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Superior Reports Third Quarter 2024 Financial Results

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Superior Industries reported its Q3 2024 financial results, highlighting both achievements and challenges. Net Sales were $322M, almost flat compared to the prior year's $323M. The company faced a Net Loss of $25M, an improvement from the $86M net loss in Q3 2023. Adjusted EBITDA rose to $41M, a 24% margin, up 200 bps YoY. SG&A expenses increased to $24M due to professional services linked to debt refinancing. Cash Flow from operating activities was a negative $3M, down from $9M. Unlevered Free Cash Flow was $9M, a $3M decrease YoY.

The company completed a debt refinancing worth $520M, strengthening its balance sheet. However, it incurred a $13M loss related to debt extinguishment. Superior revised its 2024 outlook, lowering estimates due to softer production volumes from OEMs. The revised guidance includes Net Sales of $1.25-$1.33B, Adjusted EBITDA of $146-$154M, and Unlevered Free Cash Flow of $50-$80M.

Superior Industries ha riportato i risultati finanziari del Q3 2024, evidenziando sia successi che sfide. Le Vendite Netti sono state di 322 milioni di dollari, praticamente stabili rispetto ai 323 milioni dell'anno precedente. L'azienda ha registrato una Perdita Netta di 25 milioni di dollari, un miglioramento rispetto ai 86 milioni di perdita netta nel Q3 2023. L'EBITDA Rettificato è salito a 41 milioni di dollari, con un margine del 24%, in aumento di 200 punti base rispetto all'anno precedente. Le spese SG&A sono aumentate a 24 milioni di dollari a causa dei servizi professionali legati al rifinanziamento del debito. Il Flusso di Cassa dalle attività operative è stato negativo per 3 milioni di dollari, in calo rispetto ai 9 milioni precedenti. Il Flusso di Cassa Libero Non Leveraged è stato di 9 milioni di dollari, con una diminuzione di 3 milioni rispetto all'anno precedente.

L'azienda ha completato un rifinanziamento del debito del valore di 520 milioni di dollari, rafforzando il proprio bilancio. Tuttavia, ha subito una perdita di 13 milioni di dollari correlata all'estinzione del debito. Superior ha rivisto le previsioni per il 2024, abbassando le stime a causa di volumi di produzione più deboli da parte degli OEM. La nuova guida prevede Vendite Netti comprese tra 1,25 e 1,33 miliardi di dollari, un EBITDA Rettificato di 146-154 milioni di dollari e un Flusso di Cassa Libero Non Leveraged di 50-80 milioni di dollari.

Superior Industries informó sus resultados financieros del Q3 2024, destacando tanto logros como desafíos. Las Ventas Netas fueron de 322 millones de dólares, casi planas en comparación con los 323 millones del año anterior. La compañía enfrentó una Pérdida Neta de 25 millones de dólares, una mejora respecto a la pérdida neta de 86 millones en el Q3 2023. El EBITDA Ajustado aumentó a 41 millones de dólares, con un margen del 24%, subiendo 200 puntos básicos interanuales. Los gastos SG&A aumentaron a 24 millones de dólares debido a servicios profesionales relacionados con la refinanciación de la deuda. El Flujo de Efectivo de las actividades operativas fue negativo en 3 millones de dólares, una disminución respecto a los 9 millones anteriores. El Flujo de Efectivo Libre Sin Deuda fue de 9 millones de dólares, una disminución de 3 millones interanual.

La compañía completó un refinanciamiento de deuda por un valor de 520 millones de dólares, fortaleciendo su balance. Sin embargo, incurrió en una pérdida de 13 millones de dólares relacionada con la extinguación de deuda. Superior revisó su perspectiva para 2024, reduciendo las estimaciones debido a volúmenes de producción más suaves de los OEM. La guía revisada incluye Ventas Netas de 1.25 a 1.33 mil millones de dólares, EBITDA Ajustado de 146 a 154 millones de dólares, y Flujo de Efectivo Libre Sin Deuda de 50 a 80 millones de dólares.

