Superior Industries’ Profit to Miss Forecasts
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Superior Industries International Inc. said second-quarter net income will be lower than analysts’ forecasts because of Ford Motor Co. production cuts and higher energy costs.
The Van Nuys-based maker of aluminum wheels and other auto parts projected earnings of 50 to 52 cents a share for the second quarter, with revenue of $155 million to $160 million. Analysts on average had expected earnings of 63 cents a share.
Analysts had predicted that Superior’s results, along with those of several other auto suppliers dependent on Ford, could get hit by Ford’s decision to cut production by 60,000 units. The production cuts include at least 32,000 of Ford’s Ranger and best-selling Explorer sport-utility models.
Shares rose 68 cents to close at $40.50 on the New York Stock Exchange. The warning came after the close of markets.
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