Superior Reports Third Quarter 2020 Results
Superior Industries International reported its third-quarter 2020 results, highlighting net sales of $317 million, down from $352 million a year prior, amid a 10% drop in unit shipments to 4.4 million. Despite these challenges, gross profit doubled to $32 million due to cost-saving measures related to COVID-19. Adjusted EBITDA reached $47 million, and net income stood at $11 million, reversing a loss from the previous year. The company raised its free cash flow outlook for 2020, anticipating positive cash flow, while maintaining liquidity of $336 million.
- Gross profit increased to $32 million from $16 million year-over-year.
- Net income improved to $11 million, compared to a net loss of $7 million in 2019.
- Adjusted EBITDA rose to $47 million from $39 million year-over-year.
- Total liquidity stood at $336 million, ensuring the company meets its borrowing covenants.
- Net sales decreased to $317 million from $352 million year-over-year.
- Unit shipments declined by 10% due to lower production from key customers in Europe.
- Value-Added Sales dropped slightly to $192 million from $195 million in the prior year.
SOUTHFIELD, Mich.--(BUSINESS WIRE)--Superior Industries International, Inc. (“Superior” or the “Company”) (NYSE:SUP), a world-leading light vehicle aluminum wheel supplier for OEMs and the European aftermarket, today reported financial results for the third quarter ended September 30, 2020.
| ($ in millions, units in thousands) | Three Months | Nine Months | |||||||||||
|
3Q 2020 |
|
3Q 2019 |
YTD 2020 | YTD 2019 | ||||||||
| Units | |||||||||||||
| North America |
|
2,392 |
|
2,505 |
|
5,452 |
|
7,618 |
|||||
| Europe |
|
1,970 |
|
2,346 |
|
5,285 |
|
7,162 |
|||||
| Global |
|
4,362 |
|
4,851 |
|
10,737 |
|
14,780 |
|||||
| Net Sales | |||||||||||||
| North America | $ |
166.7 |
$ |
188.1 |
$ |
381.2 |
$ |
553.6 |
|||||
| Europe |
|
150.4 |
|
163.9 |
|
381.9 |
|
508.6 |
|||||
| Global | $ |
317.1 |
$ |
352.0 |
$ |
763.1 |
$ |
1,062.2 |
|||||
| Value-Added Sales (1) | |||||||||||||
| North America | $ |
93.4 |
$ |
93.5 |
$ |
204.6 |
$ |
270.1 |
|||||
| Europe |
|
99.1 |
|
101.9 |
|
242.2 |
|
311.8 |
|||||
| Global | $ |
192.5 |
$ |
195.5 |
$ |
446.8 |
$ |
581.9 |
|||||
“Industry production in the third quarter of 2020 recovered significantly from the second quarter. Our business and team have performed well in the face of the challenges brought on by the current operating environment; we are pleased with the third quarter results. During the quarter we delivered substantial cash flow and earnings growth, as well as year-over-year margin improvement. This outcome was supported by the successful ramp-up of our facilities, structural cost improvements, the execution of both temporary and permanent cost reductions in response to COVID-19, and the ongoing mix shift towards higher content wheels, which has supported Value-Added Sales(1) growth at or above market throughout 2020,” commented Majdi Abulaban, President and Chief Executive Officer of Superior.
“Based on our results in the quarter, I am pleased to report that we are well ahead of our free cash flow target for 2020 and as a result, we are raising our free cash flow expectations for full year 2020. Further, I remain confident in our team’s ability to continue leveraging our differentiated technology portfolio to deliver value to our customers and shareholders over the long-term.”
Business Update
Third quarter 2020 automotive industry production recovered significantly relative to the second quarter despite the ongoing COVID-19 pandemic. Compared to the prior year period, industry production in North America was relatively flat while production in Europe declined by
During the third quarter, the Company continued execution of its Safe Work Playbook across its footprint, which includes expanded cleaning, social distancing measures, distribution of personal protective equipment, and daily temperature checks.
