Superior Reports Full Year and Fourth Quarter 2024 Financial Results
Superior Industries (NYSE:SUP) has reported its full year and fourth quarter 2024 financial results. For FY2024, the company recorded net sales of $1,267M with a net loss of $78M. The company achieved an Adjusted EBITDA of $146M (21% margin) and generated operating cash flow of $18M.
Q4 2024 results showed net sales of $310M with a net loss of $10M. The quarter's Adjusted EBITDA was $35M (21% margin) with operating cash flow of $26M. The company successfully executed its global overhead reduction initiative, completed European transformation, and refinanced debt with $520M in capital.
Looking ahead to 2025, Superior expects a slight decline in industry OEM production in its markets but maintains it is well-positioned to navigate the operating environment.
Superior Industries (NYSE:SUP) ha riportato i risultati finanziari per l'intero anno e il quarto trimestre del 2024. Per l'anno fiscale 2024, l'azienda ha registrato vendite nette di $1.267M con una perdita netta di $78M. L'azienda ha ottenuto un EBITDA rettificato di $146M (margine del 21%) e ha generato flusso di cassa operativo di $18M.
I risultati del quarto trimestre 2024 hanno mostrato vendite nette di $310M con una perdita netta di $10M. L'EBITDA rettificato del trimestre è stato di $35M (margine del 21%) con un flusso di cassa operativo di $26M. L'azienda ha attuato con successo la sua iniziativa di riduzione dei costi globali, completato la trasformazione europea e rifinanziato il debito con $520M in capitale.
Guardando al 2025, Superior prevede un leggero calo nella produzione OEM dell'industria nei suoi mercati, ma mantiene di essere ben posizionata per affrontare l'ambiente operativo.
Superior Industries (NYSE:SUP) ha informado sus resultados financieros del año completo y del cuarto trimestre de 2024. Para el año fiscal 2024, la compañía registró ventas netas de $1,267M con una pérdida neta de $78M. La compañía logró un EBITDA ajustado de $146M (margen del 21%) y generó flujo de efectivo operativo de $18M.
Los resultados del cuarto trimestre de 2024 mostraron ventas netas de $310M con una pérdida neta de $10M. El EBITDA ajustado del trimestre fue de $35M (margen del 21%) con un flujo de efectivo operativo de $26M. La compañía ejecutó con éxito su iniciativa de reducción de costos global, completó la transformación europea y refinanció la deuda con $520M en capital.
De cara a 2025, Superior espera una ligera disminución en la producción de OEM de la industria en sus mercados, pero mantiene que está bien posicionada para navegar en el entorno operativo.
슈페리어 인더스트리 (NYSE:SUP)는 2024년 전체 연간 및 4분기 재무 결과를 발표했습니다. 2024 회계연도에 대해 회사는 매출 12억 6,700만 달러와 순손실 7,800만 달러를 기록했습니다. 회사는 조정된 EBITDA 1억 4,600만 달러 (21% 마진)를 달성했으며 운영 현금 흐름 1,800만 달러를 생성했습니다.
2024년 4분기 결과는 매출 3억 1,000만 달러와 순손실 1,000만 달러를 보여주었습니다. 분기의 조정된 EBITDA는 3,500만 달러 (21% 마진)였으며 운영 현금 흐름은 2,600만 달러였습니다. 회사는 글로벌 비용 절감 이니셔티브를 성공적으로 실행하고 유럽 변혁을 완료했으며 5억 2천만 달러의 자본으로 부채를 재융자했습니다.
2025년을 전망하며, 슈페리어는 자사 시장의 OEM 생산이 약간 감소할 것으로 예상하지만 운영 환경을 잘 헤쳐 나갈 수 있는 위치에 있다고 밝혔습니다.
Superior Industries (NYSE:SUP) a publié ses résultats financiers pour l'année complète et le quatrième trimestre de 2024. Pour l'exercice 2024, l'entreprise a enregistré des ventes nettes de 1,267 milliard de dollars avec une perte nette de 78 millions de dollars. L'entreprise a atteint un EBITDA ajusté de 146 millions de dollars (marge de 21 %) et a généré un flux de trésorerie opérationnel de 18 millions de dollars.
Les résultats du quatrième trimestre 2024 ont montré des ventes nettes de 310 millions de dollars avec une perte nette de 10 millions de dollars. L'EBITDA ajusté du trimestre s'élevait à 35 millions de dollars (marge de 21 %) avec un flux de trésorerie opérationnel de 26 millions de dollars. L'entreprise a réussi à mettre en œuvre son initiative de réduction des coûts mondiaux, à terminer sa transformation européenne et à refinancer sa dette avec 520 millions de dollars de capital.
