drive operational efficiencies to mitigate these pressures,”
Fourth Quarter Results
Net sales for the fourth quarter of 2022 were
Gross profit for the fourth quarter of 2022 was
Selling, general, and administrative (“SG&A”) expenses for the fourth quarter of 2022 were
Operating income for the fourth quarter of 2022 was
The income tax provision for the fourth quarter of 2022 was
For the fourth quarter of 2022, the Company reported net earnings of
The Company reported cash flow provided by operating activities of
Full Year 2022 Results
Gross profit for 2022 was
SG&A expenses for 2022 were
Operating income was
The income tax provision for 2022 was
For 2022, the Company reported net income of
Adjusted EBITDA, a Non-GAAP financial measure, was
The Company reported cash flow provided by operating activities of
Financial Position
As of
2023 Outlook
Superior management assumes full year 2023 industry OEM production in its markets to grow at a low single digit percentage rate. As a result, Superior’s full year 2023 outlook is as follows:
| FY 2023 Outlook | ||
| Unit Shipments | 15.0 - 16.2 million | |
| Value-added Sales | ||
| Adjusted EBITDA | ||
| Cash Flow from Operations | ||
| Capital Expenditures |
Superior remains well-positioned to navigate the operating environment, including any inflationary pressures, foreign exchange headwinds, or possible recessionary trends.
Value-Added Sales and Adjusted EBITDA are Non-GAAP measures, as defined below. In reliance on the safe harbor provided under section 10(e) of Regulation S-K, Superior has not quantitatively reconciled from net income, the most comparable GAAP measure, to Adjusted EBITDA presented in the 2023 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, other costs, and services provided by outsourced service providers that are included in net sales. “Value-Added Sales Adjusted for FX," which is also referred to as “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,” “foresee,” “intends,” “outlook,” “guidance,” “predicts,” “projects,” “projecting,” “potential,” “targeting,” “will likely result,” or “continue,” or the negative of such terms and other comparable terminology. These statements also include, but are not limited to, the 2023 outlook included herein, the impact of COVID-19 and the resulting supply chain disruptions, increased energy costs and semiconductor shortages, as well as the Ukraine Conflict, on our future growth and earnings. These statements include our belief regarding general automotive industry market conditions and growth rates, as well as domestic and international economic conditions. 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 2022 |
