Superior Reports Second Quarter 2024 Financial Results
Superior Industries International (NYSE:SUP) reported second-quarter 2024 financial results, showing a net sales decrease to $319 million from $373 million YoY due to lower aluminum costs and deconsolidation of a subsidiary. The company recorded a net loss of $11 million, widening from a loss of $0.1 million in the previous year.
Adjusted EBITDA reached $40 million with a 22% margin, down from $52 million and 26% margin YoY. Cash Flow Used by Operating Activities improved, reducing to $8 million from $28 million YoY. Unlevered Free Cash Flow was $2 million, up by $18 million YoY.
Superior is in talks to retire Senior Unsecured Notes and completed relocating production from Germany to Poland, aimed at enhancing profitability. FY 2024 outlook was revised: Net Sales $1.35-$1.41 billion, Value-Added Sales $695-$725 million, Adjusted EBITDA $150-$165 million, and Unlevered Free Cash Flow $110-$130 million.
Superior Industries International (NYSE:SUP) ha riportato i risultati finanziari del secondo trimestre 2024, mostrando una riduzione delle vendite nette a 319 milioni di dollari, rispetto ai 373 milioni dell'anno precedente, a causa di costi dell'alluminio più bassi e della deconsolidazione di una sussidiaria. L'azienda ha registrato una perdita netta di 11 milioni di dollari, ampliando la perdita rispetto ai 0,1 milioni dell'anno precedente.
Il EBITDA rettificato ha raggiunto 40 milioni di dollari con un margine del 22%, in calo rispetto ai 52 milioni e al margine del 26% dell'anno precedente. Il flusso di cassa utilizzato dalle attività operative è migliorato, riducendosi a 8 milioni di dollari dai 28 milioni dell'anno scorso. Il flusso di cassa libero non indebitato è stato di 2 milioni di dollari, in aumento di 18 milioni rispetto all'anno precedente.
Superior è in trattative per ritirare le Note Senior Non Garantite e ha completato il trasferimento della produzione dalla Germania alla Polonia, mirato a migliorare la redditività. Le previsioni per l'anno fiscale 2024 sono state riviste: Vendite nette 1,35-1,41 miliardi di dollari, Vendite a Valore Aggiunto 695-725 milioni di dollari, EBITDA Rettificato 150-165 milioni di dollari e Flusso di Cassa Libero Non Indebitato 110-130 milioni di dollari.
Superior Industries International (NYSE:SUP) reportó los resultados financieros del segundo trimestre de 2024, mostrando una disminución en las ventas netas a 319 millones de dólares, en comparación con 373 millones del año anterior, debido a menores costos de aluminio y a la desconsolidación de una subsidiaria. La compañía registró una pérdida neta de 11 millones de dólares, ampliándose desde una pérdida de 0.1 millones en el año anterior.
El EBITDA ajustado alcanzó 40 millones de dólares con un margen del 22%, disminuyendo desde 52 millones y un margen del 26% del año anterior. El flujo de efectivo usado por actividades operativas mejoró, reduciéndose a 8 millones de dólares desde 28 millones del año anterior. El flujo de efectivo libre sin apalancar fue de 2 millones de dólares, aumentando en 18 millones respecto al año pasado.
Superior está en conversaciones para retirar Notas Senior No Garantizadas y completó el traslado de producción de Alemania a Polonia, con el objetivo de mejorar la rentabilidad. Las perspectivas para el año fiscal 2024 fueron revisadas: Ventas netas 1.35-1.41 mil millones de dólares, Ventas con valor agregado 695-725 millones de dólares, EBITDA ajustado 150-165 millones de dólares y Flujo de efectivo libre sin apalancar 110-130 millones de dólares.
슈페리어 인더스트리 인터내셔널(증권 코드: SUP)은 2024년 2분기 재무 결과를 보고했으며, 알루미늄 비용 하락 및 자회사의 비자회사화로 인해 순매출이 작년 대비 3억 1900만 달러에서 3억 7300만 달러로 감소했다고 발표했습니다. 회사는 순손실 1천 100만 달러를 기록했으며, 이는 이전 해의 10만 달러 손실에서 확대된 것입니다.
조정된 EBITDA는 4천만 달러에 도달하였으며, 마진은 22%로 작년의 5200만 달러 및 26%의 마진에서 감소했습니다. 운영 활동에서 발생한 현금 흐름은 작년의 2800만 달러에서 800만 달러로 개선되었습니다. 레버리지 없는 자유 현금 흐름은 200만 달러로, 작년 대비 1800만 달러 증가했습니다.