수퍼리어 인더스트리는 2024년 3분기 재무 결과를 보고하며, 성과와 도전을 강조했습니다. 순매출은 3억 2200만 달러로, 지난해의 3억 2300만 달러와 거의 비슷합니다. 회사는 2500만 달러의 순손실을 겪었으며, 이는 2023년 3분기의 8천600만 달러 매출 손실에서 개선된 결과입니다. 조정된 EBITDA는 4100만 달러로 증가했으며, 이는 24%의 마진을 의미하고, 전년 대비 200bp 상승했습니다. 판매 및 관리비(SG&A)는 부채 재융자와 관련된 전문 서비스로 인해 2400만 달러로 증가했습니다. 영업활동으로 인한 현금 흐름은 부정적인 300만 달러였으며, 이는 900만 달러에서 감소한 수치입니다. 레버리지 없는 자유 현금 흐름은 900만 달러로, 전년 대비 300만 달러 감소했습니다.

회사는 5억 2000만 달러 규모의 부채 재융자를 완료하여 재무 구조를 강화했습니다. 그러나 부채 소각과 관련하여 1300만 달러의 손실을 입었습니다. 수퍼리어는 OEM의 생산량 감소로 인해 2024년 전망을 수정하여 추정치를 하향 조정했습니다. 수정된 가이던스는 순매출 12억 5000만~13억 3000만 달러, 조정된 EBITDA 1억 4600만~1억 5400만 달러, 레버리지 없는 자유 현금 흐름 5000만~8000만 달러를 포함합니다.

Superior Industries a publié ses résultats financiers pour le troisième trimestre 2024, soulignant à la fois des réussites et des défis. Les Ventes Nettes se sont élevées à 322 millions de dollars, quasiment inchangées par rapport à l'année précédente où elles étaient de 323 millions de dollars. La société a subi une Perte Nette de 25 millions de dollars, une amélioration par rapport à la perte nette de 86 millions de dollars au T3 2023. L'EBITDA Ajusté a augmenté pour atteindre 41 millions de dollars, avec une marge de 24 %, soit une hausse de 200 points de base par rapport à l'année précédente. Les frais SG&A ont augmenté à 24 millions de dollars en raison des services professionnels liés au refinancement de la dette. Le Flux de Trésorerie des activités opérationnelles a été de -3 millions de dollars, en baisse par rapport à 9 millions de dollars précédemment. Le Flux de Trésorerie Libre Non Endetté était de 9 millions de dollars, soit une baisse de 3 millions par rapport à l'année précédente.

L'entreprise a complété un refinancement de dette de 520 millions de dollars, renforçant ainsi son bilan. Cependant, elle a enregistré une perte de 13 millions de dollars liée à l'extinction de la dette. Superior a révisé ses prévisions pour 2024 à la baisse en raison de volumes de production plus faibles de la part des OEM. La guidance révisée inclut des Ventes Nettes de 1,25 à 1,33 milliard de dollars, un EBITDA Ajusté de 146 à 154 millions de dollars et un Flux de Trésorerie Libre Non Endetté de 50 à 80 millions de dollars.

Superior Industries hat seine Finanzzahlen für das dritte Quartal 2024 veröffentlicht, wobei sowohl Erfolge als auch Herausforderungen hervorgehoben werden. Der Nettoverkauf betrug 322 Millionen Dollar und blieb damit im Vergleich zu den 323 Millionen Dollar des Vorjahres nahezu stabil. Das Unternehmen verzeichnete einen Nettoverlust von 25 Millionen Dollar, eine Verbesserung gegenüber dem Nettoverlust von 86 Millionen Dollar im dritten Quartal 2023. Das bereinigte EBITDA stieg auf 41 Millionen Dollar, was einer Marge von 24 % entspricht und einen Anstieg von 200 Basispunkten im Jahresvergleich darstellt. Die Vertriebs- und Verwaltungskosten (SG&A) erhöhten sich auf 24 Millionen Dollar aufgrund von professionellen Dienstleistungen im Zusammenhang mit der Umschuldung. Der Cashflow aus der operativen Tätigkeit betrug -3 Millionen Dollar, nach zuvor 9 Millionen Dollar. Der unbelastete freie Cashflow betrug 9 Millionen Dollar, auch dies ein Rückgang von 3 Millionen Dollar im Jahresvergleich.