En regardant vers 2025, Superior s'attend à une légère baisse de la production OEM dans ses marchés, mais reste convaincue d'être bien positionnée pour naviguer dans l'environnement opérationnel.
Superior Industries (NYSE:SUP) hat seine Finanzzahlen für das Gesamtjahr und das vierte Quartal 2024 veröffentlicht. Für das Geschäftsjahr 2024 verzeichnete das Unternehmen Nettoverkäufe von 1.267 Millionen Dollar bei einem Nettoverlust von 78 Millionen Dollar. Das Unternehmen erzielte ein bereinigtes EBITDA von 146 Millionen Dollar (21% Marge) und generierte operativen Cashflow von 18 Millionen Dollar.
Die Ergebnisse des vierten Quartals 2024 zeigten Nettoverkäufe von 310 Millionen Dollar bei einem Nettoverlust von 10 Millionen Dollar. Das bereinigte EBITDA des Quartals betrug 35 Millionen Dollar (21% Marge) mit einem operativen Cashflow von 26 Millionen Dollar. Das Unternehmen setzte erfolgreich seine globale Kostenreduzierungsinitiative um, schloss die europäische Transformation ab und refinanzierte Schulden mit 520 Millionen Dollar an Kapital.
Für 2025 erwartet Superior einen leichten Rückgang der OEM-Produktion in seinen Märkten, ist jedoch zuversichtlich, gut aufgestellt zu sein, um sich im operativen Umfeld zu behaupten.
- Maintained 21% EBITDA margin despite industry challenges
- Successfully refinanced debt with $520M capital raise
- Completed European transformation improving competitive position
- Q4 Adjusted EBITDA improved to $35M from $23M YoY
- Reduced total debt to $520M from $638M YoY
- Net loss of $78M in FY2024
- Net sales declined to $1,267M from $1,385M YoY
- Operating cash flow decreased to $18M from $64M YoY
- Net debt increased to $480M from $436M YoY
- Negative free cash flow of $15M in 2024
Insights
Superior's full year 2024 results reveal a challenging year with notable progress on transformation initiatives despite industry headwinds. The reported $78M annual net loss represents an improvement compared to 2023's $93M loss, though still concerning for a company this size. The company maintained its Adjusted EBITDA margin at 21% despite Net Sales declining 8.5% to $1,267M, demonstrating effective cost management.
The balance sheet shows meaningful progress with debt refinancing, reducing Total Debt from $638M to $520M, though Net Debt increased to $480M. This successful refinancing of all debt obligations strengthens financial flexibility but hasn't yet translated to improved cash generation, with Operating Cash Flow dropping 72% to $18M and Unlevered Free Cash Flow declining to $55M.
Fourth quarter results show some operational improvement with Adjusted EBITDA increasing to $35M (21% margin vs. 14% in Q4 2023), primarily from cost reductions rather than revenue growth. The company's "local-for-local" strategy and global overhead reductions appear to be improving operational efficiency.
Management's commentary about "advanced collaborative dialogues" with preferred shareholders suggests potential further capital structure changes. With the company expecting slight industry declines in 2025, Superior appears to have stabilized its operations but still faces significant challenges in returning to profitability. The successful European transformation and debt refinancing provide breathing room, but sustained cash flow improvement will be critical for long-term viability.
Superior's operational transformation shows measurable progress amid automotive industry challenges. The successful completion of their European transformation represents a significant operational milestone, strategically positioning their manufacturing footprint for improved efficiency. Despite industry volume declines, maintaining a 21% Adjusted EBITDA margin demonstrates effective cost control and operational discipline.
Their global overhead reduction initiative appears to be yielding results, with Q4 showing substantial improvement in conversion costs. This contributed to Q4's gross profit increasing to $29M from $15M year-over-year despite slightly lower Value-Added Sales. The 7% reduction in SG&A expenses for the full year (excluding one-time items) further evidences effective cost control measures.
The company's emphasis on their "local-for-local" global footprint represents an intelligent manufacturing strategy in today's regionalized supply chain environment. This approach minimizes logistics costs and currency exposure while improving customer responsiveness. However, the significant decline in operating cash flow raises questions about working capital management efficiency.
Looking ahead, Superior will need to balance cost optimization with maintaining manufacturing capabilities through the anticipated industry decline in 2025. The operational improvements provide a stronger foundation, but sustained free cash flow generation will depend on further optimizing working capital management and production efficiency while maintaining quality standards in their aluminum wheel manufacturing.