슈페리어는 선순위 무담보 노트를 상환하기 위한 논의를 진행하고 있으며, 독일에서 폴란드로 생산 이전을 완료하여 수익성을 개선하는 것을 목표로 하고 있습니다. 2024 회계연도 전망이 수정되었습니다: 순매출 13억 5천만-14억 1천만 달러, 부가가치 매출 6억 9500만-7억 2500만 달러, 조정된 EBITDA 1억 5천만-1억 6천 500만 달러, 레버리지 없는 자유 현금 흐름 1억 1000만-1억 3천만 달러.
Superior Industries International (NYSE:SUP) a publié les résultats financiers du deuxième trimestre 2024, montrant une baisse des ventes nettes à 319 millions de dollars, contre 373 millions l'année précédente, due à la baisse des coûts de l'aluminium et à la déconsolidation d'une filiale. L'entreprise a enregistré une perte nette de 11 millions de dollars, s'étendant par rapport à une perte de 0,1 million l'année précédente.
L'EBITDA ajusté a atteint 40 millions de dollars avec une marge de 22%, en baisse par rapport à 52 millions et une marge de 26% l'année précédente. Le flux de trésorerie utilisé par les activités opérationnelles s'est amélioré, se réduisant à 8 millions de dollars contre 28 millions l'année précédente. Le flux de trésorerie libre non endetté s'élevait à 2 millions de dollars, en hausse de 18 millions par rapport à l'année précédente.
Superior est en pourparlers pour rembourser des Obligations Senior Non Garanties et a terminé le transfert de sa production d'Allemagne en Pologne, visant à améliorer la rentabilité. Les prévisions pour l'exercice 2024 ont été révisées : Ventes nettes 1,35-1,41 milliard de dollars, Ventes à valeur ajoutée 695-725 millions de dollars, EBITDA ajusté 150-165 millions de dollars et Flux de trésorerie libre non endetté 110-130 millions de dollars.
Superior Industries International (NYSE:SUP) hat die Finanzergebnisse für das zweite Quartal 2024 veröffentlicht und zeigt einen Rückgang der Nettoumsätze auf 319 Millionen Dollar, verglichen mit 373 Millionen Dollar im Vorjahr, bedingt durch sinkende Aluminiumkosten und die De-Konsolidierung einer Tochtergesellschaft. Das Unternehmen verzeichnete einen Nettoverlust von 11 Millionen Dollar, was sich von einem Verlust von 0,1 Millionen Dollar im Vorjahr ausweitete.
Das bereinigte EBITDA erreichte 40 Millionen Dollar bei einer Marge von 22%, gesunken von 52 Millionen Dollar und 26% Marge im Vorjahr. Der Cashflow aus betrieblicher Tätigkeit verbesserte sich und sank auf 8 Millionen Dollar, verglichen mit 28 Millionen Dollar im Vorjahr. Der unverschuldete freie Cashflow betrug 2 Millionen Dollar, was einem Anstieg von 18 Millionen Dollar im Vergleich zum Vorjahr entspricht.
Superior führt Gespräche über die Rückzahlung von unbesicherten vorrangigen Anleihen und hat die Produktion von Deutschland nach Polen verlagert, um die Rentabilität zu steigern. Der Ausblick für das Geschäftsjahr 2024 wurde überarbeitet: Nettoumsätze 1,35-1,41 Milliarden Dollar, wertschöpfende Umsätze 695-725 Millionen Dollar, bereinigtes EBITDA 150-165 Millionen Dollar und unverschuldeter freier Cashflow 110-130 Millionen Dollar.
- Adjusted EBITDA of $40 million, a 22% margin.
- Unlevered Free Cash Flow of $2 million, up by $18 million YoY.
- Improvement in Cash Flow Used by Operating Activities from $28 million to $8 million YoY.
- Completion of production relocation from Germany to Poland to enhance profitability.
- Net loss of $11 million, increased from $0.1 million YoY.
- Net Sales decreased to $319 million from $373 million YoY.
- SG&A expenses increased to $21 million from $17 million YoY.
- Lower year-over-year Gross Profit from $41 million to $32 million.
- Adjusted EBITDA margin declined from 26% to 22% YoY.