Das Unternehmen hat eine Umschuldung der Schulden in Höhe von 520 Millionen Dollar abgeschlossen und damit seine Bilanz gestärkt. Allerdings wurde ein Verlust von 13 Millionen Dollar aufgrund der Schuldentilgung verzeichnet. Superior hat seine Prognose für 2024 überarbeitet und die Schätzungen aufgrund schwächerer Produktionszahlen von OEMs gesenkt. Die überarbeitete Guidance umfasst Nettoverkäufe von 1,25 bis 1,33 Milliarden Dollar, bereinigtes EBITDA von 146 bis 154 Millionen Dollar und unbelasteten freien Cashflow von 50 bis 80 Millionen Dollar.

Positive
  • Adjusted EBITDA increased to $41M, a 24% margin.
  • Successful $520M debt refinancing.
  • Net loss improved to $25M from $86M YoY.
Negative
  • Net loss of $25M.
  • SG&A expenses rose to $24M.
  • Cash Flow from operating activities was negative $3M.
  • Unlevered Free Cash Flow decreased by $3M YoY.
  • Revised 2024 outlook with lowered estimates for Net Sales, Adjusted EBITDA, and Unlevered Free Cash Flow.

Insights

The Q3 2024 results reveal mixed performance with concerning trends. While $322M in net sales remained relatively flat year-over-year, the $25M net loss and declining cash flows signal operational challenges. The 24% Adjusted EBITDA margin shows improvement, up 200 basis points YoY, but the reduced 2024 outlook indicates significant headwinds.

Key concerns include:

  • Successful debt refinancing securing $520M in new capital, though with a $13M loss on debt extinguishment
  • Softening production among key customers impacting revenue forecasts
  • European business transformation costs pressuring SG&A expenses
  • Reduced full-year guidance across all metrics

The company's focus on cost optimization and margin improvement provides some stability, but declining production volumes and working capital challenges suggest continued pressure on financial performance.

Successfully completed debt refinancing

Continued margin expansion in challenging operating environment

Third Quarter 2024 Financial Highlights:

  • Net Sales of $322M
  • Value-Added Sales1 of $171M
  • Net Loss of $25M
  • Adjusted EBITDA1 of $41M, a 24% margin2 and up 200 bps YoY
  • Cash Flow Used by Operating Activities of $3M
  • Unlevered Free Cash Flow1 of $9M

 

SOUTHFIELD, Mich.--(BUSINESS WIRE)-- Superior Industries International, Inc. (“Superior” or the “Company”) (NYSE:SUP) today reported financial results for the third quarter ended September 30, 2024.

($ in millions)
Three Months Nine Months

3Q 2024

3Q 2023

YTD 2024 YTD 2023
Net Sales
North America

$

206.2

$

194.9

$

602.9

$

614.7

Europe

 

115.5

 

128.2

 

354.1

 

462.0

Global

$

321.8

$

323.1

$

957.0

$

1,076.6

 
Value-Added Sales (1)
North America

$

104.7

$

100.1

$

313.5

$

310.3

Europe

 

66.3

 

75.9

 

210.0

 

268.6

Global

$

171.0

$

176.0

$

523.5

$

578.9

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

“Our teams executed in a challenging production environment to deliver margin expansion and Adjusted EBITDA growth this quarter. In addition, we successfully completed our debt refinancing, attracting $520 million in new capital. This refinancing significantly strengthens our balance sheet and competitive positioning, enabling us to focus on optimizing our business to drive profitable growth,” commented Majdi Abulaban, President and Chief Executive Officer of Superior.

“We are adjusting our full-year outlook as production amongst key customers has softened more than expected in the second half of the year. Amidst these headwinds, we are working to align costs with the current production environment,” Mr. Abulaban continued. “That said, we are gaining momentum with global customers through our differentiated portfolio and low-cost production footprint and remain well-positioned to generate long-term value for all stakeholders.”