In response to COVID-19, to date Superior has implemented temporary and permanent cost savings including furloughs, compensation and benefit reductions, deferral of merit increases, reduced travel, personnel restructurings, and use of government subsidies where available. While some of the temporary measures such as the wage reductions were discontinued in the third quarter, other temporary initiatives will remain in place through the end of the year. Superior expects that these temporary and permanent cost initiatives will benefit 2020 by more than
The above cost actions along with other initiatives executed in 2019 in Superior’s North America operations and favorable product mix shift enabled year-over-year improvement in Superior’s profitability, despite lower unit shipments.
Third Quarter 2020 Results
Unit shipments were 4.4 million in the third quarter of 2020, a decrease of
Net sales for the third quarter of 2020 were
Value-Added Sales, a non-GAAP financial measure, defined as net sales less the value of aluminum and services provided by outsourced service providers that are included in net sales, were
Gross profit for the third quarter of 2020 was
Selling, general, and administrative (“SG&A”) expenses for the third quarter of 2020 were
The Company reported operating income of
The income tax benefit for the third quarter of 2020 was
For the third quarter of 2020, the Company reported a net income of
Adjusted EBITDA, a non-GAAP financial measure, was
The Company reported net cash flow from operating activities of
Net cash used for investing activities was
During the third quarter of 2020, Superior repaid the outstanding amounts on its U.S. and European revolving credit facilities. Superior also continued to pay preferred dividends in cash during the quarter totaling
Capital Structure and Liquidity
Total funded debt and net debt as of September 30, 2020, were
Total liquidity, including cash and available amounts under committed revolving credit facilities, was
2020 Outlook
Superior previously withdrew its full year 2020 outlook due to the uncertain automotive production environment because of COVID-19. With recent stabilization in industry production and the successful restart of the Company’s operations, Superior is now providing financial guidance for the fourth quarter of 2020. This outlook is based on the latest IHS industry production forecast for the fourth quarter, which includes a year-over-year decline of
|
|
Q4 2020 Outlook |
|
Implied FY 2020 |
|
||
|
Unit Shipments |
4.15 - 4.45 million |
|
14.9 - 15.2 million |
|
||
|
Net Sales |
|
|
|
|
||
|
Value-Added Sales |
|
|
|
|
||
|
Adjusted EBITDA |
|
|
|
|||
Additionally, based on the above results, Superior now anticipates free cash flow, defined as the sum of operating, investing, and financing activities before net debt repayment, to be positive for full year 2020, an improvement relative to the Company’s prior free cash flow neutral outlook for full year 2020.
The above fourth quarter 2020 outlook assumes no meaningful change to the current economic environment and no significant pandemic-related disruptions to Superior or customer production.
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 differences between Adjusted EBITDA presented in the 2020 outlook to net income, the most comparable GAAP measure, as Superior is unable to quantify certain amounts included in net income without unreasonable efforts and due to the inherent uncertainty regarding such variables. Superior also believes that such reconciliation would imply a degree of precision that could potentially be confusing or misleading to investors. However, the magnitude of these amounts may be significant.
Conference Call
Superior will host a conference call beginning at 8:30 AM EST on Monday, November 2, 2020. The conference call may be accessed by dialing 800-367-2403 for participants in the U.S./Canada or +1 334-777-6978 for participants outside the U.S./Canada using the required conference ID 6745243. The live conference call can also be accessed by logging into the Company’s website at www.supind.com or by clicking this link: earnings call webcast. A replay of the webcast will be available on the Company’s website immediately following the conclusion of the call.
During the conference call, the Company's management plans to review operating results and discuss other financial and operating matters. In addition, management may disclose material information in response to questions posed by participants during the call.
About Superior Industries
Superior is one of the world’s leading aluminum wheel suppliers. Superior’s team collaborates with customers to design, engineer, and manufacture a wide variety of innovative and high-quality products utilizing the latest lightweighting and finishing technologies. Superior also maintains leading aftermarket brands ATS®, RIAL®, ALUTEC®, and ANZIO®. Headquartered in Southfield, Michigan, Superior is listed on the New York Stock Exchange. For more information, please visit www.supind.com.