- Reduction in FY 2024 Net Sales, Value-Added Sales, and Adjusted EBITDA outlook.
Insights
Superior Industries' Q2 2024 results reveal a mixed financial picture. While the company achieved sequential margin expansion, it faces challenges due to softer production from key OEM customers. Key points:
- Net Sales declined to
$319 million from$373 million year-over-year - Adjusted EBITDA margin improved to
22% , up 430 bps sequentially - Net Loss of
$11 million compared to a$0.1 million loss in Q2 2023
The European transformation, including the closure of the German facility, is expected to improve profitability. However, the company has lowered its full-year Adjusted EBITDA outlook due to lower production volumes. The ongoing discussions to retire Senior Unsecured Notes could impact the company's debt structure positively.
The automotive supplier market faces headwinds as evidenced by Superior's results. The reduced production volumes from key OEMs signal potential industry-wide challenges. Superior's strategic moves, including:
- Relocating production from Germany to Poland
- Focusing on margin improvement (430 bps sequential increase)
- Reducing capital expenditure expectations
These actions demonstrate adaptability in a challenging environment. The updated outlook, with lowered Net Sales and Value-Added Sales projections, suggests a cautious industry outlook for the remainder of 2024. Investors should monitor OEM production trends and Superior's ability to maintain profitability amid lower volumes.
Superior's Q2 results highlight the ongoing supply chain challenges in the automotive industry. The company's European transformation, particularly the production shift from Germany to Poland, is a significant move aimed at improving competitiveness and profitability. Key supply chain implications include:
- Potential for reduced logistics costs and improved operational efficiency
- Adaptation to changing market dynamics and customer demands
- Risk mitigation through geographical diversification
The reduction in capital expenditure expectations from
Enhanced earnings power and competitive positioning through European Transformation
On track to retire Senior Unsecured Notes
Second Quarter 2024 Financial Highlights:
- In advanced discussions with lenders to retire Senior Unsecured Notes
-
Completed relocation of production from
Germany toPoland -
Net Sales of
$319M -
Value-Added Sales of
$180M -
Net Loss of
$11M -
Adjusted EBITDA1 of
, a$40M 22% margin2 and up 430 bps sequentially -
Cash Flow Used by Operating Activities of
$8M -
Unlevered Free Cash Flow1 of
$2M
($ in millions) | |||||||||||
Three Months | Six Months | ||||||||||
2Q 2024 |
2Q 2023 |
YTD 2024 | YTD 2023 |
||||||||
Net Sales | |||||||||||
$ |
203.2 |
$ |
208.2 |
$ |
396.7 |
$ |
419.8 |
||||
|
115.8 |
|
164.4 |
|
238.5 |
|
333.7 |
||||
Global | $ |
319.0 |
$ |
372.6 |
$ |
635.2 |
$ |
753.6 |
|||
Value-Added Sales (1) | |||||||||||
$ |
108.1 |
$ |
104.5 |
$ |
208.8 |
$ |
210.1 |
||||
|
72.2 |
|
95.8 |
|
143.7 |
|
192.7 |
||||
Global | $ |
180.3 |
$ |
200.2 |
$ |
352.5 |
$ |
402.9 |
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 |
“Despite softer production amongst key OEM customers we delivered solid performance in the second quarter, achieving sequential margin expansion of 400 basis points. As previously reported, production in our manufacturing facility in
“We expect sales in the back half of the year to continue to be lower than originally anticipated due to lower light vehicle production by certain key customers. That said, we will continue driving strong performance, however, lower production volumes has resulted in a change in our full-year Adjusted EBITDA outlook,” Mr. Abulaban continued. “In addition, we are in advanced discussions with lenders to retire the Senior Unsecured Notes in the coming weeks.”