Third Quarter 2024 Results

Net Sales for the third quarter of 2024 were $322 million, compared to Net Sales of $323 million in the prior year period. Value-Added Sales Adjusted for Foreign Exchange and Deconsolidation, a Non-GAAP financial measure, was $170 million for the third quarter 2024, compared to $173 million in the prior year period. See “Non-GAAP Financial Measures” below and the reconciliation of consolidated Net Sales to Value-Added Sales and Value-Added Sales Adjusted for Foreign Exchange and Deconsolidation in this press release.

Gross Profit for the third quarter of 2024 was $29 million, compared to $25 million in the prior year period due to lower conversion costs.

Selling, General, and Administrative (“SG&A”) expenses for the third quarter of 2024 were $24 million, compared to $17 million in the prior year period. The increase in SG&A expenses is primarily due to professional service fees related to the refinancing and restructuring related costs associated with the transformation of our European business.

Income from Operations was $5 million in the third quarter of 2024, compared to a Loss from Operations of $71 million in the prior year period. The increase is primarily due to a $80 million charge related to the deconsolidation of our German subsidiary.

A Loss on Extinguishment of Debt for the third quarter of 2024 of $13 million was recognized related to the debt refinancing.

Income Tax Provision for the third quarter of 2024 was $1 million, compared to a provision of zero in the prior year period.

For the third quarter of 2024, the Company reported a Net Loss of $25 million, or Loss per Diluted Share of $1.24. This compares to a Net Loss of $86 million, or Loss per Diluted Share of $3.42, in the prior year period. See “Earnings per Share Calculation” in this press release.

Adjusted EBITDA, a Non-GAAP financial measure, was $41 million, or 24% of Value-Added Sales, in the third quarter of 2024, which compares to $39 million, or 22% of Value-Added Sales, in the prior year period. The increase in Adjusted EBITDA was primarily due to slightly favorable conversion costs. See “Non-GAAP Financial Measures” below and the reconciliation of Net Income to Adjusted EBITDA in this press release.

The Company reported Cash Flow Used by Operating Activities of $3 million for the third quarter of 2024, compared to Cash Flow Provided by Operating Activities of $9 million in the prior year period. The decrease in Cash Flow from Operating Activities was due to the impact of refinancing fees and a slightly higher investment in working capital. For the third quarter 2024, Free Cash Flow, a Non-GAAP financial measure, was negative $9 million, compared to Free Cash Flow of negative $3 million in the prior year period.

Unlevered Free Cash Flow, a Non-GAAP financial measure, for the third quarter 2024 was $9 million, a decrease of $3 million compared to the prior year period. The decline in Unlevered Free Cash Flow for the quarter was due to increased working capital and other balance sheet items. See “Non-GAAP Financial Measures” below and the reconciliation of Cash Flow Provided by Operating Activities to Free Cash Flow and Unlevered Free Cash Flow in this press release.

Financial Position

As of September 30, 2024, Superior had Total Debt of $521 million and Net Debt, a Non-GAAP financial measure, of $497 million, compared to Total Debt of $630 million and Net Debt of $453 million as of September 30, 2023. See “Non-GAAP Financial Measures” below and the reconciliation of Total Debt to Net Debt in this press release.

2024 Outlook

Superior’s full year 2024 Outlook is as follows:

 
FY 2024 Outlook
Net Sales $1.25 - $1.33 billion
Value-Added Sales $680 - $700 million
Adjusted EBITDA $146 - $154 million
Unlevered Free Cash Flow $50 - $80 million
Capital Expenditures ~$35 million
 

Superior is updating its Outlook to reflect the remainder of the full year 2024. Net Sales estimates have been lowered due to lower aluminum costs and lower anticipated production volumes by OEMs. Value-Added Sales estimates have been lowered due to lower anticipated production volumes by OEMs. Adjusted EBITDA estimates also have been lowered due to lower anticipated production volumes by OEMs. Unlevered Free Cash Flow estimates have been lowered to reflect the updated Adjusted EBITDA estimate, and to reflect a focus on balancing the maximization of Unlevered Free Cash Flow with the liquidity requirements for the new term loan to enable financial flexibility. As the Company successfully continues to lower the capital intensity of the business and continues to invest strategically in the business, Superior has reduced 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 8:30 AM ET on Thursday, November 7, 2024. The conference call may be accessed by dialing +1 800 715 9871 for participants in the U.S. or 646 307-1963 for participants outside the U.S. using the required conference ID 1577847 when prompted by the operator. 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 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 Southfield, Michigan, Superior is listed on the New York Stock Exchange. For more information, please visit www.supind.com.