Non-GAAP Financial Information
In addition to the results reported in accordance with GAAP included throughout this earnings release, this release refers to “Adjusted EBITDA,” which Superior has defined as earnings before interest income and expense, income taxes, depreciation, amortization, restructuring charges and other closure costs, impairments of long-lived assets and investments, changes in fair value of redeemable preferred stock embedded derivative, acquisition and integration costs, certain hiring and separation related costs, proxy contest fees, gains associated with early debt extinguishment and accounts receivable factoring fees. This release also refers to “Value-Added Sales,” which Superior defines as net sales less the value of aluminum and services provided by outsourced service providers that are included in net sales. For reconciliations of these non-GAAP measures to the most directly comparable GAAP measure, see the attached supplemental data pages.
Management believes these non-GAAP measures are useful to management and may be useful to investors in their analysis of Superior’s financial position and results of operations. Further, management uses these non-GAAP financial measures for planning and forecasting purposes. This non-GAAP financial information is provided as additional information for investors and is not in accordance with or an alternative to GAAP and may be different from similar measures used by other companies.
Forward-Looking Statements
This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and can generally be identified by the use of future dates or words such as “may,” “should,” “could,” “will,” “expects,” “expected,” “seeks to,” “anticipates,” “plans,” “believes,” “estimates,” “intends,” “outlook”, “predicts,” “projects,” “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 2020 Superior and industry outlook as well as our liquidity and debt covenants included herein, the impact of COVID-19 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 Securities and Exchange Commission filings and reports, including Superior's current Annual Report on Form 10-K, and other reports from time to time filed with the Securities and Exchange Commission. You are cautioned not to unduly rely on such forward-looking statements when evaluating the information presented in this press release. Such forward-looking statements speak only as of the date on which they are made, and Superior does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
(1) See “Non-GAAP Financial Information” below for a definition and reconciliation to the most comparable GAAP measure.
(2) Excludes impact of FX.
(3) See ”Impact of Acquisition, Restructuring, and Other Items” in the tables of this press release.
(4) Includes cash and available amounts under committed revolving credit facilities.