Second Quarter 2024 Results
Net Sales for the second quarter of 2024 were
Gross Profit for the second quarter of 2024 was
Selling, General, and Administrative (“SG&A”) expenses for the second quarter of 2024 were
Income from Operations was
Income Tax Provision for the second quarter of 2024 was
For the second quarter of 2024, the Company reported a Net Loss of
Adjusted EBITDA, a Non-GAAP financial measure, was
The Company reported Cash Flow Used by Operating Activities of
Financial Position
As of June 30, 2024, Superior had Total Debt of
2024 Outlook
Superior’s full year 2024 Outlook is as follows:
FY 2024 Outlook | |||
Net Sales | |||
Value-Added Sales | |||
Adjusted EBITDA | |||
Unlevered Free Cash Flow | |||
Capital Expenditures | |||
Superior is updating its Outlook to reflect the remainder of the full year 2024. Net Sales changed due to lower aluminum costs and lower anticipated production volumes by OEMs. Value-Added Sales were lowered due to lower anticipated production volumes by OEMs. Adjusted EBITDA was lowered due to lower anticipated production volumes. Unlevered Free Cash Flow estimates remain unchanged, as lower anticipated production volumes should be offset by other actions. As the Company has successfully lowered the capital intensity of the business, Superior is reducing its expectations for full year 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 2024 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 8:00 AM ET on Thursday, August 8, 2024. The conference call may be accessed by dialing +1 786 697 3501 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 redeemable preferred stock embedded derivative, acquisition and integration, certain hiring and separation related costs, proxy contest fees, gains associated with early debt extinguishment and accounts receivable factoring fees. “Net Sales Adjusted for Change in Cost of the Aluminum and Deconsolidation of Subsidiary” defined as Net Sales less the change in the cost of aluminum and deconsolidation of subsidiary. “Value-Added Sales,” defined as Net Sales less the value of aluminum 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 impact 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 impact of foreign exchange translation and the impact of deconsolidating SPG. “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 by Operating Activities less Cash used in Investing Activities less non-debt components of financing activities. “Unlevered Free Cash Flow,” defined as Cash Flow Provided by Operating Activities less Capital Expenditures plus Cash Interest Paid, net of Interest Income. “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 2024 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. | |||||||||||||||
Condensed Consolidated Statements of Income (Loss) (Unaudited) | |||||||||||||||
(Dollars in Millions, Except Per Share Amounts) | |||||||||||||||
Three Months | Six Months | ||||||||||||||
|
2Q 2024 |
|
|
2Q 2023 |
|
YTD 2024 | YTD 2023 | ||||||||