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 debt derivative liability, acquisition and integration, certain hiring and separation related costs, proxy contest fees, gains and losses associated with early debt extinguishment 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 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 and Debt Refinancing Fees. “Net Debt,” defined as total debt 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 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 Ukraine (the “Ukraine Conflict”) on our future growth and earnings. These statements include our belief regarding general automotive industry market conditions and growth rates, as well as domestic and international economic conditions. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, risks, and uncertainties discussed in Superior's Securities and Exchange Commission filings and reports.

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 Nine Months

 

3Q 2024

 

 

3Q 2023

 

YTD 2024 YTD 2023
Net Sales

$

321.8

 

$

323.1

 

$

957.0

 

$

1,076.6

 

Cost of Sales

 

293.1

 

 

297.8

 

 

875.6

 

 

975.7

 

Gross Profit

$

28.6

 

$

25.3

 

$

81.4

 

$

100.9

 

 
SG&A Expenses

 

23.9

 

 

16.9

 

 

66.1

 

 

53.3

 

Loss on deconsolidation of subsidiary

 

-

 

 

79.6

 

 

-

 

 

79.6

 

Income (Loss) From Operations

$

4.7

 

$

(71.2

)

$

15.3

 

$

(32.0

)

 
Interest Expense, net

 

(17.9

)

 

(15.7

)

 

(49.6

)

 

(47.1

)

Loss on extinguishment of debt

 

(13.1

)

 

-

 

 

(13.1

)

 

-

 

Other Expense, net

 

2.3

 

 

0.2

 

 

2.6

 

 

(2.6

)

Income (Loss) Before Income Taxes

$

(23.9

)

$

(86.7

)

$

(44.7

)

$

(81.7

)

 
Income Tax Provision

 

(0.9

)

 

0.4

 

 

(23.9

)

 

(8.7

)

Net Income (Loss)

$

(24.8

)

$

(86.3

)

$

(68.6

)

$

(90.4

)

 
Earnings (Loss) Per Share:
Basic

$

(1.24

)

$

(3.42

)

$

(3.50

)

$

(4.29

)

Diluted

$

(1.24

)

$

(3.42

)

$

(3.50

)

$

(4.29

)

 
Weighted Average and Equivalent Shares
Outstanding for EPS (in Thousands):
Basic

 

28,886

 

 

28,091

 

 

28,625

 

 

27,812

 

Diluted

 

28,886

 

 

28,091

 

 

28,625

 

 

27,812

 

 
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in Millions)
 
9/30/2024 12/31/2023
Current Assets

$

322.6

 

$

459.9

 

Property, Plant and Equipment, net

 

355.7

 

 

398.6

 

Intangibles and Other Assets

 

101.3

 

 

131.5

 

Derivative Financial Instruments

 

22.0

 

 

40.5

 

Total Assets

$

801.7

 

$

1,030.6

 

 
Current Liabilities

$

219.5

 

$

198.9

 

Long-Term Liabilities

 

537.0

 

 

668.4

 

Redeemable Preferred Shares

 

276.5

 

 

248.2

 

European Non-controlling Redeemable Equity

 

0.5

 

 

0.9

 

Shareholders’ Equity (Deficit)

 

(231.8

)

 

(85.9

)

Total Liabilities and Shareholders’ Equity (Deficit)

$

801.7

 

$

1,030.6

 

SUPERIOR INDUSTRIES INTERNATIONAL, INC.
Consolidated Statements of Cash Flows (Unaudited)
(Dollars in Millions)
 
