Superior Reports Third Quarter 2022 Financial Results
Superior Industries reported a 31% YoY increase in net sales for Q3 2022, reaching $406 million. Value-Added Sales adjusted for FX grew 19% YoY to $192 million. The company achieved an adjusted EBITDA of $36 million, reflecting a 21% increase YoY with an improved margin of 20%. Despite a net loss of $0.4 million, a significant improvement from the $7 million loss in Q3 2021, net debt decreased to $456 million. For FY 2022, the company maintains its guidance with net sales expected between $1.58 - $1.71 billion.
- Net sales increased 31% YoY to $406 million.
- Value-Added Sales adjusted for FX rose 19% YoY to $192 million.
- Adjusted EBITDA grew 21% YoY to $36 million, with a margin expansion of 190 bps.
- Net debt improved to $456 million, the lowest since 2017.
- Full year 2022 guidance remains optimistic for growth.
- Net loss of $0.4 million, though improved from $7 million in Q3 2021.
- Selling, general, and administrative (SG&A) expenses increased to $16 million from $11 million.
Strong operational execution continues to support financial performance
Third Quarter 2022 Financial Highlights:
-
Net Sales increased31% YoY to$406M -
Value-Added Sales Adjusted for FX1 increased
19% YoY to$192M -
Net loss of
$0.4M $7M -
Adjusted EBITDA1 increased
21% YoY to$36M -
Cash Flow from Operations of
$17M -
Total Debt3 of
$577M $456M -
Content per Wheel1 of
$50.92 10% YoY -
Grew year-to-date Adjusted EBITDA1 to
$137M 25% margin2
| ($ in millions and units in thousands) | ||||||
| Three Months | ||||||
|
3Q 2022 |
|
3Q 2021 |
|||
| Units | ||||||
|
2,206 |
|
1,970 |
|||
|
1,571 |
|
1,530 |
|||
| Global |
|
3,777 |
|
3,500 |
||
$ |
240.3 |
$ |
180.5 |
|||
|
165.4 |
|
130.3 |
|||
| Global | $ |
405.7 |
$ |
310.8 |
||
| Value-Added Sales (1) | ||||||
$ |
92.6 |
$ |
84.6 |
|||
|
85.1 |
|
77.7 |
|||
| Global | $ |
177.7 |
$ |
162.2 |
||
“Our strong performance in the third quarter reflects the agility of our teams as we delivered another quarter of solid margin expansion in a challenging operating environment. We substantially grew Value-Added Sales and Adjusted EBITDA by leveraging our differentiated portfolio to capture substantial demand for premium wheels while continuing to collaborate with customers to secure cost recoveries. Our ‘local for local’ footprint has been instrumental in driving new business wins as major OEMs recognize the importance of shorter supply chains to mitigate production risks,” commented
“While the wider industry continues to face macro-economic headwinds, including heightened energy and labor costs, we are beginning to see small but meaningful improvements in light vehicle production in the North American and EU regions, which increased year-over-year in the third quarter. Accordingly, we believe that we are poised for continued profitable growth as light vehicle production recovers further. As the year comes to a close, we look forward to executing on our strategy to maintain this momentum and drive long-term value for our stakeholders.”
1 See “Non-GAAP Financial Measures” below for a definition and reconciliation to the most comparable GAAP measure. |
2 Adjusted EBITDA1 as % of Value-Added Sales1 |
3 Excluding Debt Issuance Cost |
Third Quarter Results
Net sales for the third quarter of 2022 were
Gross profit for the third quarter of 2022 was
Selling, general, and administrative (“SG&A”) expenses for the third quarter of 2022 were
Operating income for the third quarter of 2022 was
The income tax provision for the third quarter of 2022 was
For the third quarter of 2022, the Company reported a net loss of
The Company reported net cash flow provided by operating activities of
Financial Position
As of
2022 Outlook
The Company confirms its full year 2022 guidance, which assumes industry OEM production in its markets to grow at a mid-single digit percentage rate in 2022. Based on this outlook for industry production, Superior’s full year 2022 outlook is as follows:
| FY 2022 Outlook | |
| Unit Shipments | 16.0 - 17.0 million |
|
|
| Value-Added Sales |
|
| Adjusted EBITDA | |
| Cash Flow from Operations | |
| Capital Expenditures | ~ |
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 2022 outlook, as Superior is unable to quantify certain amounts included in net income without unreasonable efforts and due to the inherent uncertainty regarding such variables. Superior also believes that such reconciliation would imply a degree of precision that could potentially be confusing or misleading to investors. However, the magnitude of these amounts may be significant.