Achieved critical milestones in Company transformation
Well-positioned for future growth and competitiveness
Full Year 2024 Financial Highlights:
-
Net Sales of
$1,267M -
Value-Added Sales1 of
$691M -
Net Loss of
$78M -
Adjusted EBITDA1 of
$146M 21% margin2 -
Cash Flow Provided by Operating Activities of
$18M -
Unlevered Free Cash Flow1 of
$55M
Fourth Quarter 2024 Financial Highlights:
-
Net Sales of
$310M -
Value-Added Sales1 of
$168M -
Net Loss of
$10M -
Adjusted EBITDA1 of
$35M 21% margin2 -
Cash Flow Provided by Operating Activities of
$26M -
Unlevered Free Cash Flow1 of
$36M
| ($ in millions) | Three Months |
|
Twelve Months |
||||||||
4Q 2024 |
|
4Q 2023 |
|
YTD 2024 |
|
YTD 2023 |
|||||
| Net Sales | |||||||||||
$ |
183.2 |
$ |
179.8 |
$ |
786.1 |
$ |
794.4 |
||||
|
127.1 |
|
128.9 |
|
481.2 |
|
590.9 |
||||
| Global | $ |
310.3 |
$ |
308.7 |
$ |
1,267.3 |
$ |
1,385.3 |
|||
| Value-Added Sales (1) | |||||||||||
$ |
92.4 |
$ |
93.3 |
$ |
405.9 |
$ |
403.7 |
||||
|
75.3 |
|
75.4 |
|
285.3 |
|
343.9 |
||||
| Global | $ |
167.7 |
$ |
168.7 |
$ |
691.2 |
$ |
747.6 |
|||
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 Sales1 |
“The Superior team demonstrated remarkable discipline in 2024 amidst a challenging operating environment. Despite industry declines, we maintained our margins and outperformed the industry. During the year, we achieved critical milestones in our Company’s transformation. We successfully executed on our global overhead reduction initiative and completed our European transformation, a strategic move that strengthens our competitive position and significantly enhances our profitability. Additionally, we successfully attracted
“In addition, we are in advanced collaborative dialogues with our preferred shareholders to achieve a mutually beneficial outcome to all stakeholders. Looking ahead, we are focused on cashflow generation and are confident that our leading portfolio of product technologies and our differentiated ‘local-for-local’ global footprint will position us for sustainable long-term growth,” Mr. Abulaban continued.
Full Year 2024 Results
Net Sales for 2024 were
Gross Profit for 2024 was
Selling, General, and Administrative (“SG&A”) expenses for 2024 were
Income from Operations was
A Loss on Extinguishment of Debt for 2024 of
Income Tax Provision for 2024 was
For 2024, the Company reported a Net Loss of
Adjusted EBITDA, a Non-GAAP financial measure, was
The Company reported Cash Flow Provided by Operating Activities of
Unlevered Free Cash Flow, a Non-GAAP financial measure, for 2024 was
Fourth Quarter 2024 Results
Net Sales for the fourth quarter of 2024 were
Gross Profit for the fourth quarter of 2024 was
Selling, General, and Administrative (“SG&A”) expenses for the fourth quarter of 2024 were
Income from Operations was
Income Tax Provision for the fourth quarter of 2024 was
For the fourth quarter of 2024, the Company reported a Net Loss of
Adjusted EBITDA, a Non-GAAP financial measure, was
The Company reported Cash Flow Provided by Operating Activities of
Unlevered Free Cash Flow, a Non-GAAP financial measure, for the fourth quarter 2024 was
Financial Position
As of December 31, 2024, Superior had Total Debt of
2025 Outlook
Superior management assumes full year 2025 industry OEM production in its markets will decline slightly in 2025. With that said, Superior remains well-positioned to navigate the operating environment. As a result, Superior’s full year 2025 Outlook is as follows:
FY 2025 Outlook |
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| Net Sales |
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||
| Value-Added Sales |
|
||
| Adjusted EBITDA |
|
||
| Unlevered Free Cash Flow |
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| Capital Expenditures |
|
Value-Added Sales, Adjusted EBITDA, and Unlevered Free Cash Flow 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, Net Sales (the most comparable GAAP measure) to Value-Added Sales, nor Cash Flow Provided by Operating Activities (the most comparable GAAP measure) to Unlevered Free Cash Flow presented in the 2025 Outlook, as Superior is unable to quantify certain amounts included in Net Income, Net Sales and Cash Flow Provided by Operating Activities 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 Thursday, March 6, 2025. The conference call may be accessed by dialing +1 800 715 9871 for participants in the
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 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 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 embedded derivatives, acquisition and integration, certain hiring and separation related costs, proxy contest fees, gains and losses associated with early debt extinguishment and other refinancing costs, and accounts receivable factoring fees. “Adjusted EBITDA Margin” defined as Adjusted EBITDA as a percentage of Value-Added Sales. “Value-Added Sales,” defined as Net Sales less the value of aluminum and outsourced service provider costs 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 effects of foreign exchange translation. “Value-Added Sales Adjusted for FX and Deconsolidation,” which is also referred to as “Value-Added Sales Adjusted for Foreign Exchange and Deconsolidation,” defined as Value-Added Sales adjusted for the effects of foreign exchange translation and the effects of deconsolidating our German subsidiary. “Content per Wheel,” defined as Value-Added Sales Adjusted for Foreign Exchange on a per unit (wheel) shipment basis. “Free Cash Flow,” defined as Cash Flow Provided (Used) by Operating Activities less Cash Provided (Used) in Investing Activities less non-debt components of financing activities. “Unlevered Free Cash Flow,” defined as Cash Flow Provided (Used) by Operating Activities less Capital Expenditures plus Cash Interest Paid, net of Interest Income, and other refinancing costs. “Total Debt,” defined as total principal debt outstanding. “Net Debt,” defined as total principal debt outstanding, excluding debt issuance costs, 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 2025 Outlook included herein, the increase in the cost of raw materials, labor and energy, supply chain disruptions, material shortages, higher interest rates, and the Russian military invasion of
New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect Superior. It should be remembered that the price of the ordinary shares and any income from them can go down as well as up. Superior disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/or otherwise, except as may be required by law.