(5) Defined as total funded debt less cash.
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | ||||||||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||||
| (Dollars in Millions, Except Per Share Amounts) | ||||||||||||||||
| Three Months | Nine Months | |||||||||||||||
|
3Q 2020 |
|
|
3Q 2019 |
|
YTD 2020 | YTD 2019 | |||||||||
| Net Sales | $ |
317.1 |
|
$ |
352.0 |
|
$ |
763.1 |
|
$ |
1,062.2 |
|
||||
| Cost of Sales |
|
285.1 |
|
|
336.0 |
|
|
730.8 |
|
|
973.0 |
|
||||
| Gross Profit | $ |
32.0 |
|
$ |
16.0 |
|
$ |
32.3 |
|
$ |
89.2 |
|
||||
| SG&A |
|
12.7 |
|
|
16.3 |
|
|
36.5 |
|
|
46.7 |
|
||||
| Impairment of Goodwill and Indefinite-Lived Intangibles |
|
- |
|
|
- |
|
|
193.6 |
|
|
- |
|
||||
| Income (Loss) From Operations | $ |
19.2 |
|
$ |
(0.2 |
) |
$ |
(197.9 |
) |
$ |
42.4 |
|
||||
| Interest Expense, net |
|
(10.4 |
) |
|
(11.8 |
) |
|
(34.4 |
) |
|
(35.5 |
) |
||||
| Other (Expense) Income, net |
|
(1.6 |
) |
|
0.6 |
|
|
(0.9 |
) |
|
3.4 |
|
||||
| Income (Loss) Before Income Taxes | $ |
7.2 |
|
$ |
(11.4 |
) |
$ |
(233.3 |
) |
$ |
10.3 |
|
||||
| Income Tax Benefit (Provision) |
|
3.9 |
|
|
4.8 |
|
|
11.1 |
|
|
(7.7 |
) |
||||
| Net Income (Loss) | $ |
11.1 |
|
$ |
(6.6 |
) |
$ |
(222.2 |
) |
$ |
2.6 |
|
||||
| Earnings (Loss) Per Share: | ||||||||||||||||
| Basic | $ |
0.12 |
|
$ |
(0.57 |
) |
$ |
(9.66 |
) |
$ |
(0.84 |
) |
||||
| Diluted | $ |
0.12 |
|
$ |
(0.57 |
) |
$ |
(9.66 |
) |
$ |
(0.84 |
) |
||||
| Weighted Average and Equivalent Shares Outstanding for EPS (in Thousands): |
||||||||||||||||
| Basic |
|
25,592 |
|
|
25,127 |
|
|
25,466 |
|
|
25,089 |
|
||||
| Diluted |
|
25,710 |
|
|
25,127 |
|
|
25,466 |
|
|
25,089 |
|
||||
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | ||||||||||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | ||||||||||||||||
| (Dollars in Millions) | ||||||||||||||||
| 9/30/2020 | 12/31/2019 | |||||||||||||||
| Current Assets | $ |
350.5 |
|
$ |
354.2 |
|
||||||||||
| Property, Plant and Equipment, net |
|
507.0 |
|
|
529.3 |
|
||||||||||
| Intangibles and Other Assets |
|
221.4 |
|
|
428.4 |
|
||||||||||
| Total Assets | $ |
1,079.0 |
|
$ |
1,311.9 |
|
||||||||||
| Current Liabilities | $ |
230.9 |
|
$ |
191.1 |
|
||||||||||
| Long-Term Liabilities |
|
700.5 |
|
|
701.6 |
|
||||||||||
| Redeemable Preferred Shares |
|
174.6 |
|
|
161.0 |
|
||||||||||
| European Non-controlling Redeemable Equity |
|
1.6 |
|
|
6.5 |
|
||||||||||
| Shareholders’ Equity (Deficit) |
|
(28.6 |
) |
|
251.7 |
|
||||||||||
| Total Liabilities and Shareholders’ Equity (Deficit) | $ |
1,079.0 |
|
$ |
1,311.9 |
|
||||||||||
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | |||||||||||||||||
| Consolidated Statements of Cash Flows (Unaudited) | |||||||||||||||||
| (Dollars in Millions) | |||||||||||||||||