Net Sales | $ |
319.0 |
|
$ |
372.6 |
|
$ |
635.3 |
|
$ |
753.6 |
|
|||
Cost of Sales |
|
287.3 |
|
|
331.6 |
|
|
582.5 |
|
|
678.0 |
|
|||
Gross Profit | $ |
31.6 |
|
$ |
41.0 |
|
$ |
52.8 |
|
$ |
75.6 |
|
|||
SG&A Expenses |
|
21.4 |
|
|
17.0 |
|
|
42.2 |
|
|
36.5 |
|
|||
Income (Loss) From Operations | $ |
10.2 |
|
$ |
24.0 |
|
$ |
10.6 |
|
$ |
39.2 |
|
|||
Interest Expense, net |
|
(15.8 |
) |
|
(15.7 |
) |
|
(31.7 |
) |
|
(31.4 |
) |
|||
Other Expense, net |
|
0.9 |
|
|
(2.6 |
) |
|
0.3 |
|
|
(2.8 |
) |
|||
Income (Loss) Before Income Taxes | $ |
(4.7 |
) |
$ |
5.7 |
|
$ |
(20.8 |
) |
$ |
5.0 |
|
|||
Income Tax Provision |
|
(6.4 |
) |
|
(5.8 |
) |
|
(23.1 |
) |
|
(9.1 |
) |
|||
Net Income (Loss) | $ |
(11.1 |
) |
$ |
(0.1 |
) |
$ |
(43.9 |
) |
$ |
(4.1 |
) |
|||
Earnings (Loss) Per Share: | |||||||||||||||
Basic | $ |
(0.75 |
) |
$ |
(0.35 |
) |
$ |
(2.26 |
) |
$ |
(0.84 |
) |
|||
Diluted | $ |
(0.75 |
) |
$ |
(0.35 |
) |
$ |
(2.26 |
) |
$ |
(0.84 |
) |
|||
Weighted Average and Equivalent Shares Outstanding for EPS (in Thousands): | |||||||||||||||
Basic |
|
28,732 |
|
|
28,035 |
|
|
28,493 |
|
|
27,669 |
|
|||
Diluted |
|
28,732 |
|
|
28,035 |
|
|
28,493 |
|
|
27,669 |
|
SUPERIOR INDUSTRIES INTERNATIONAL, INC. | |||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||
(Dollars in Millions) | |||||||
6/30/2024 | 12/31/2023 | ||||||
Current Assets | $ |
455.6 |
|
$ |
459.9 |
|
|
Property, Plant and Equipment, net |
|
366.5 |
|
|
398.6 |
|
|
Intangibles and Other Assets |
|
103.5 |
|
|
131.5 |
|
|
Derivative Financial Instruments |
|
28.3 |
|
|
40.5 |
|
|
Total Assets | $ |
953.8 |
|
$ |
1,030.6 |
|
|
Current Liabilities | $ |
441.8 |
|
$ |
198.9 |
|
|
Long-Term Liabilities |
|
422.4 |
|
|
668.4 |
|
|
Redeemable Preferred Shares |
|
265.4 |
|
|
248.2 |
|
|
European Non-controlling Redeemable Equity |
|
0.6 |
|
|
0.9 |
|
|
Shareholders’ Equity (Deficit) |
|
(176.4 |
) |
|
(85.9 |
) |
|
Total Liabilities and Shareholders’ Equity (Deficit) | $ |
953.8 |
|
$ |
1,030.6 |
|
SUPERIOR INDUSTRIES INTERNATIONAL, INC. | |||||||||||||||
Consolidated Statements of Cash Flows (Unaudited) | |||||||||||||||
(Dollars in Millions) | |||||||||||||||
Three Months | Six Months | ||||||||||||||
|
2Q 2024 |
|
|
2Q 2023 |
|
YTD 2024 | YTD 2023 | ||||||||
Net Income (Loss) | $ |
(11.1 |
) |
$ |
(0.1 |
) |
$ |
(43.9 |
) |
$ |
(4.1 |
) |
|||
Depreciation and Amortization |
|
21.9 |
|
|
23.5 |
|
|
43.8 |
|
|
46.3 |
|
|||
Income tax, Non-cash Changes |
|
2.4 |
|
|
9.0 |
|
|
18.7 |
|
|
11.3 |
|
|||
Stock-based Compensation |
|
2.4 |
|
|
2.2 |
|
|
4.1 |
|
|
3.0 |
|
|||
Amortization of Debt Issuance Costs |
|
1.2 |
|
|
1.2 |
|
|
2.4 |
|
|
2.4 |
|
|||
Other Non-cash Items |
|
(5.7 |
) |
|
(2.3 |
) |
|
(2.9 |
) |
|
- |
|
|||
Changes in Operating Assets and Liabilities: | |||||||||||||||
Accounts Receivable |
|
(16.1 |
) |
|
(11.5 |
) |
|
(28.5 |
) |
|
(24.8 |
) |
|||
Inventories |
|
(0.7 |
) |
|
8.6 |
|
|
(6.4 |
) |
|
1.4 |
|
|||
Other Assets and Liabilities |