Three Months Nine Months

 

3Q 2024

 

 

3Q 2023

 

YTD 2024 YTD 2023
Net Income (Loss)

$

(24.8

)

$

(86.3

)

$

(68.6

)

$

(90.4

)

Depreciation and Amortization

 

21.7

 

 

23.6

 

 

65.5

 

 

69.9

 

Income tax, Non-cash Changes

 

(2.4

)

 

(2.1

)

 

16.3

 

 

9.3

 

Stock-based Compensation

 

2.0

 

 

1.4

 

 

6.1

 

 

4.4

 

Amortization of Debt Issuance Costs

 

1.6

 

 

1.2

 

 

4.0

 

 

3.6

 

Loss on Deconsolidation of Subsidiary

 

-

 

 

79.6

 

 

-

 

 

79.6

 

Loss on Extinguishment of Debt

 

13.1

 

 

-

 

 

13.1

 

 

-

 

Other Non-cash Items

 

(6.1

)

 

(4.7

)

 

(9.0

)

 

(4.7

)

Changes in Operating Assets and Liabilities:
Accounts Receivable

 

(25.8

)

 

(13.1

)

 

(54.4

)

 

(38.0

)

Inventories

 

3.6

 

 

(9.6

)

 

(2.7

)

 

(8.2

)

Other Assets and Liabilities

 

8.2

 

 

11.9

 

 

6.3

 

 

12.7

 

Accounts Payable

 

5.2

 

 

7.7

 

 

21.4

 

 

(5.1

)

Income Taxes

 

0.4

 

 

(0.6

)

 

(5.7

)

 

(12.9

)

Net Cash Provided (Used) By Operating Activities

$

(3.3

)

$

8.9

 

$

(7.9

)

$

20.1

 

 
Capital Expenditures

 

(6.1

)

 

(7.7

)

 

(21.0

)

 

(29.5

)

Deconsolidation of Subsidiary Cash

 

-

 

 

(4.4

)

 

-

 

 

(4.4

)

Net Cash Provided (Used) By Investing Activities

$

(6.1

)

$

(12.2

)

$

(21.0

)

$

(33.9

)

 
Proceeds from the Issuance of Long-term Debt

 

337.3

 

 

-

 

 

337.3

 

 

-

 

Repayments of Debt

 

(463.5

)

 

(1.6

)

 

(466.3

)

 

(14.0

)

Proceeds from Borrowings on Revolving Credit Facility

 

28.0

 

 

-

 

 

28.0

 

 

-

 

Repayments of Borrowings on Revolving Credit Facility

 

(28.0

)

 

-

 

 

(28.0

)

 

-

 

Cash Dividends Paid

 

-

 

 

(0.1

)

 

(3.4

)

 

(6.8

)

Financing Costs Paid and Other

 

(8.7

)

 

(0.1

)

 

(9.0

)

 

(0.1

)

Redemption Premium Paid on Term Loan Repayment

 

(3.7

)

 

-

 

 

(3.7

)

 

-

 

Payments Related to Tax Withholdings for Stock-Based Compensation

 

-

 

 

-

 

 

(1.3

)

 

(3.3

)

Finance Lease Payments

 

(0.2

)

 

-

 

 

(0.5

)

 

(0.6

)

Net Cash Flow Provided (Used) By Financing Activities

$

(138.7

)

$

(1.8

)

$

(146.8

)

$

(24.8

)

 
Effect of Exchange Rate on Cash

 

0.2

 

 

0.4

 

 

(1.7

)

 

2.1

 

Net Change in Cash

$

(148.0

)

$

(4.6

)

$

(177.3

)

$

(36.5

)

 
Cash - Beginning

 

172.3

 

 

181.1

 

 

201.6

 

 

213.0

 

Cash - Ending

$

24.3

 

$

176.5

 

$

24.3

 

$

176.5

 

SUPERIOR INDUSTRIES INTERNATIONAL, INC.
Earnings Per Share Calculation (Unaudited)
(Dollars and Outstanding Shares in Millions, Except Per Share Amounts)
 