Conference Call
Superior will host a conference call beginning at
During the conference call, the Company's management plans to review operating results and discuss financial and operating matters. In addition, management may disclose material information in response to questions posed by participants during the call.
About
Superior is one of the world’s leading aluminum wheel suppliers. Superior’s team collaborates with customers to design, engineer, and manufacture a wide variety of innovative and high-quality products utilizing the latest light weighting and finishing technologies. Superior serves the European aftermarket with the brands ATS®, RIAL®, ALUTEC®, and ANZIO®. Headquartered in
Non-GAAP Financial Measures
In addition to the results reported in accordance with GAAP included throughout this earnings release, this release refers to the following non-GAAP measures:
“Adjusted EBITDA,” defined as earnings before interest income and expense, income taxes, depreciation, amortization, restructuring charges and other closure costs and impairments of long-lived assets and investments, changes in fair value of redeemable preferred stock embedded derivative liability, acquisition and integration and certain hiring and separation related costs, proxy contest fees, gains associated with early debt extinguishment and accounts receivable factoring fees. “Value-Added Sales," defined as net sales less the value of aluminum, 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 2022 outlook included herein and the impact of COVID-19, supply chain disruptions, increased energy costs, shortages of semiconductor chips, as well as the Ukraine Conflict on our future growth and earnings. 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 | Nine Months | ||||||||||||||
|
3Q 2022 |
|
|
3Q 2021 |
|
YTD 2022 | YTD 2021 | ||||||||
$ |
405.7 |
|
$ |
310.8 |
|
$ |
1,237.8 |
|
$ |
1,016.4 |
|
||||
| Cost of Sales |
|
377.4 |
|
|
292.6 |
|
|
1,126.2 |
|
|
922.6 |
|
|||
| Gross Profit | $ |
28.4 |
|
$ |
18.1 |
|
$ |
111.6 |
|
$ |
93.8 |
|
|||
| SG&A Expenses |
|
16.1 |
|
|
10.8 |
|
|
49.8 |
|
|
45.2 |
|
|||
| Income From Operations | $ |
12.3 |
|
$ |
7.4 |
|
$ |
61.8 |
|
$ |
48.6 |
|
|||
| Interest Expense, net |
|
(10.4 |
) |
|
(10.6 |
) |
|
(30.7 |
) |
|
(31.4 |
) |
|||
| Other (Expense) Income, net |
|
(0.2 |
) |
|
(2.1 |
) |
|
0.4 |
|
|
(6.0 |
) |
|||
| Income (Loss) Before Income Taxes | $ |
1.6 |
|
$ |
(5.3 |
) |
$ |
31.5 |
|
$ |
11.2 |
|
|||
| Income Tax Provision |
|