|
1.2 |
|
|
(3.3 |
) |
|
(1.9 |
) |
|
0.8 |
|
|||
Accounts Payable |
|
(0.1 |
) |
|
(45.0 |
) |
|
16.2 |
|
|
(12.8 |
) |
|||
Income Taxes |
|
(3.3 |
) |
|
(9.8 |
) |
|
(6.1 |
) |
|
(12.3 |
) |
|||
Net Cash Provided (Used) By Operating Activities | $ |
(8.0 |
) |
$ |
(27.6 |
) |
$ |
(4.5 |
) |
$ |
11.2 |
|
|||
Capital Expenditures |
|
(8.2 |
) |
|
(6.2 |
) |
|
(14.8 |
) |
|
(21.8 |
) |
|||
Net Cash Provided (Used) By Investing Activities | $ |
(8.2 |
) |
$ |
(6.2 |
) |
$ |
(14.8 |
) |
$ |
(21.8 |
) |
|||
Debt Repayment |
|
(1.1 |
) |
|
(10.2 |
) |
|
(2.8 |
) |
|
(12.4 |
) |
|||
Cash Dividends |
|
- |
|
|
(3.4 |
) |
|
(3.4 |
) |
|
(6.7 |
) |
|||
Financing Costs Paid and Other |
|
(0.1 |
) |
|
- |
|
|
(0.3 |
) |
|
- |
|
|||
Payments Related to Tax Withholdings for Stock-Based Compensation |
|
(0.2 |
) |
|
- |
|
|
(1.3 |
) |
|
(3.3 |
) |
|||
Finance Lease Payments |
|
(0.1 |
) |
|
(0.3 |
) |
|
(0.3 |
) |
|
(0.6 |
) |
|||
Net Cash Flow Provided (Used) By Financing Activities | $ |
(1.5 |
) |
$ |
(13.8 |
) |
$ |
(8.1 |
) |
$ |
(23.0 |
) |
|||
Effect of Exchange Rate on Cash |
|
(1.0 |
) |
|
- |
|
|
(1.9 |
) |
|
1.7 |
|
|||
Net Change in Cash | $ |
(18.8 |
) |
$ |
(47.5 |
) |
$ |
(29.3 |
) |
$ |
(31.9 |
) |
|||
Cash - Beginning |
|
191.1 |
|
|
228.6 |
|
|
201.6 |
|
|
213.0 |
|
|||
Cash - Ending | $ |
172.3 |
|
$ |
181.1 |
|
$ |
172.3 |
|
$ |
181.1 |
|
SUPERIOR INDUSTRIES INTERNATIONAL, INC. | |||||||||||||||
Earnings Per Share Calculation (Unaudited) | |||||||||||||||
(Dollars and Outstanding Shares in Millions, Except Per Share Amounts) | |||||||||||||||
Three Months | Six Months | ||||||||||||||
|
2Q 2024 |
|
|
2Q 2023 |
|
YTD 2024 | YTD 2023 | ||||||||
Basic EPS Calculation(1) | |||||||||||||||
Net Income (Loss) | $ |
(11.1 |
) |
$ |
(0.1 |
) |
$ |
(43.9 |
) |
$ |
(4.1 |
) |
|||
Less: Accretion of Preferred Stock |
|
(7.0 |
) |
|
(6.3 |
) |
|
(13.8 |
) |
|
(12.4 |
) |
|||
Less: Redeemable Preferred Stock Dividends |
|
(3.4 |
) |
|
(3.4 |
) |
|
(6.7 |
) |
|
(6.7 |
) |
|||
Numerator | $ |
(21.5 |
) |
$ |
(9.8 |
) |
$ |
(64.4 |
) |
$ |
(23.1 |
) |
|||
Denominator: Weighted Avg. Shares Outstanding |
|
28.7 |
|
|
28.0 |
|
|
28.5 |
|
|
27.7 |
|
|||
Basic (Loss) Earnings Per Share | $ |
(0.75 |
) |
$ |
(0.35 |
) |
$ |
(2.26 |
) |
$ |
(0.84 |
) |
|||
Diluted EPS Calculation(1) | |||||||||||||||
Net Income (Loss) | $ |
(11.1 |
) |
$ |
(0.1 |
) |
$ |
(43.9 |
) |
$ |
(4.1 |
) |
|||
Less: Accretion of Preferred Stock |
|
(7.0 |
) |
|
(6.3 |
) |
|
(13.8 |
) |
|
(12.4 |
) |
|||
Less: Redeemable Preferred Stock Dividends |
|
(3.4 |
) |
|
(3.4 |
) |
|
(6.7 |
) |
|
(6.7 |
) |
|||
Numerator | $ |
(21.5 |
) |
$ |
(9.8 |
) |
$ |
(64.4 |
) |
$ |
(23.1 |
) |
|||
Weighted Avg. Shares Outstanding-Basic |
|
28.7 |
|
|
28.0 |
|
|
28.5 |
|
|
27.7 |
|
|||
Dilutive Stock Options and Restricted Stock Units |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||
Denominator: Weighted Avg. Shares Outstanding |
|
28.7 |
|
|
28.0 |
|
|
28.5 |
|
|
27.7 |
|
|||
