Still lost money with a 31% increase in revenue with sales over $400 million.
It’s bonus time! Shameful.
Wheel supplier Superior Industries International Inc. reported an improved third quarter Thursday, with an increase in revenue but still a small net loss.
The Southfield, Mich., company’s net loss improved to $400,000 compared with a deficit of $7.2 million a year earlier.
Net sales rose about 31 percent to $406 million. Superior credited aluminum cost pass-throughs to customers as the primary driver of the increase — the same reasoning given for improved sales in the second quarter.
The company also said its “local for local” footprint has been instrumental in driving new business.
“We believe that we are poised for continued profitable growth as light vehicle production recovers further,” CEO Majdi Abulaban said in a statement. “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.”
The company decreased its total debt by 2.7 percent, or $16 million, since June 30. The company’s net debt, which decreased 3.2 percent from June to $456 million, is at its lowest level since 2017, the company said.