(2.0 |
) |
|
(1.8 |
) |
|
(10.9 |
) |
|
(3.6 |
) |
|||
| Net (Loss) Income | $ |
(0.4 |
) |
$ |
(7.2 |
) |
$ |
20.6 |
|
$ |
7.6 |
|
|||
| Loss Per Share: | |||||||||||||||
| Basic | $ |
(0.35 |
) |
$ |
(0.61 |
) |
$ |
(0.25 |
) |
$ |
(0.69 |
) |
|||
| Diluted | $ |
(0.35 |
) |
$ |
(0.61 |
) |
$ |
(0.25 |
) |
$ |
(0.69 |
) |
|||
| Weighted Average and Equivalent Shares Outstanding for EPS (in Thousands): |
|||||||||||||||
| Basic |
|
27,016 |
|
|
26,129 |
|
|
26,779 |
|
|
25,938 |
|
|||
| Diluted |
|
27,016 |
|
|
26,129 |
|
|
26,779 |
|
|
25,938 |
|
|||
| Condensed Consolidated Balance Sheets (Unaudited) | |||||||
| (Dollars in Millions) | |||||||
| Current Assets | $ |
488.6 |
|
$ |
404.3 |
|
|
| Property, Plant and Equipment, net |
|
450.9 |
|
|
494.4 |
|
|
| Intangibles and Other Assets |
|
133.4 |
|
|
155.5 |
|
|
| Total Assets | $ |
1,072.8 |
|
$ |
1,054.1 |
|
|
| Current Liabilities | $ |
286.3 |
|
$ |
231.9 |
|
|
| Long-Term Liabilities |
|
650.4 |
|
|
691.7 |
|
|
| Redeemable Preferred Shares |
|
216.8 |
|
|
199.9 |
|
|
| European Non-controlling Redeemable Equity |
|
1.0 |
|
|
1.1 |
|
|
| Shareholders’ Deficit |
|
(81.6 |
) |
|
(70.4 |
) |
|
| Total Liabilities and Shareholders’ Deficit | $ |
1,072.8 |
|
$ |
1,054.1 |
|
|
| Consolidated Statements of Cash Flows (Unaudited) | ||||||||||||||||
| (Dollars in Millions) | ||||||||||||||||
| Three Months | Nine Months | |||||||||||||||
|
3Q 2022 |
|
|
3Q 2021 |
|
YTD 2022 | YTD 2021 | |||||||||
| Net (Loss) Income | $ |
(0.4 |
) |
$ |
(7.2 |
) |
$ |
20.6 |
|
$ |
7.6 |
|
||||
| Depreciation and Amortization |
|
21.9 |
|
|
24.5 |
|
|
69.1 |
|
|
75.4 |
|
||||
| Income tax, Non-cash Changes |
|
(0.5 |
) |
|
(1.3 |
) |
|
3.6 |
|
|
(4.2 |
) |
||||
| Stock-based Compensation |
|
1.9 |
|
|
2.5 |
|
|
6.5 |
|
|
6.8 |
|
||||
| Amortization of Debt Issuance Costs |
|
1.2 |
|
|
0.5 |
|
|
3.7 |
|
|
3.2 |
|
||||
| Other Non-cash Items |
|
(0.7 |
) |
|
(6.8 |
) |
|
(1.7 |
) |
|
(10.7 |
) |
||||
| Changes in Operating Assets and Liabilities: | ||||||||||||||||
| Accounts Receivable |
|
(21.9 |
) |
|
(10.7 |
) |
|
(57.4 |
) |
|
(47.9 |
) |
||||
| Inventories |
|
1.7 |
|
|
(20.4 |
) |
|
(37.1 |
) |
|
(66.5 |
) |
||||
| Other Assets and Liabilities |
|
3.1 |
|
|
(1.4 |
) |
|
1.9 |
|
|
14.5 |
|
||||
| Accounts Payable |
|
10.4 |
|
|
(27.2 |
) |
|
64.1 |
|
|
7.2 |
|
||||
| Income Taxes |
|
0.5 |
|
|
0.9 |
|
|
1.1 |
|
|
(0.1 |
) |
||||
| Cash Flow Provided By (Used In) Operating Activities | $ |
17.2 |
|
$ |
(46.5 |
) |
$ |
74.4 |