Three Months Nine Months

 

3Q 2024

 

 

3Q 2023

 

YTD 2024 YTD 2023
 
Net Income (Loss) Attributable to Common Shareholders

$

(24.8

)

$

(86.3

)

$

(68.6

)

$

(90.4

)

Redeemable Preferred Stock Dividends and Accretion

 

(11.1

)

 

(9.9

)

 

(31.6

)

 

(28.9

)

Basic Numerator

$

(35.9

)

$

(96.2

)

$

(100.2

)

$

(119.2

)

 
Weighted Avg. Shares Outstanding - Basic

 

28.9

 

 

28.1

 

 

28.6

 

 

27.8

 

Dilutive Effect of Common Share Equivalents

 

-

 

 

-

 

 

-

 

 

-

 

Weighted Avg. Shares Outstanding - Diluted

 

28.9

 

 

28.1

 

 

28.6

 

 

27.8

 

 
Basic Earnings (Loss) Per Share(1)

$

(1.24

)

$

(3.42

)

$

(3.50

)

$

(4.29

)

Diluted Earnings (Loss) Per Share(1)

$

(1.24

)

$

(3.42

)

$

(3.50

)

$

(4.29

)

 
 
(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 September 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 Nine Months Trailing Twelve Months Twelve Months Three Months

 

3Q 2024

 

 

 

3Q 2023

 

 

YTD 2024

 

YTD 2023

 

 

3Q 2024

 

 

 

3Q 2023

 

 

YTD 2019

 

 

3Q 2023

 

Net Sales

$

321.8

 

$

323.1

 

$

957.0

 

$

1,076.6

 

$

1,265.7

 

$

1,478.7

 

$

1,372.5

 

$

15.3

 

Less: Aluminum, and Outside Service Provider Costs

 

(150.7

)

 

(147.1

)

 

(433.5

)

 

(497.7

)

 

(573.5

)

 

(681.8

)

 

(617.2

)

 

(12.6

)

Value-Added Sales (1)

$

171.0

 

$

176.0

 

$

523.5

 

$

578.9

 

$

692.2

 

$

796.9

 

$

755.3

 

$

2.7

 

Currency Impact on Current Period Value-Added Sales

 

(1.0

)

 

-

 

 

(1.0

)

 

-

 

 

(17.2

)

 

-

 

 

(31.9

)

Value-Added Sales Adjusted for Foreign Exchange (1)

$

170.0

 

$

176.0

 

$

522.5

 

$

578.9

 

$

675.0

 

$

796.9

 

$

723.4

 

Deconsolidation Impact

 

-

 

 

(2.7

)

 

-

 

 

(32.3

)

Value-Added Sales Adjusted for Foreign Exchange and Deconsolidation (1)

$

170.0

 

$

173.3

 

$

522.5

 

$

546.6

 

 
Wheels Shipped

 

3,381

 

 

3,428

 

 

10,473

 

 

11,067

 

 

13,968

 

 

14,794

 

 

19,246

 

Content per Wheel (1) (3)

$

50.29

 

$

51.34

 

$

49.89

 

$

52.31

 

$

48.33

 

$

53.87

 

$

37.59

 

SPG (2)
Adjusted EBITDA (1) Three Months Nine Months Three Months

 

3Q 2024

 

 

 

3Q 2023

 

 

YTD 2024

 

YTD 2023

 

 

3Q 2023

 

Net Income (Loss)

$

(24.8

)

$

(86.3

)

$

(68.6

)

$

(90.4

)

$

(9.7

)

Adjusting Items:
- Interest Expense, net

 

17.9

 

 

15.7

 

 

49.6

 

 

47.1

 

 

0.4

 

- Income Tax Provision (Benefit)

 

0.9

 

 

-0.4

 

 

23.9

 

 

8.7

 

 

0.9

 

- Depreciation

 

16.8

 

 

18.7

 

 

50.9

 

 

55.3

 

 

1.3

 

- Amortization

 

4.9

 

 

4.9

 

 

14.7

 

 

14.6

 

 

-

 

- Factoring Fees

 

1.9

 

 