| Three Months | Nine Months | ||||||||||||||||
|
3Q 2020 |
|
|
3Q 2019 |
|
YTD 2020 | YTD 2019 | ||||||||||
| Net Income (Loss) | $ |
11.1 |
|
$ |
(6.6 |
) |
$ |
(222.2 |
) |
$ |
2.6 |
|
|||||
| Depreciation and Amortization |
|
24.8 |
|
|
30.8 |
|
|
73.1 |
|
|
77.5 |
|
|||||
| Income tax, Non-cash changes |
|
(5.4 |
) |
|
(5.1 |
) |
|
(19.4 |
) |
|
(3.5 |
) |
|||||
| Impairments of Goodwill and Indefinite-Lived Intangibles |
|
- |
|
|
- |
|
|
193.6 |
|
|
- |
|
|||||
| Stock-based Compensation |
|
0.5 |
|
|
1.8 |
|
|
0.7 |
|
|
3.7 |
|
|||||
| Amortization of Debt Issuance Costs |
|
0.9 |
|
|
1.2 |
|
|
3.1 |
|
|
3.7 |
|
|||||
| Other Non-cash items |
|
1.0 |
|
|
2.1 |
|
|
(1.5 |
) |
|
0.4 |
|
|||||
| Changes in Operating Assets and Liabilities: |
|
- |
|
|
- |
|
|
- |
|
||||||||
| Accounts Receivable |
|
(13.9 |
) |
|
(7.9 |
) |
|
(4.1 |
) |
|
(30.5 |
) |
|||||
| Inventories |
|
12.2 |
|
|
11.7 |
|
|
29.3 |
|
|
9.0 |
|
|||||
| Other Assets and Liabilities |
|
10.3 |
|
|
7.7 |
|
|
11.5 |
|
|
20.3 |
|
|||||
| Accounts Payable |
|
58.7 |
|
|
0.5 |
|
|
27.4 |
|
|
11.2 |
|
|||||
| Income Taxes |
|
(0.6 |
) |
|
(3.5 |
) |
|
0.7 |
|
|
7.9 |
|
|||||
| Cash Flow Provided by Operating Activities | $ |
99.6 |
|
$ |
32.7 |
|
$ |
92.5 |
|
$ |
102.3 |
|
|||||
| Capital Expenditures |
|
(10.8 |
) |
|
(18.9 |
) |
|
(33.6 |
) |
|
(47.6 |
) |
|||||
| Proceeds from Sale of Property, Plant and Equipment |
|
0.9 |
|
|
- |
|
|
0.9 |
|
|
- |
|
|||||
| Other Investing Activities |
|
- |
|
|
- |
|
|
- |
|
|
9.6 |
|
|||||
| Cash Flow Used by Investing Activities | $ |
(10.0 |
) |
$ |
(18.9 |
) |
$ |
(32.7 |
) |
$ |
(38.0 |
) |
|||||
| Proceeds from the Issuance of Long-term Debt |
|
- |
|
|
- |
|
|
11.7 |
|
|
- |
|
|||||
| Debt Repayment |
|
(0.8 |
) |
|
(10.8 |
) |
|
(24.9 |
) |
|
(35.0 |
) |
|||||
| Cash Dividends |
|
(3.4 |
) |
|
(6.3 |
) |
|
(10.2 |
) |
|
(19.2 |
) |
|||||
| Purchase of Non-controlling Redeemable Shares |
|
- |
|
|
(2.5 |
) |
|
(5.0 |
) |
|
(3.9 |
) |
|||||
| Payments Related to Tax Withholdings for Stock-Based Compensation |
|
- |
|
|
- |
|
|
- |
|
|
(0.1 |
) |
|||||
| Proceeds from Borrowings on Revolving Credit Facility |
|
100.0 |
|
|
25.8 |
|
|
313.8 |
|
|
69.6 |
|
|||||
| Repayments of Borrowings on Revolving Credit Facility |
|
(209.9 |
) |
|
(25.8 |
) |
|
(316.9 |
) |
|
(69.6 |
) |
|||||
| Other Financing Activities |
|
(0.2 |
) |
|
(0.4 |
) |
|
(0.7 |
) |
|
(1.0 |
) |
|||||
| Cash Flow Used by Financing Activities | $ |
(114.3 |
) |
$ |
(20.0 |
) |
$ |
(32.1 |
) |
$ |
(59.2 |
) |
|||||
| Effect of Exchange Rate on Cash |
|
5.0 |
|
|
(1.5 |
) |
|
5.5 |
|
|
(3.3 |
) |
|||||
| Net Change in Cash | $ |
(19.6 |
) |
$ |
(7.6 |
) |
$ |
33.2 |
|
$ |
1.8 |
|
|||||
| Cash - Beginning |
|
130.7 |
|
|
56.9 |
|
|
77.9 |
|
|
47.5 |
|
|||||
| Cash - Ending | $ |
111.1 |
|
$ |
49.3 |
|
$ |
111.1 |
|
$ |