|
$ |
(14.6 |
) |
||||
| Capital Expenditures |
|
(11.4 |
) |
|
(27.0 |
) |
|
(45.7 |
) |
|
(47.6 |
) |
||||
| Proceeds from Sale of Property, Plant and Equipment |
|
- |
|
|
6.6 |
|
|
0.2 |
|
|
6.6 |
|
||||
$ |
(11.4 |
) |
$ |
(20.4 |
) |
$ |
(45.6 |
) |
$ |
(41.0 |
) |
|||||
| Proceeds from the Issuance of Long-term Debt |
|
- |
|
|
- |
|
|
- |
|
|
1.7 |
|
||||
| Debt Repayment |
|
(1.1 |
) |
|
(1.4 |
) |
|
(3.6 |
) |
|
(3.6 |
) |
||||
| Cash Dividends |
|
(3.5 |
) |
|
(3.4 |
) |
|
(10.2 |
) |
|
(10.1 |
) |
||||
| Financing Costs Paid and Other |
|
- |
|
|
- |
|
|
- |
|
|
(4.3 |
) |
||||
| Payments Related to Tax Withholdings for Stock-Based Compensation |
|
- |
|
|
(0.1 |
) |
|
(1.8 |
) |
|
(1.5 |
) |
||||
| Finance Lease Payments |
|
(0.3 |
) |
|
(0.4 |
) |
|
(0.8 |
) |
|
(1.0 |
) |
||||
| Cash Flow Used In Financing Activities | $ |
(4.8 |
) |
$ |
(5.4 |
) |
$ |
(16.4 |
) |
$ |
(18.9 |
) |
||||
| Effect of Exchange Rate on Cash |
|
(1.4 |
) |
|
(0.7 |
) |
|
(4.1 |
) |
|
(1.9 |
) |
||||
| Net Change in Cash | $ |
(0.4 |
) |
$ |
(73.1 |
) |
$ |
8.4 |
|
$ |
(76.3 |
) |
||||
| Cash - Beginning |
|
122.3 |
|
|
149.2 |
|
|
113.5 |
|
|
152.4 |
|
||||
| Cash - Ending | $ |
121.8 |
|
$ |
76.1 |
|
$ |
121.8 |
|
$ |
76.1 |
|
||||
| Earnings Per Share Calculation (Unaudited) | |||||||||||||||
| (Dollars and Outstanding Shares in Millions, Except Per Share Amounts) | |||||||||||||||
| Three Months | Nine Months | ||||||||||||||
|
3Q 2022 |
|
|
3Q 2021 |
|
YTD 2022 | YTD 2021 | ||||||||
| Basic EPS Calculation(1) | |||||||||||||||
| Net (Loss) Income | $ |
(0.4 |
) |
$ |
(7.2 |
) |
$ |
20.6 |
|
$ |
7.6 |
|
|||
| Less: Accretion of Preferred Stock |
|
(5.8 |
) |
|
(5.2 |
) |
|
(16.9 |
) |
|
(15.2 |
) |
|||
| Less: Redeemable Preferred Stock Dividends |
|
(3.4 |
) |
|
(3.4 |
) |
|
(10.2 |
) |
|
(10.1 |
) |
|||
| Less: European Noncontrolling Redeemable Equity Dividends |
|
- |
|
|
(0.1 |
) |
|
- |
|
|
(0.1 |
) |
|||
| Numerator | $ |
(9.6 |
) |
$ |
(15.9 |
) |
$ |
(6.5 |
) |
$ |
(17.8 |
) |
|||
| Denominator: Weighted Avg. Shares Outstanding |
|
27.0 |
|
|
26.1 |
|
|
26.8 |
|
|
25.9 |
|
|||
| Basic Loss Per Share | $ |
(0.35 |
) |
$ |
(0.61 |
) |
$ |
(0.25 |
) |
$ |
(0.69 |
) |
|||
| Diluted EPS Calculation(1) | |||||||||||||||
| Net (Loss) Income | $ |
(0.4 |
) |
$ |
(7.2 |
) |
$ |
20.6 |
|
$ |
7.6 |
|
|||
| Less: Accretion of Preferred Stock |
|
(5.8 |
) |
|
(5.2 |
) |
|
(16.9 |
) |
|
(15.2 |
) |
|||
| Less: Redeemable Preferred Stock Dividends |
|
(3.4 |
) |
|