SUPERIOR INDUSTRIES INTERNATIONAL, INC. |
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Condensed Consolidated Statements of Income (Loss) (Unaudited) |
||||||||||||||||
(Dollars in Millions, Except Per Share Amounts) |
||||||||||||||||
Three Months |
|
Twelve Months |
||||||||||||||
|
4Q 2024 |
|
|
|
4Q 2023 |
|
|
YTD 2024 |
|
YTD 2023 |
||||||
Actual |
|
Actual |
|
Actual |
|
Actual |
||||||||||
| Net Sales | $ |
310.3 |
|
$ |
308.7 |
|
$ |
1,267.3 |
|
$ |
1,385.3 |
|
||||
| Cost of Sales |
|
281.2 |
|
|
293.9 |
|
|
1,156.8 |
|
|
1,269.6 |
|
||||
| Gross Profit |
|
29.1 |
|
|
14.8 |
|
|
110.5 |
|
|
115.7 |
|
||||
| SG&A Expenses |
|
15.1 |
|
|
34.2 |
|
|
81.2 |
|
|
87.5 |
|
||||
| Loss on deconsolidation of subsidiary |
|
- |
|
|
- |
|
|
- |
|
|
79.6 |
|
||||
| Income (Loss) From Operations | $ |
14.0 |
|
$ |
(19.4 |
) |
$ |
29.3 |
|
$ |
(51.4 |
) |
||||
| Interest Expense, net |
|
(17.5 |
) |
|
(15.0 |
) |
|
(67.1 |
) |
|
(62.1 |
) |
||||
| Loss on extinguishment of debt |
|
- |
|
|
- |
|
|
(13.1 |
) |
|
- |
|
||||
| Other Expense, net |
|
(4.5 |
) |
|
(0.7 |
) |
|
(1.8 |
) |
|
(3.3 |
) |
||||
| Income (Loss) Before Income Taxes | $ |
(8.0 |
) |
$ |
(35.1 |
) |
$ |
(52.7 |
) |
$ |
(116.8 |
) |
||||
| Income Tax Provision |
|
(1.6 |
) |
|
32.6 |
|
|
(25.5 |
) |
|
23.9 |
|
||||
| Net Income (Loss) | $ |
(9.6 |
) |
$ |
(2.5 |
) |
$ |
(78.2 |
) |
$ |
(92.9 |
) |
||||
| Basic (Loss) Earnings Per Share | $ |
(0.75 |
) |
$ |
(0.44 |
) |
$ |
(4.25 |
) |
$ |
(4.73 |
) |
||||
| Diluted (Loss) Earnings Per Share | $ |
(0.75 |
) |
$ |
(0.44 |
) |
$ |
(4.25 |
) |
$ |
(4.73 |
) |
||||
| Value-Added Sales (1) | $ |
167.7 |
|
$ |
168.7 |
|
$ |
691.2 |
|
$ |
747.6 |
|
||||
| Value-Added Sales Adjusted for Foreign Exchange (1) | $ |
167.9 |
|
$ |
168.7 |
|
$ |
690.4 |
|
$ |
747.6 |
|
||||
| Adjusted EBITDA (1) | $ |
34.7 |
|
$ |
23.1 |
|
$ |
146.3 |
|
$ |
159.2 |
|
||||
| % of Value-Added Sales |
|
21 |
% |
|
14 |
% |
|
21 |
% |
|
21 |
% |
||||
| (1) Value-Added Sales, Value-Added Sales Adjusted for Foreign Exchange, and Adjusted EBITDA are non-GAAP financial measures; see page 6 for definitions. | ||||||||||||||||
SUPERIOR INDUSTRIES INTERNATIONAL, INC. |
|||||||
Condensed Consolidated Balance Sheets (Unaudited) |
|||||||
(Dollars in Millions) |
|||||||
| ASSETS | 12/31/2024 |
12/31/2023 |
|||||
| Cash & Cash Equivalents | $ |
40.1 |
|
$ |
201.6 |
|
|
| Accounts Receivable, net |
|
69.5 |
|
|
56.4 |
|
|
| Inventories, net |
|
145.7 |
|
|
144.6 |
|
|
| Income Taxes Receivable |
|
11.4 |
|
|
1.6 |
|
|
| Current Derivative Financial Instruments |
|
22.6 |
|
|
38.3 |
|
|
| Other Current Assets |
|
19.5 |
|
|
17.4 |
|
|
| Total Current Assets |
|
308.8 |
|
|
459.9 |
|
|
| Property, Plant & Equipment, net |
|
329.9 |
|
|
398.6 |
|
|
| Deferred Income Taxes, net |
|
39.0 |
|
|
52.2 |
|
|
| Intangibles, net |