49.3 |
|
|||||
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | |||||||||||||||||
| Earnings Per Share Calculation (Unaudited) | |||||||||||||||||
| (Dollars, except per share data, and Shares in Millions) | |||||||||||||||||
| Three Months | Nine Months | ||||||||||||||||
|
3Q 2020 |
|
|
3Q 2019 |
|
YTD 2020 | YTD 2019 | ||||||||||
| Basic EPS Calculation(1) | |||||||||||||||||
| Net Income (Loss) | $ |
11.1 |
|
$ |
(6.6 |
) |
$ |
(222.2 |
) |
$ |
2.6 |
|
|||||
| Less: Accretion of Preferred Stock |
|
(4.6 |
) |
|
(4.2 |
) |
|
(13.6 |
) |
|
(12.2 |
) |
|||||
| Less: Redeemable Preferred Stock Dividends |
|
(3.4 |
) |
|
(3.4 |
) |
|
(10.2 |
) |
|
(11.1 |
) |
|||||
| Less: European Noncontrolling Redeemable Equity Dividends |
|
(0.1 |
) |
|
(0.1 |
) |
|
(0.1 |
) |
|
(0.5 |
) |
|||||
| Numerator | $ |
3.0 |
|
$ |
(14.3 |
) |
$ |
(246.1 |
) |
$ |
(21.2 |
) |
|||||
| Denominator: Weighted Avg. Shares Outstanding |
|
25.6 |
|
|
25.1 |
|
|
25.5 |
|
|
25.1 |
|
|||||
| Basic Earnings (Loss) Per Share | $ |
0.12 |
|
$ |
(0.57 |
) |
$ |
(9.66 |
) |
$ |
(0.84 |
) |
|||||
| Diluted EPS Calculation(1) | |||||||||||||||||
| Net Income (Loss) | $ |
11.1 |
|
$ |
(6.6 |
) |
$ |
(222.2 |
) |
$ |
2.6 |
|
|||||
| Less: Accretion of Preferred Stock |
|
(4.6 |
) |
|
(4.2 |
) |
|
(13.6 |
) |
|
(12.2 |
) |
|||||
| Less: Redeemable Preferred Stock Dividends |
|
(3.4 |
) |
|
(3.4 |
) |
|
(10.2 |
) |
|
(11.1 |
) |
|||||
| Less: European Noncontrolling Redeemable Equity Dividends |
|
(0.1 |
) |
|
(0.1 |
) |
|
(0.1 |
) |
|
(0.5 |
) |
|||||
| Numerator | $ |
3.0 |
|
$ |
(14.3 |
) |
$ |
(246.1 |
) |
$ |
(21.2 |
) |
|||||
| Weighted Avg. Shares Outstanding-Basic |
|
25.6 |
|
|
25.1 |
|
|
25.5 |
|
|
25.1 |
|
|||||
| Dilutive Stock Options and Restricted Stock Units |
|
0.1 |
|
|
- |
|
|
- |
|
|
- |
|
|||||
| Denominator: Weighted Avg. Shares Outstanding |
|
25.7 |
|
|
25.1 |
|
|
25.5 |
|
|
25.1 |
|
|||||
| Diluted Earnings (Loss) Per Share | $ |
0.12 |
|
$ |
(0.57 |
) |
$ |
(9.66 |
) |
$ |
(0.84 |
) |
|||||
(1) Basic earnings per share is computed by dividing net income (loss) attributable to Superior, 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 September 30, 2020 and 2019
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | |||||||||||||||||||
| Impact of Acquisition, Restructuring and Other Items on EPS (Unaudited) | |||||||||||||||||||
| (Dollars in Millions, except EPS amounts) | |||||||||||||||||||
| Three Months | Nine Months | ||||||||||||||||||
| Before Tax Impact on Net Income (Loss) |
|
3Q 2020 |
|
|
3Q 2019 |
|
YTD 2020 | YTD 2019 | Location on Inc. Stat. | ||||||||||
| Acquisition, Integration, Certain Hiring & Separation Costs | $ |
(0.8 |
) |
$ |
(0.4 |
) |
$ |
(2.1 |
) |
$ |
(1.7 |
) |
SG&A | ||||||
| Acquisition, Integration, Certain Hiring & Separation Costs |
|
(0.9 |
) |
|
(1.6 |