(3.4 |
) |
|
(10.2 |
) |
|
(10.1 |
) |
|||
| Less: European Noncontrolling Redeemable Equity Dividends |
|
- |
|
|
(0.1 |
) |
|
- |
|
|
(0.1 |
) |
|||
| Numerator | $ |
(9.6 |
) |
$ |
(15.9 |
) |
$ |
(6.5 |
) |
$ |
(17.8 |
) |
|||
| Weighted Avg. Shares Outstanding-Basic |
|
27.0 |
|
|
26.1 |
|
|
26.8 |
|
|
25.9 |
|
|||
| Dilutive Stock Options and Restricted Stock Units |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||
| Denominator: Weighted Avg. Shares Outstanding |
|
27.0 |
|
|
26.1 |
|
|
26.8 |
|
|
25.9 |
|
|||
| Diluted Loss Per Share | $ |
(0.35 |
) |
$ |
(0.61 |
) |
$ |
(0.25 |
) |
$ |
(0.69 |
) |
|||
| (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 | Nine Months | ||||||||||||||||
| Before Tax Impact on Net Income |
|
3Q 2022 |
|
|
3Q 2021 |
|
YTD 2022 | YTD 2021 | Location on Inc. Stat. | ||||||||
| Integration, Certain Hiring & Separation Costs | $ |
(1.2 |
) |
$ |
(1.3 |
) |
$ |
(3.1 |
) |
$ |
(6.3 |
) |
SG&A / COGS | ||||
| Restructuring Costs |
|
- |
|
|
3.3 |
|
|
- |
|
|
1.5 |
|
COGS / SG&A | ||||
| Change in Fair Value of Preferred Derivative |
|
- |
|
|
- |
|
|
- |
|
|
(3.5 |
) |
Other Income/Expense | ||||
| Werdohl Flood |
|
- |
|
|
(1.5 |
) |
|
- |
|
|
(1.5 |
) |
Other Income/Expense | ||||
| Total Before Tax Impact on Net Income | $ |
(1.2 |
) |
$ |
0.4 |
|
$ |
(3.1 |
) |
$ |
(9.8 |
) |
|||||
| After Tax Impact on Net Income | $ |
(1.2 |
) |
$ |
0.4 |
|
$ |
(3.0 |
) |
$ |
(8.9 |
) |
|||||
| Impact on Earnings (Loss) Per Share | $ |
(0.05 |
) |
$ |
0.02 |
|
$ |
(0.11 |
) |
$ |
(0.34 |
) |
|||||
| 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 | Nine Months | |||||||||||||||
|
3Q 2022 |
|
|
3Q 2021 |
|
YTD 2022 | YTD 2021 | |||||||||
$ |
405.7 |
|
$ |
310.8 |
|
$ |
1,237.8 |
|
$ |
1,016.4 |
|
|||||
| Less: Aluminum, Other Costs, and Outside Service Provider Costs |
|
(228.0 |
) |
|
(148.6 |
) |
|
(685.2 |
) |
|
(451.5 |
) |
||||
| Value-Added Sales | $ |
177.7 |
|
$ |
162.2 |
|
$ |
552.6 |
|
$ |
564.9 |
|
||||
| Currency Impact on Current Period Value-Added Sales |
|
14.6 |
|
|
- |
|
|
33.1 |
|
|
- |
|
||||
| Value-Added Sales Adjusted for Foreign Exchange | $ |
192.3 |
|
$ |
162.2 |
|
$ |
585.7 |
|
$ |
564.9 |
|
||||
| Wheels Shipped |
|
3,777 |
|
|
3,500 |
|
|
11,865 |
|
|
12,193 |
|
||||
| Content per Wheel | $ |
50.92 |
|
$ |
46.34 |
|
$ |
49.37 |
|
$ |
46.33 |
|
||||
| Adjusted EBITDA | Three Months | Nine Months | ||||||||||||
|
3Q 2022 |
|
|
3Q 2021 |
|
YTD 2022 | YTD 2021 | |||||||
| Net (Loss) Income | $ |
