Superior Industries (SUP) Reports Q1 Revenues Miss

Superior Industries (NYSE: SUP) reported Q1 revenue for the quarter came in at $301.1 million versus the consensus estimate of $314.79 million.

“In the first quarter, we made progress on various key metrics of our value creation roadmap. Our efforts to enhance operating performance in North America by reducing structural costs, rationalizing our footprint, expanding our product portfolio, and correcting troubled product lines, among other activities, delivered significant improvement in the region. Overall, despite substantial declines in volume related to COVID-19, we delivered margin(4) improvement year-over-year while leveraging the secular trends towards higher content wheels,” commented Majdi Abulaban, President and Chief Executive Officer of Superior.

“As the COVID-19 crisis took shape late in the quarter, we immediately took aggressive actions to ensure the health and safety of our employees, align costs to the substantial decline in OEM production, and enhance our cash and liquidity position. As production resumes, we are working closely with customers and suppliers to efficiently manage the restart and ramp-up to ensure successful execution of this process. Our focus has been and remains on the safety of our employees, delivering quality to our customers, and managing our cash flow and liquidity.”

For earnings history and earnings-related data on Superior Industries (SUP) click here.

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