Diluted (Loss) Earnings Per Share | $ |
(0.75 |
) |
$ |
(0.35 |
) |
$ |
(2.26 |
) |
$ |
(0.84 |
) |
|||
(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 June 30, 2024 and 2023. |
SUPERIOR INDUSTRIES INTERNATIONAL, INC. | |||||||||||||||||||||||||||||||
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 Value-Added Sales Adjusted for Foreign Exchange and Deconsolidation, and Content per Wheel (1) | SPG (2) | ||||||||||||||||||||||||||||||
Three Months | Six Months | Trailing Twelve Months | Twelve Months | Three Months | |||||||||||||||||||||||||||
|
2Q 2024 |
|
|
2Q 2023 |
|
YTD 2024 | YTD 2023 |
|
2Q 2024 |
|
|
2Q 2023 |
|
YTD 2019 |
|
2Q 2023 |
|
||||||||||||||
Net Sales | $ |
319.0 |
|
$ |
372.6 |
|
$ |
635.2 |
|
$ |
753.6 |
|
$ |
1,331.7 |
|
$ |
1,180.4 |
|
$ |
1,372.5 |
|
$ |
31.5 |
|
|||||||
Less: Aluminum, and Outside Service Provider Costs |
|
(138.7 |
) |
|
(172.4 |
) |
|
(282.7 |
) |
|
(350.7 |
) |
|
(604.0 |
) |
|
(584.6 |
) |
|
(617.2 |
) |
|
(11.3 |
) |
|||||||
Value-Added Sales (1) | $ |
180.3 |
|
$ |
200.2 |
|
$ |
352.5 |
|
$ |
402.9 |
|
$ |
727.7 |
|
$ |
595.9 |
|
$ |
755.3 |
|
$ |
20.2 |
|
|||||||
Currency Impact on Current Period Value-Added Sales |
|
0.8 |
|
|
- |
|
|
(0.1 |
) |
|
- |
|
|
(12.0 |
) |
|
- |
|
|
(31.9 |
) |
||||||||||
Value-Added Sales Adjusted for Foreign Exchange (1) | $ |
181.1 |
|
$ |
200.2 |
|
$ |
352.4 |
|
$ |
402.9 |
|
$ |
715.7 |
|
$ |
595.9 |
|
$ |
723.4 |
|
||||||||||
Deconsolidation Impact |
|
- |
|
|
(20.2 |
) |
|
- |
|
|
(40.8 |
) |
|||||||||||||||||||
Value-Added Sales Adjusted for Foreign Exchange and Deconsolidation (1) | $ |
181.1 |
|
$ |
180.0 |
|
$ |
352.4 |
|
$ |
362.1 |
|
|||||||||||||||||||
Wheels Shipped |
|
3,469 |
|
|
3,781 |
|
|
7,092 |
|
|
7,639 |
|
|
14,250 |
|
|
11,285 |
|
|
19,246 |
|
||||||||||
Content per Wheel (1) (3) | $ |
52.21 |
|
$ |
52.95 |
|
$ |
49.70 |
|
$ |
52.74 |
|
$ |
50.22 |
|
$ |
52.80 |
|
$ |
37.59 |
|
SPG (2) |
|||||||||||||||||||
Adjusted EBITDA (1) | Three Months | Six Months | Three Months | ||||||||||||||||
|
2Q 2024 |
|
|
2Q 2023 |
|
YTD 2024 | YTD 2023 |
|
2Q 2024 |
|
|||||||||
Net Income (Loss) | $ |
(11.1 |
) |
$ |
(0.1 |
) |
$ |
(43.9 |
) |
$ |
(4.1 |
) |
$ |
(7.2 |
) |
||||
Adjusting Items: | |||||||||||||||||||
- Interest Expense, net |
|
15.8 |
|
|
15.7 |
|
|
31.7 |
|
|
31.4 |
|
|
0.6 |
|
||||
- Income Tax Provision (Benefit) |
|
6.4 |
|
|
5.8 |
|
|
23.1 |
|
|
9.1 |
|
|
0.3 |
|
||||
- Depreciation |
|
17 |
|
|
18.6 |
|
|
34.1 |
|
|
36.6 |
|
|
2.1 |
|
||||
- Amortization |
|
4.8 |
|
|
4.9 |
|
|
9.7 |
|
|
9.7 |
|
|
- |
|
||||
- Restructuring and Other |
|
5.9 |
|
|
6.1 |
|
|
13.8 |
|
|
12.8 |
|
|
- |
|
||||
- Factoring Fees |
|
1.1 |
|
|
1.0 |
|
|
2.3 |
|
|
2.0 |
|
|
- |
|
||||
$ |
51.0 |
|
$ |
52.1 |
|
$ |
114.7 |
|
$ |
101.6 |
|
$ |
3.0 |
|
|||||
Adjusted EBITDA (1) | $ |
40.0 |
|
$ |
52.0 |
|
$ |
70.8 |
|
$ |
97.5 |
|
$ |
(4.2 |
) |
||||
(1) Value-Added Sales, Value Added Sales Adjusted for Foreign Exchange, and Adjusted EBITDA are non-GAAP financial measures; see page 4 for definitions. | |||||||||||||||||||