(0.4 |
) |
$ |
(7.2 |
) |
$ |
20.6 |
$ |
7.6 |
||||
| Adjusting Items: | ||||||||||||||
| - Interest Expense, net |
|
10.4 |
|
|
10.6 |
|
|
30.7 |
|
31.4 |
||||
| - Income Tax Provision |
|
2.0 |
|
|
1.8 |
|
|
10.9 |
|
3.6 |
||||
| - Depreciation |
|
17.3 |
|
|
18.0 |
|
|
52.7 |
|
55.5 |
||||
| - Amortization |
|
4.5 |
|
|
6.5 |
|
|
16.3 |
|
19.9 |
||||
| - Integration, Restructuring, and Other |
|
1.3 |
|
|
(0.5 |
) |
|
3.1 |
|
9.9 |
||||
| - Factoring Fees |
|
1.0 |
|
|
0.5 |
|
|
2.4 |
|
1.5 |
||||
$ |
36.5 |
|
$ |
36.9 |
|
$ |
116.1 |
$ |
121.8 |
|||||
| Adjusted EBITDA | $ |
36.1 |
|
$ |
29.8 |
|
$ |
136.7 |
$ |
129.3 |
||||
|
|||||||||||||
Non-GAAP Financial Measures (Unaudited) |
|||||||||||||
(Dollars in Millions) |
|||||||||||||
| Free Cash Flow | Three Months | Nine Months | |||||||||||
|
3Q 2022 |
|
|
3Q 2021 |
|
YTD 2022 | YTD 2021 | ||||||
| Cash Flow Provided By (Used In) Operating Activities | $ |
17.2 |
|
$ |
(46.5 |
) |
$ |
74.4 |
|
$ |
(14.6 |
) |
|
|
(11.4 |
) |
|
(20.4 |
) |
|
(45.6 |
) |
|
(41.0 |
) |
||
| Less: Cash Payments for Non-debt Financing Activities |
|
(3.5 |
) |
|
(3.5 |
) |
|
(12.0 |
) |
|
(11.6 |
) |
|
| Free Cash Flow | $ |
2.3 |
|
$ |
(70.4 |
) |
$ |
16.8 |
|
$ |
(67.2 |
) |
|
|
|||||||
Non-GAAP Financial Measures (Unaudited) |
|||||||
(Dollars in Millions) |
|||||||
| Net Debt | |||||||
| Long Term Debt (Less Current Portion) (1) | $ |
572.1 |
|
$ |
610.2 |
|
|
| Short Term Debt |
|
5.3 |
|
|
6.1 |
|
|
| Total Debt (1) |
|
577.4 |
|
|
616.3 |
|
|
| Less: Cash and Cash Equivalents |
|
(121.8 |
) |
|
(113.5 |
) |
|
| Net Debt | $ |
455.6 |
|
$ |
502.8 |
|
|
| (1) Excluding Debt Issuance Cost | |||||||
|
||||||||
Non-GAAP Financial Measures (Unaudited) |
||||||||
(Dollars in Millions) |
||||||||
| Outlook for Full Year 2022 Value-Added Sales | ||||||||
| Net Sales Outlook | $ |
1,580.0 |
|
$ |
1,710.0 |
|
||
| Less: Aluminum, Other Costs, and Outside Service Provider Costs |
|
(840.0 |
) |
|
(910.0 |
) |
||
| Value-Added Sales Outlook | $ |
740.0 |
|
$ |
800.0 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20221103005359/en/
Superior Investor Relations
(248) 234-7104
Investor.Relations@supind.com
Source:
FAQ
What were Superior Industries' Q3 2022 earnings results?
What is the outlook for Superior Industries in 2022?
How did Superior Industries perform in terms of EBITDA in Q3 2022?
What was the net loss reported by Superior Industries in Q3 2022?
What factors contributed to the increase in sales for Superior Industries?