|
|
4Q 2021 |
|
YTD 2022 | YTD 2021 | ||||||||
$ |
402.1 |
|
$ |
368.3 |
|
$ |
1,639.9 |
|
$ |
1,384.8 |
|
||||
| Cost of Sales |
|
347.3 |
|
|
347.4 |
|
|
1,473.5 |
|
|
1,270.0 |
|
|||
| Gross Profit | $ |
54.8 |
|
$ |
20.9 |
|
$ |
166.4 |
|
$ |
114.7 |
|
|||
| SG&A Expenses |
|
18.6 |
|
|
14.1 |
|
|
68.3 |
|
|
59.3 |
|
|||
| Income From Operations | $ |
36.2 |
|
$ |
6.8 |
|
$ |
98.0 |
|
$ |
55.4 |
|
|||
| Interest Expense, net |
|
(15.6 |
) |
|
(10.5 |
) |
|
(46.3 |
) |
|
(41.9 |
) |
|||
| Other (Expense) Income, net |
|
(0.9 |
) |
|
3.7 |
|
|
(0.6 |
) |
|
(2.3 |
) |
|||
| Income Before Income Taxes | $ |
19.7 |
|
$ |
- |
|
$ |
51.1 |
|
$ |
11.2 |
|
|||
| Income Tax Provision |
|
(3.2 |
) |
|
(3.9 |
) |
|
(14.1 |
) |
|
(7.4 |
) |
|||
| Net Income (Loss) | $ |
16.5 |
|
$ |
(3.9 |
) |
$ |
37.0 |
|
$ |
3.8 |
|
|||
| Earnings (Loss) Per Share: | |||||||||||||||
| Basic | $ |
0.26 |
|
$ |
(0.48 |
) |
$ |
0.02 |
|
$ |
(1.17 |
) |
|||
| Diluted | $ |
0.25 |
|
$ |
(0.48 |
) |
$ |
0.02 |
|
$ |
(1.17 |
) |
|||
| Weighted Average and Equivalent Shares Outstanding for EPS (in Thousands): |
|||||||||||||||
| Basic |
|
27,016 |
|
|
26,163 |
|
|
26,839 |
|
|
25,995 |
|
|||
| Diluted |
|
28,262 |
|
|
26,163 |
|
|
27,590 |
|
|
25,995 |
|
|||
| Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||||||
| (Dollars in Millions) | |||||||||||||||
| Current Assets | $ |
508.9 |
|
$ |
404.3 |
|
|||||||||
| Property, Plant and Equipment, net |
|
474.0 |
|
|
494.4 |
|
|||||||||
| Intangibles and Other Assets |
|
150.9 |
|
|
155.5 |
|
|||||||||
| Total Assets | $ |
1,133.7 |
|
$ |
1,054.1 |
|
|||||||||
| Current Liabilities | $ |
251.3 |
|
$ |
231.9 |
|
|||||||||
| Long-Term Liabilities |
|
683.8 |
|
|
691.7 |
|
|||||||||
| Redeemable Preferred Shares |
|
222.8 |
|
|
199.9 |
|
|||||||||
| European Non-controlling Redeemable Equity |
|
1.1 |
|
|
1.1 |
|
|||||||||
| Shareholders’ Deficit |
|
(25.3 |
) |
|
(70.4 |
) |
|||||||||
| Total Liabilities and Shareholders’ Deficit | $ |
1,133.7 |
|
$ |
1,054.1 |
|
|||||||||
| Consolidated Statements of Cash Flows (Unaudited) | ||||||||||||||||
| (Dollars in Millions) | ||||||||||||||||
Three Months |
|
Twelve Months |
||||||||||||||
4Q 2022 |
|
4Q 2021 |
|
YTD 2022 |
|
YTD 2021 |
||||||||||
| Net Income (Loss) | $ |
16.5 |
|
$ |
(3.9 |
) |
$ |
37.0 |
|
$ |
3.8 |
|
||||
| Depreciation and Amortization |
|
22.1 |
|
|
24.2 |
|
|
91.2 |
|
|
99.6 |
|
||||
| Income tax, Non-cash Changes |
|
(12.9 |
) |
|
2.2 |
|
|
(9.3 |
) |
|
(2.0 |
) |
||||
| Stock-based Compensation |
|
3.1 |
|
|
2.6 |
|
|
9.7 |
|
|
9.5 |
|
||||