|
12.6 |
|
|
33.2 |
|
|
| Derivative Financial Instruments |
|
14.7 |
|
|
40.5 |
|
|
| Other Noncurrent Assets |
|
35.1 |
|
|
46.2 |
|
|
| Total Assets | $ |
740.1 |
|
$ |
1,030.6 |
|
|
| LIABILITIES & EQUITY | |||||||
| Accounts Payable | $ |
120.4 |
|
$ |
124.9 |
|
|
| Short-term Debt |
|
7.9 |
|
|
5.3 |
|
|
| Accrued Expenses |
|
65.7 |
|
|
66.9 |
|
|
| Income Taxes Payable |
|
1.9 |
|
|
1.8 |
|
|
| Total Current Liabilities |
|
195.9 |
|
|
198.9 |
|
|
| Long-term Debt (Less Current Portion) |
|
481.4 |
|
|
610.6 |
|
|
| Non-Current Liabilities |
|
50.0 |
|
|
57.9 |
|
|
| Redeemable Preferred Shares |
|
288.5 |
|
|
248.2 |
|
|
| Noncontrolling Redeemable Equity |
|
0.5 |
|
|
0.9 |
|
|
| Total Shareholders' Equity (Deficit) |
|
(276.2 |
) |
|
(85.9 |
) |
|
| Total Liabilities and Shareholders’ Equity (Deficit) | $ |
740.1 |
|
$ |
1,030.6 |
|
|
SUPERIOR INDUSTRIES INTERNATIONAL, INC. |
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Consolidated Statements of Cash Flows (Unaudited) |
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(Dollars in Millions) |
|||||||||||||||
Three Months |
|
Twelve Months |
|||||||||||||
|
4Q 2024 |
|
|
|
4Q 2023 |
|
|
YTD 2024 |
|
YTD 2023 |
|||||
| Net Income (Loss) | $ |
(9.6 |
) |
$ |
(2.5 |
) |
$ |
(78.2 |
) |
$ |
(92.9 |
) |
|||
| Depreciation and Amortization |
|
20.9 |
|
|
23.1 |
|
|
86.4 |
|
|
93.0 |
|
|||
| Income tax, Non-cash Changes |
|
4.7 |
|
|
(36.6 |
) |
|
21.0 |
|
|
(27.3 |
) |
|||
| Stock-based Compensation |
|
2.9 |
|
|
3.1 |
|
|
9.0 |
|
|
7.5 |
|
|||
| Amortization of Debt Issuance Costs |
|
1.8 |
|
|
1.2 |
|
|
5.8 |
|
|
4.8 |
|
|||
| Loss on Deconsolidation of Subsidiary |
|
- |
|
|
- |
|
|
- |
|
|
79.6 |
|
|||
| Loss on Extinguishment of Debt |
|
- |
|
|
- |
|
|
13.1 |
|
|
- |
|
|||
| Other Non-cash Items |
|
(0.3 |
) |
|
14.3 |
|
|
(9.3 |
) |
|
9.6 |
|
|||
| Changes in Operating Assets and Liabilities: |
|
- |
|
|
- |
|
|||||||||
| Accounts Receivable |
|
34.9 |
|
|
56.9 |
|
|
(19.5 |
) |
|
18.9 |
|
|||
| Inventories |
|
(6.2 |
) |
|
21.3 |
|
|
(8.9 |
) |
|
13.1 |
|
|||
| Other Assets and Liabilities |
|
1.6 |
|
|
(15.5 |
) |
|
7.7 |
|
|
(2.9 |
) |
|||
| Accounts Payable |
|
(17.7 |
) |
|
(22.5 |
) |
|
3.7 |
|
|
(27.6 |
) |
|||
| Income Taxes |
|
(6.8 |
) |
|
1.5 |
|
|
(12.5 |
) |
|
(11.4 |
) |
|||
| Net Cash Provided (Used) By Operating Activities |
|
26.2 |
|
|
44.3 |
|
|
18.3 |
|
|
64.4 |
|
|||
| Capital Expenditures |
|
(7.3 |
) |
|
(11.7 |
) |
|
(28.3 |
) |
|
(41.2 |
) |
|||
| Deconsolidation of Subsidiary Cash |
|
- |
|
|
- |
|
|
- |
|
|
(4.4 |
) |
|||
| Net Cash Provided (Used) By Investing Activities |
|
(7.3 |
) |
|
(11.7 |
) |
|
(28.3 |
) |
|
(45.6 |
) |
|||
| Proceeds from the Issuance of Long-term Debt |
|
- |
|
|
- |
|
|
337.3 |
|
|
- |
|
|||
| Repayments on Term Loans and Notes |
|
(1.3 |
) |
|
(2.4 |