0.8

 

 

4.2

 

 

2.8

 

 

-

 

- Loss on Extinguishment of Debt and Other Refinancing Costs

 

17.3

 

 

0

 

 

18.8

 

 

0

 

 

-

 

- Loss on Deconsolidation of Subsidiary

 

-

 

 

79.6

 

 

-

 

 

79.6

 

 

-

 

- Restructuring and Restructuring Related Costs

 

6.2

 

 

5.6

 

 

18.5

 

 

18.4

 

 

-

 

- Change in Fair Value of Embedded Debt Derivative Liability

 

(0.3

)

 

-

 

 

(0.3

)

 

-

 

 

-

 

$

65.6

 

$

124.9

 

$

180.3

 

$

226.5

 

$

2.6

 

Adjusted EBITDA (1)

$

40.8

 

$

38.6

 

$

111.6

 

$

136.1

 

$

(7.0

)

 
 
(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 September 30, 2023.
(3) Content per wheel is stated in currency rates prevailing in the corresponding periods of 2023.
Free Cash Flow (1) Three Months Nine Months

 

3Q 2024

 

 

3Q 2023

 

YTD 2024 YTD 2023
Net Cash Provided (Used) By Operating Activities

$

(3.3

)

$

8.9

 

$

(7.9

)

$

20.1

 

Net Cash Provided (Used) By Investing Activities

 

(6.1

)

 

(12.2

)

 

(21.0

)

 

(33.9

)

Cash Payments for Non-debt Financing Activities

 

-

 

 

(0.1

)

 

(4.7

)

 

(10.1

)

Free Cash Flow (1)

$

(9.4

)

$

(3.4

)

$

(33.6

)

$

(23.9

)

 
Unlevered Free Cash Flow (1) Three Months Nine Months

 

3Q 2024

 

 

3Q 2023

 

YTD 2024 YTD 2023
Net Cash Provided (Used) By Operating Activities

$

(3.3

)

$

8.9

 

$

(7.9

)

$

20.1

 

Capital Expenditures

 

(6.1

)

 

(7.7

)

 

(21.0

)

 

(29.5

)

Refinancing Costs

 

4.2

 

 

-

 

 

5.7

 

 

-

 

Cash Interest Paid, Net of Interest Income

 

14.0

 

 

11.1

 

 

42.6

 

 

39.3

 

Unlevered Free Cash Flow (1)

$

8.8

 

$

12.3

 

$

19.4

 

$

29.9

 

Net Debt (1) (2) 9/30/2024 9/30/2023
Long Term Debt (Less Current Portion)

$

515.2

 

$

623.1

 

Short Term Debt

 

5.8

 

 

6.7

 

Total Debt

 

521.0

 

 

629.8

 

Less: Cash and Cash Equivalents

 

(24.3

)

 

(176.5

)

Net Debt (1)

 

496.7

 

 

453.3

 

 
(1) Net Debt, Free Cash Flow, and Unlevered Free Cash Flow are non-GAAP financial measures; see page 4 for definitions.
(2) Excluding Debt Issuance Cost

 

Superior Investor Relations

(248) 234-7104

Investor.Relations@supind.com

Source: Superior Industries International, Inc.

FAQ

What were Superior Industries' Q3 2024 net sales?

Superior Industries reported Q3 2024 net sales of $322 million.

What was Superior Industries' net loss in Q3 2024?

Superior Industries reported a net loss of $25 million in Q3 2024.

How did Superior Industries' Adjusted EBITDA perform in Q3 2024?

Superior Industries' Adjusted EBITDA was $41 million, a 24% margin, up 200 bps YoY.

What was the impact of debt refinancing on Superior Industries' Q3 2024 results?

Superior Industries completed a $520 million debt refinancing but incurred a $13 million loss related to debt extinguishment.

What is Superior Industries' updated 2024 outlook?

Superior Industries revised its 2024 outlook with Net Sales of $1.25-$1.33 billion, Adjusted EBITDA of $146-$154 million, and Unlevered Free Cash Flow of $50-$80 million.

Superior Industries International, Inc.

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