| Amortization of Debt Issuance Costs |
|
5.0 |
|
|
1.2 |
|
|
8.7 |
|
|
4.4 |
|
||||
| Other Non-cash Items |
|
1.3 |
|
|
0.2 |
|
|
(0.5 |
) |
|
(10.5 |
) |
||||
| Changes in Operating Assets and Liabilities: | ||||||||||||||||
| Accounts Receivable |
|
67.6 |
|
|
9.7 |
|
|
10.2 |
|
|
(38.2 |
) |
||||
| Inventories |
|
25.8 |
|
|
40.1 |
|
|
(11.3 |
) |
|
(26.4 |
) |
||||
| Other Assets and Liabilities |
|
(5.2 |
) |
|
(7.9 |
) |
|
(3.3 |
) |
|
6.6 |
|
||||
| Accounts Payable |
|
(59.1 |
) |
|
(8.9 |
) |
|
5.1 |
|
|
(1.7 |
) |
||||
| Income Taxes |
|
14.0 |
|
|
(0.2 |
) |
|
15.1 |
|
|
(0.3 |
) |
||||
| Cash Flow Provided By Operating Activities | $ |
78.1 |
|
$ |
59.5 |
|
$ |
152.6 |
|
$ |
44.9 |
|
||||
| Capital Expenditures |
|
(11.4 |
) |
|
(16.5 |
) |
|
(57.2 |
) |
|
(64.1 |
) |
||||
| Proceeds from Sale of Property, Plant and Equipment |
|
- |
|
|
- |
|
|
0.2 |
|
|
6.6 |
|
||||
$ |
(11.4 |
) |
$ |
(16.5 |
) |
$ |
(57.0 |
) |
$ |
(57.5 |
) |
|||||
| Proceeds from the Issuance of Long-term Debt |
|
388.0 |
|
|
- |
|
|
388.0 |
|
|
1.7 |
|
||||
| Debt Repayment |
|
(350.8 |
) |
|
(1.4 |
) |
|
(354.4 |
) |
|
(5.0 |
) |
||||
| Proceeds from Borrowings on Revolving Credit Facility |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||
| Repayments of Borrowings on Revolving Credit Facility |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
||||
| Cash Dividends |
|
(3.4 |
) |
|
(3.4 |
) |
|
(13.6 |
) |
|
(13.5 |
) |
||||
| Financing Costs Paid and Other |
|
(12.6 |
) |
|
- |
|
|
(12.6 |
) |
|
(4.3 |
) |
||||
| Payments Related to Tax Withholdings for Stock-Based Compensation |
|
- |
|
|
- |
|
|
(1.8 |
) |
|
(1.5 |
) |
||||
| Finance Lease Payments |
|
(0.3 |
) |
|
(0.3 |
) |
|
(1.1 |
) |
|
(1.3 |
) |
||||
| Cash Flow Used In Financing Activities | $ |
20.9 |
|
$ |
(5.2 |
) |
$ |
4.5 |
|
$ |
(24.0 |
) |
||||
| Effect of Exchange Rate on Cash |
|
3.6 |
|
|
(0.4 |
) |
|
(0.5 |
) |
|
(2.3 |
) |
||||
| Net Change in Cash | $ |
91.2 |
|
$ |
37.4 |
|
$ |
99.5 |
|
$ |
(39.0 |
) |
||||
| Cash - Beginning |
|
121.8 |
|
|
76.1 |
|
|
113.5 |
|
|
152.4 |
|
||||
| Cash - Ending | $ |
213.0 |
|
$ |
113.5 |
|
$ |
213.0 |
|
$ |
113.5 |
|
||||
| Earnings Per Share Calculation (Unaudited) | |||||||||||||||
| (Dollars and Outstanding Shares in Millions, Except Per Share Amounts) | |||||||||||||||
Three Months |
|
Twelve Months |
|||||||||||||
4Q 2022 |
|
4Q 2021 |
YTD 2022 |
|
YTD 2021 |
||||||||||
| Basic EPS Calculation(1) | |||||||||||||||
| Net Income (Loss) | $ |
16.5 |
|
$ |
(3.9 |
) |
$ |
37.0 |
|
$ |
3.8 |
|
|||
| Less: Accretion of Preferred Stock |
|
(5.9 |
) |
|
(5.3 |
) |
|
(22.9 |
) |
|