) |
|
(467.6 |
) |
|
(16.4 |
) |
|||
| Proceeds from Borrowings on Revolving Credit Facility |
|
5.0 |
|
|
- |
|
|
33.0 |
|
|
- |
|
|||
| Repayments of Borrowings on Revolving Credit Facility |
|
(5.0 |
) |
|
- |
|
|
(33.0 |
) |
|
- |
|
|||
| Cash Dividends Paid |
|
- |
|
|
(6.8 |
) |
|
(3.4 |
) |
|
(13.6 |
) |
|||
| Financing Costs Paid and Other |
|
(0.2 |
) |
|
(0.1 |
) |
|
(9.0 |
) |
|
(0.2 |
) |
|||
| Redemption Premium Paid on Term Loan Repayment |
|
- |
|
|
- |
|
|
(3.7 |
) |
|
- |
|
|||
| Payments Related to Tax Withholdings for Stock-Based Compensation |
|
- |
|
|
- |
|
|
(1.3 |
) |
|
(3.3 |
) |
|||
| Finance Lease Payments |
|
(0.1 |
) |
|
(0.1 |
) |
|
(0.6 |
) |
|
(0.7 |
) |
|||
| Net Cash Flow Provided (Used) By Financing Activities |
|
(1.6 |
) |
|
(9.4 |
) |
|
(148.3 |
) |
|
(34.2 |
) |
|||
| Effect of Exchange Rate on Cash |
|
(1.5 |
) |
|
1.9 |
|
|
(3.2 |
) |
|
4.0 |
|
|||
| Net Change in Cash |
|
15.8 |
|
|
25.1 |
|
|
(161.5 |
) |
|
(11.4 |
) |
|||
| Cash - Beginning |
|
24.3 |
|
|
176.5 |
|
|
201.6 |
|
|
213.0 |
|
|||
| Cash - Ending | $ |
40.1 |
|
$ |
201.6 |
|
$ |
40.1 |
|
$ |
201.6 |
|
|||
| Supplemental Cash Flow Information: | |||||||||||||||
| Cash paid during the period for interest | $ |
16.2 |
|
$ |
19.2 |
|
$ |
62.7 |
|
$ |
62.3 |
|
|||
| Cash paid during the period for taxes, net of refunds | $ |
2.9 |
|
$ |
2.1 |
|
$ |
16.2 |
|
$ |
14.5 |
|
|||
| Non-cash Investing Activities | |||||||||||||||
| Period end balance of accounts payable for property, plant, and equipment | $ |
3.8 |
|
$ |
4.4 |
|
$ |
3.8 |
|
$ |
4.4 |
|
|||
| Non-cash Financing Activities | |||||||||||||||
| Debt modification | $ |
- |
|
$ |
- |
|
$ |
169.7 |
|
$ |
- |
|
|||
SUPERIOR INDUSTRIES INTERNATIONAL, INC. |
|||||||||||||||
Earnings Per Share Calculation (Unaudited) |
|||||||||||||||
(Dollars and Outstanding Shares in Millions, Except Per Share Amounts) |
|||||||||||||||
Three Months |
|
Twelve Months |
|||||||||||||
|
4Q 2024 |
|
|
|
4Q 2023 |
|
YTD 2024 |
|
YTD 2023 |
||||||
| Net Income (Loss) Attributable to Common Shareholders | $ |
(9.6 |
) |
$ |
(2.5 |
) |
$ |
(78.2 |
) |
$ |
(92.9 |
) |
|||
| Redeemable Preferred Stock Dividends and Accretion |
|
(12.0 |
) |
|
(10.0 |
) |
|
(43.6 |
) |
|
(39.0 |
) |
|||
| Basic Numerator | $ |
(21.6 |
) |
$ |
(12.5 |
) |
$ |
(121.8 |
) |
$ |
(131.9 |
) |
|||
| Weighted Avg. Shares Outstanding - Basic |
|
28.9 |
|
|
28.1 |
|
|
28.7 |
|
|
27.9 |
|
|||
| Dilutive Effect of Common Share Equivalents |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||
| Weighted Avg. Shares Outstanding - Diluted |
|
28.9 |
|
|
28.1 |
|
|
28.7 |
|
|
27.9 |
|
|||
| Basic Earnings (Loss) Per Share(1) | $ |
(0.75 |
) |
$ |
(0.44 |
) |
$ |
(4.25 |
) |
$ |
(4.73 |
) |
|||
| Diluted Earnings (Loss) Per Share(1) | $ |
(0.75 |
) |
$ |
(0.44 |
) |
$ |
(4.25 |
) |
$ |