(2) Amounts relate to SPG stand-alone operating results for the three months ended June 30, 2023. | |||||||||||||||||||
(3) Content per wheel is stated in currency rates prevailing in the corresponding periods of 2023. |
Free Cash Flow (1) | Three Months | Six Months | ||||||||||||||
|
2Q 2024 |
|
|
2Q 2023 |
|
YTD 2024 | YTD 2023 | |||||||||
Net Cash Provided (Used) By Operating Activities | $ |
(8.0 |
) |
$ |
(27.6 |
) |
$ |
(4.5 |
) |
$ |
11.2 |
|
||||
Net Cash Provided (Used) By Investing Activities |
|
(8.2 |
) |
|
(6.2 |
) |
|
(14.8 |
) |
|
(21.8 |
) |
||||
Cash Payments for Non-debt Financing Activities |
|
(0.2 |
) |
|
(3.4 |
) |
|
(4.7 |
) |
|
(10.0 |
) |
||||
Free Cash Flow (1) | $ |
(16.4 |
) |
$ |
(37.2 |
) |
$ |
(24.0 |
) |
$ |
(20.6 |
) |
||||
Unlevered Free Cash Flow (1) | Three Months | Six Months | ||||||||||||||
|
2Q 2024 |
|
|
2Q 2023 |
|
YTD 2024 | YTD 2023 | |||||||||
Net Cash Provided (Used) By Operating Activities | $ |
(8.0 |
) |
$ |
(27.6 |
) |
$ |
(4.5 |
) |
$ |
11.2 |
|
||||
Capital Expenditures |
|
(8.2 |
) |
|
(6.2 |
) |
|
(14.8 |
) |
|
(21.8 |
) |
||||
Cash Interest Paid |
|
17.9 |
|
|
17.3 |
|
|
28.6 |
|
|
28.2 |
|
||||
Unlevered Free Cash Flow (1) | $ |
1.7 |
|
$ |
(16.5 |
) |
$ |
9.3 |
|
$ |
17.6 |
|
Net Debt (1) (3) | 6/30/2024 | 6/30/2023 | ||||||
Long Term Debt (Less Current Portion) | $ |
391.3 |
|
$ |
631.4 |
|
||
Short Term Debt |
|
236.0 |
|
|
7.2 |
|
||
Total Debt |
|
627.3 |
|
|
638.6 |
|
||
Less: Cash and Cash Equivalents |
|
(172.3 |
) |
|
(181.1 |
) |
||
Net Debt (1) |
|
455.0 |
|
|
457.5 |
|
||
Currency Impact on Current Period Net Debt (2) |
|
3.3 |
|
|
- |
|
||
Net Debt Adjusted for Foreign Exchange (1) | $ |
458.3 |
|
$ |
457.5 |
|
||
(1) Net Debt, Net Debt Adjusted for Foreign Exchange, Free Cash Flow and Unlevered Free Cash Flow are non-GAAP financial measures; see page 4 for definitions. | ||||||||
(2) Exchange rate adjustment to state 2024 net debt at 2023 currency levels | ||||||||
(3) Excluding Debt Issuance Cost |
Net Sales Adjusted for Change in the Cost of Aluminum and Deconsolidation (1) | |||||||||||||
Three Months | Six Months | ||||||||||||
2Q 2024 |
2Q 2023 |
YTD 2024 | YTD 2023 | ||||||||||
Net Sales | $ |
319.0 |
$ |
372.6 |
|
$ |
635.2 |
$ |
753.6 |
|
|||
Change in Cost of Aluminum |
|
- |
|
(23.4 |
) |
|
- |
|
(54.6 |
) |
|||
SPG Deconsolidation |
|
- |
|
(31.5 |
) |
|
- |
|
(64.2 |
) |
|||
Net Sales Adjusted for Change in the Cost of Aluminum and Deconsolidation (1) | $ |
319.0 |
$ |
317.7 |
|
$ |
635.2 |
$ |
634.8 |
|
|||
(1) Net Sales Adjusted for Change in the Cost of Aluminum and Deconsolidation is a non-GAAP financial measure; see page 4 for definitions. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808622469/en/
Superior Investor Relations
(248) 234-7104
Investor.Relations@supind.com
Source: Superior Industries International, Inc.
FAQ
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