) |
|
(5.5 |
) |
|
(3.1 |
) |
COGS | ||||||
| Restructuring Costs |
|
(2.1 |
) |
|
(5.4 |
) |
|
(6.2 |
) |
|
(5.4 |
) |
COGS | ||||||
| Debt Extinguishment Gains |
|
0.0 |
|
|
1.0 |
|
|
0.0 |
|
|
3.4 |
|
Other Income | ||||||
| Change in Fair Value of Preferred Derivative |
|
0.0 |
|
|
(1.0 |
) |
|
0.0 |
|
|
(0.3 |
) |
Other Income | ||||||
| Impairment of Goodwill and Indefinite-Lived Intangibles |
|
0.0 |
|
|
- |
|
|
(193.6 |
) |
|
- |
|
Operating Income | ||||||
| Total Before Tax Impact on Net Income (Loss) | $ |
(3.8 |
) |
$ |
(7.4 |
) |
$ |
(207.5 |
) |
$ |
(7.1 |
) |
|||||||
| After Tax Impact on Net Income (Loss) | $ |
(3.1 |
) |
$ |
(12.3 |
) |
$ |
(202.3 |
) |
$ |
(12.2 |
) |
|||||||
| Impact on Earnings (Loss) Per Share | $ |
(0.12 |
) |
$ |
(0.49 |
) |
$ |
(7.94 |
) |
$ |
(0.49 |
) |
|||||||
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | ||||||||||||||||||
| Non-GAAP Financial Measures (Unaudited) | ||||||||||||||||||
| (Dollars in Millions) | ||||||||||||||||||
| Value-Added Sales | Three Months | Nine Months | ||||||||||||||||
|
3Q 2020 |
|
|
3Q 2019 |
|
YTD 2020 | YTD 2019 | |||||||||||
| Net Sales | $ |
317.1 |
|
$ |
352.0 |
|
$ |
763.1 |
|
$ |
1,062.2 |
|
||||||
| Less: Aluminum Value and Outside Service Provider Costs |
|
(124.6 |
) |
|
(156.6 |
) |
|
(316.2 |
) |
|
(480.3 |
) |
||||||
| Value-Added Sales | $ |
192.5 |
|
$ |
195.5 |
|
$ |
446.8 |
|
$ |
581.9 |
|
||||||
| Three Months | Nine Months | |||||||||||||||||
|
3Q 2020 |
|
|
3Q 2019 |
|
YTD 2020 | YTD 2019 | |||||||||||
| Net Income (Loss) | $ |
11.1 |
|
$ |
(6.6 |
) |
$ |
(222.2 |
) |
$ |
2.6 |
|
||||||
| Adjusting Items: | ||||||||||||||||||
| - Interest Expense, net |
|
10.4 |
|
|
11.8 |
|
|
34.4 |
|
|
35.5 |
|
||||||
| - Income Tax (Benefit) Provision |
|
(3.9 |
) |
|
(4.8 |
) |
|
(11.1 |
) |
|
7.7 |
|
||||||
| - Depreciation |
|
18.3 |
|
|
24.2 |
|
|
54.4 |
|
|
57.4 |
|
||||||
| - Amortization |
|
6.5 |
|
|
6.6 |
|
|
18.8 |
|
|
20.1 |
|
||||||
| - Acquisition, Integration, Hiring/Separation/Restructuring Costs, and Other |
|
3.8 |
|
|
6.4 |
|
|
13.8 |
|
|
6.8 |
|
||||||
| - Factoring Fees |
|
0.4 |
|
|
0.2 |
|
|
0.8 |
|
|
0.8 |
|
||||||
| - Impairment of Goodwill and Indefinite-Lived Intangibles |
|
- |
|
|
1.0 |
|
|
193.6 |
|
|
0.3 |
|
||||||
$ |
35.6 |
|
$ |
45.4 |
|
$ |
304.7 |
|
$ |
128.6 |
|
|||||||
| Adjusted EBITDA | $ |
46.7 |
|
$ |
38.9 |
|
$ |
82.6 |
|
$ |
131.3 |
|
||||||
| Outlook for Q4 2020 Value-Added Sales | Q4 2020 Outlook Range | Implied Full Year 2020 | ||||||||||||||||
| Net Sales Outlook | $ |
300.0 |
|
$ |
325.0 |
|
$ |
1,063.1 |
|
$ |
1,088.1 |
|
||||||
| Less: Aluminum Value and Outside Service Provider Costs |
|
(125.0 |
) |
|
(130.0 |
) |
|
(441.3 |
) |
|
(446.3 |
) |
||||||
| Value-Added Sales Outlook | $ |
175.0 |
|
$ |
195.0 |
|
$ |
621.8 |
|
$ |
641.8 |
|
||||||