(4.73 |
) |
|||
| (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. In calculating diluted earnings per share, the weighted average shares outstanding considers the dilutive effect of outstanding stock options, and time and performance based restricted stock units under the treasury stock method. Stock-based compensation shares have not been included in the diluted earnings per share because they would be anti-dilutive for the years ended December 31, 2024 and 2023. The redeemable preferred shares are also not included in the diluted earnings per share for the periods ended December 31, 2024 and 2023 because the redeemable preferred shareholders do not have a contractual obligation to share in the Company's losses with common stockholders. | |||||||||||||||
SUPERIOR INDUSTRIES INTERNATIONAL, INC. |
|||||||||||||||||||
Non-GAAP Financial Measures (Unaudited) |
|||||||||||||||||||
(Dollars in Millions and Units in Thousands, Except Per Wheel) |
|||||||||||||||||||
Three Months |
|
Year Ended |
|
Year Ended |
|||||||||||||||
|
4Q 2024 |
|
|
|
4Q 2023 |
|
|
YTD 2024 |
|
YTD 2023 |
|
YTD 2019 |
|||||||
| Net Sales | $ |
310.3 |
|
$ |
308.7 |
|
$ |
1,267.3 |
|
$ |
1,385.3 |
|
$ |
1,372.5 |
|
||||
| Less: Aluminum, and Outside Service Provider Costs |
|
(142.6 |
) |
|
(140.0 |
) |
|
(576.1 |
) |
|
(637.7 |
) |
|
(617.2 |
) |
||||
| Value-Added Sales (1) |
|
167.7 |
|
|
168.7 |
|
|
691.2 |
|
|
747.6 |
|
|
755.3 |
|
||||
| Currency Effect on Current Period Value-Added Sales |
|
0.2 |
|
|
- |
|
|
(0.8 |
) |
|
- |
|
|
(31.9 |
) |
||||
| Value-Added Sales Adjusted for Foreign Exchange (1) |
|
167.9 |
|
|
168.7 |
|
|
690.4 |
|
|
747.6 |
|
|
723.4 |
|
||||
| Deconsolidation Effect |
|
- |
|
|
5.6 |
|
|
- |
|
|
(26.7 |
) |
|||||||
| Value-Added Sales Adjusted for Foreign Exchange and Deconsolidation (1) | $ |
167.9 |
|
$ |
174.3 |
|
$ |
690.4 |
|
$ |
720.9 |
|
|||||||
| Wheels Shipped |
|
3,321 |
|
|
3,495 |
|
|
13,794 |
|
|
14,562 |
|
|
19,246 |
|
||||
| Content per Wheel (1) (2) | $ |
50.56 |
|
$ |
48.27 |
|
$ |
50.05 |
|
$ |
51.34 |
|
$ |
37.59 |
|
||||
| Adjusted EBITDA (1) | Three Months |
|
Year Ended |
||||||||||||
|
4Q 2024 |
|
|
|
4Q 2023 |
|
|
YTD 2024 |
|
YTD 2023 |
|||||
| Net Income (Loss) | $ |
(9.6 |
) |
$ |
(2.5 |
) |
$ |
(78.2 |
) |
$ |
(92.9 |
) |
|||
| Adjusting Items: | |||||||||||||||
| - Interest Expense, net |
|
17.5 |
|
|
15.0 |
|
|
67.1 |
|
|
62.1 |
|
|||
| - Income Tax Provision (Benefit) |
|
1.6 |
|
|
(32.6 |
) |
|
25.5 |
|
|
(23.9 |
) |
|||
| - Depreciation |
|
16.0 |
|
|
18.2 |
|
|
66.9 |
|
|
73.5 |
|
|||
| - Amortization |
|
4.8 |
|
|
4.9 |
|
|
19.5 |
|
|
19.5 |
|
|||
| - Factoring Fees |
|
1.7 |
|
|
1.4 |
|
|
5.9 |
|
|
4.2 |
|
|||
| - Loss on Extinguishment of Debt and Other Refinancing Costs |
|
1.1 |
|
|
- |
|
|
19.9 |
|
|
- |
|
|||
| - Loss on Deconsolidation of Subsidiary |