(20.5 |
) |
|||
| Less: Redeemable Preferred Stock Dividends |
|
(3.4 |
) |
|
(3.4 |
) |
|
(13.6 |
) |
|
(13.5 |
) |
|||
| Less: European Non-controlling Redeemable Equity Dividends |
|
- |
|
|
0.1 |
|
|
(0.1 |
) |
|
- |
|
|||
| Numerator | $ |
7.2 |
|
$ |
(12.5 |
) |
$ |
0.4 |
|
$ |
(30.2 |
) |
|||
| Denominator: Weighted Avg. Shares Outstanding |
|
27.0 |
|
|
26.2 |
|
|
26.8 |
|
|
26.0 |
|
|||
| Basic Earnings (Loss) Per Share | $ |
0.26 |
|
$ |
(0.48 |
) |
$ |
0.02 |
|
$ |
(1.17 |
) |
|||
| Diluted EPS Calculation(1) | |||||||||||||||
| Net Income (Loss) | $ |
16.5 |
|
$ |
(3.9 |
) |
$ |
37.0 |
|
$ |
3.8 |
|
|||
| Less: Accretion of Preferred Stock |
|
(5.9 |
) |
|
(5.3 |
) |
|
(22.9 |
) |
|
(20.5 |
) |
|||
| Less: Redeemable Preferred Stock Dividends |
|
(3.4 |
) |
|
(3.4 |
) |
|
(13.6 |
) |
|
(13.5 |
) |
|||
| Less: European Non-controlling Redeemable Equity Dividends |
|
- |
|
|
0.1 |
|
|
(0.1 |
) |
|
- |
|
|||
| Numerator | $ |
7.2 |
|
$ |
(12.5 |
) |
$ |
0.4 |
|
$ |
(30.2 |
) |
|||
| Weighted Avg. Shares Outstanding-Basic |
|
27.0 |
|
|
26.2 |
|
|
26.8 |
|
|
26.0 |
|
|||
| Dilutive Stock Options and Restricted Stock Units |
|
1.2 |
|
|
- |
|
|
0.8 |
|
|
- |
|
|||
| Denominator: Weighted Avg. Shares Outstanding |
|
28.3 |
|
|
26.2 |
|
|
27.6 |
|
|
26.0 |
|
|||
| Diluted Earnings (Loss) Per Share | $ |
0.25 |
|
$ |
(0.48 |
) |
$ |
0.02 |
|
$ |
(1.17 |
) |
|||
| (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 | 4Q 2022 |
|
4Q 2021 |
|
YTD 2022 |
|
YTD 2021 |
|
Location on Inc. Stat. |
||||||||
| Restructuring and Other | $ |
1.2 |
$ |
(1.1 |
) |
$ |
(1.9 |
) |
$ |
(10.4 |
) |
SG&A / COGS | |||||
| Change in Fair Value of Preferred Derivative |
|
- |
|
3.5 |
|
|
- |
|
|
- |
|
Other Income/Expense | |||||
| Werdohl Flood |
|
- |
|
- |
|
|
- |
|
|
(1.5 |
) |
Other Income/Expense | |||||
| Total Before Tax Impact on Net Income | $ |
1.2 |
$ |
(2.1 |
) |
$ |
(1.9 |
) |
$ |
(11.9 |
) |
||||||
| After Tax Impact on Net Income | $ |
1.2 |
$ |
(2.1 |
) |
$ |
(1.9 |
) |
$ |
(11.9 |
) |
||||||
| Impact on Earnings (Loss) Per Share | $ |
0.04 |
$ |
(0.08 |
) |
$ |
(0.07 |
) |
$ |
(0.46 |
) |
||||||
| 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 2022 |
|
4Q 2021 |
|
YTD 2022 |
|
YTD 2021 |
||||||||||
$ |
402.1 |
|
$ |
368.3 |
|
$ |
1,639.9 |
|
$ |
1,384.8 |
|
|||||
| Less: Aluminum, Other Costs, and Outside Service Provider Costs |
|
(184.1 |
) |
|
(179.6 |
) |
|
(869.3 |
) |
|
(631.1 |
) |
||||
| Value-Added Sales | $ |
218.0 |
|
$ |
188.7 |
|
$ |
770.6 |
|
$ |
753.7 |
|
||||
| Currency Impact on Current Period Value-Added Sales |
|
12.7 |
|
|
- |
|
|
45.9 |
|
|
- |
|
||||
| Value-Added Sales Adjusted for Foreign Exchange | $ |
230.7 |
|
$ |
188.7 |
|
$ |
816.5 |
|
$ |
753.7 |
|
||||
| Wheels Shipped |
|
3,727 |
|
|
3,930 |
|
|
15,592 |
|
|
16,123 |
|
||||
| Content per Wheel | $ |
61.91 |
|
$ |
48.02 |
|
$ |
52.36 |
|
$ |
46.75 |
|
||||
| Free Cash Flow | Three Months |
|
Twelve Months |
|||||||||||||
4Q 2022 |
|
4Q 2021 |
|
YTD 2022 |
|
YTD 2021 |
||||||||||
| Cash Flow Provided By Operating Activities | $ |
78.1 |
|
$ |
59.5 |
|
$ |
152.6 |
|
$ |
44.9 |
|
||||
|
(11.4 |
) |
|
(16.5 |
) |
|
(57.0 |
) |
|
(57.5 |
) |
|||||
| Cash Payments for Non-debt Financing Activities |
|
(3.4 |
) |
|
(3.4 |
) |
|
(15.4 |
) |
|
(15.0 |
) |
||||
| Free Cash Flow | $ |
63.3 |
|
$ |
39.6 |
|
$ |
80.2 |
|
$ |
(27.6 |
) |
||||
| Adjusted EBITDA | Three Months |
|
Twelve Months |
|||||||||||
4Q 2022 |
|
4Q 2021 |
|
YTD 2022 |
|
YTD 2021 |
||||||||
| Net Income (Loss) | $ |
16.5 |
|
$ |
(3.9 |
) |
$ |
37.0 |
$ |
3.8 |
||||
| Adjusting Items: | ||||||||||||||
| - Interest Expense, net |
|
15.6 |
|
|
10.5 |
|
|
46.3 |
|
41.9 |
||||
| - Income Tax Provision |
|
3.2 |
|
|
3.9 |
|
|
14.1 |
|
7.4 |
||||
| - Depreciation |
|
17.5 |
|
|
17.8 |
|
|
70.2 |
|
73.3 |
||||
| - Amortization |
|
4.6 |
|
|
6.4 |
|
|
20.9 |
|
26.3 |
||||
| - Restructuring and Other |
|
(1.1 |
) |
|
2.1 |
|
|
1.9 |
|
11.9 |
||||
| - Factoring Fees |
|
1.2 |
|
|
0.6 |
|
|
3.6 |
|
2.1 |
||||
$ |
41.0 |
|
$ |
41.3 |
|
$ |
157.0 |
$ |
162.9 |
|||||
| Adjusted EBITDA | $ |
57.5 |
|
$ |
37.4 |
|
$ |
194.2 |
$ |
166.7 |
||||
| Net Debt | ||||||||
| Long Term Debt (Less Current Portion) (1) | $ |
641.5 |
|
$ |
610.2 |
|
||
| Short Term Debt |
|
5.9 |
|
|
6.1 |
|
||
| Total Debt (1) |
|
647.4 |
|
|
616.3 |
|
||
| Less: Cash and Cash Equivalents |
|
(213.0 |
) |
|
(113.5 |
) |
||
| Net Debt | $ |
434.4 |
|
$ |
502.8 |
|
||
| (1) Excluding Debt Issuance Cost | ||||||||
| Outlook for Full Year 2023 Value-Added Sales | ||||||||
| Net Sales Outlook | $ |
1,550.0 |
|
$ |
1,670.0 |
|
||
| Less: Aluminum, Other Costs, and Outside Service Provider Costs |
|
(795.0 |
) |
|
(855.0 |
) |
||
| Value-Added Sales Outlook | $ |
755.0 |
|
$ |
815.0 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20230302005287/en/
Superior Investor Relations
(248) 234-7104
Investor.Relations@supind.com
Source:
FAQ
What were the Q4 2022 net sales for Superior Industries (SUP)?
How did Superior Industries perform financially in 2022?
What is the 2023 outlook for Superior Industries (SUP)?
What led to the increase in gross profit for Superior Industries in Q4 2022?
What were the adjusted EBITDA figures for Superior Industries in Q4 2022?