|
- |
|
|
- |
|
|
- |
|
|
79.6 |
|
|||
| - Restructuring Costs |
|
4.4 |
|
|
0.1 |
|
|
7.0 |
|
|
8.1 |
|
|||
| - Restructuring Related Costs |
|
(0.7 |
) |
|
20.5 |
|
|
15.1 |
|
|
29.5 |
|
|||
| - Change in Fair Value of Embedded Derivative Liabilities |
|
(2.1 |
) |
|
(3.4 |
) |
|
(2.4 |
) |
|
(3.4 |
) |
|||
| - Other Costs |
|
- |
|
|
1.5 |
|
|
- |
|
|
2.9 |
|
|||
|
44.3 |
|
|
25.6 |
|
|
224.5 |
|
|
252.1 |
|
||||
| Adjusted EBITDA (1) | $ |
34.7 |
|
$ |
23.1 |
|
$ |
146.3 |
|
$ |
159.2 |
|
|||
| (1) Value-Added Sales, Value Added Sales Adjusted for Foreign Exchange, Value Added Sales Adjusted for Foreign Exchange and Deconsolidation, Content per Wheel, and Adjusted EBITDA are non-GAAP financial measures; see page 6 for definitions. | |||||||||||||||
| (2) Content per wheel is stated in currency rates prevailing in the corresponding periods of 2023. | |||||||||||||||
| Free Cash Flow (1) | Three Months |
|
Twelve Months |
|||||||||||||
|
4Q 2024 |
|
|
|
4Q 2023 |
|
|
YTD 2024 |
|
YTD 2023 |
||||||
| Net Cash Provided (Used) By Operating Activities | $ |
26.2 |
|
$ |
44.3 |
|
$ |
18.3 |
|
$ |
64.4 |
|
||||
| Net Cash Provided (Used) By Investing Activities |
|
(7.3 |
) |
|
(11.7 |
) |
|
(28.3 |
) |
|
(45.6 |
) |
||||
| Cash Payments for Non-debt Financing Activities |
|
- |
|
|
(6.8 |
) |
|
(4.7 |
) |
|
(16.9 |
) |
||||
| Free Cash Flow (1) | $ |
18.9 |
|
$ |
25.8 |
|
$ |
(14.7 |
) |
$ |
1.9 |
|
||||
| Unlevered Free Cash Flow (1) | Three Months |
|
Twelve Months |
|||||||||||||
|
4Q 2024 |
|
|
|
4Q 2023 |
|
|
YTD 2024 |
|
YTD 2023 |
||||||
| Net Cash Provided (Used) By Operating Activities | $ |
26.2 |
|
$ |
44.3 |
|
$ |
18.3 |
|
$ |
64.4 |
|
||||
| Capital Expenditures |
|
(7.3 |
) |
|
(11.7 |
) |
|
(28.3 |
) |
|
(41.2 |
) |
||||
| Refinancing Costs |
|
1.1 |
|
|
- |
|
|
6.8 |
|
|
- |
|
||||
| Cash Interest Paid, Net of Interest Income |
|
16.0 |
|
|
17.5 |
|
|
58.6 |
|
|
56.8 |
|
||||
| Unlevered Free Cash Flow (1) | $ |
36.0 |
|
$ |
50.1 |
|
$ |
55.4 |
|
$ |
80.0 |
|
||||
| Net Debt (1) (2) | 12/31/2024 |
12/31/2023 |
||||||||||||||
| Long Term Debt (Less Current Portion)(2) | $ |
511.9 |
|
$ |
632.2 |
|
||||||||||
| Short Term Debt(2) |
|
7.9 |
|
|
5.3 |
|
||||||||||
| Total Debt(2) |
|
519.8 |
|
|
637.5 |
|
||||||||||
| Less: Cash and Cash Equivalents |
|
(40.1 |
) |
|
(201.6 |
) |
||||||||||
| Net Debt (1) | $ |
479.7 |
|
$ |
435.9 |
|
||||||||||
| (1) Net Debt, Free Cash Flow, and Unlevered Free Cash Flow are non-GAAP financial measures; see page 6 for definitions. | ||||||||||||||||
| (2) Excluding Debt Issuance Cost | ||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250306666869/en/
Superior Investor Relations
(248) 234-7104
Investor.Relations@supind.com
Source: Superior Industries International, Inc.
FAQ
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