Superior Industries (SUP) Misses Q4 EPS by 8c, Revenues Beat; Offers FY21 Revenue Guidance

Superior Industries (NYSE: SUP) reported Q4 EPS of ($0.19), $0.08 worse than the analyst estimate of ($0.11). Revenue for the quarter came in at $338 million versus the consensus estimate of $313.99 million.

Fourth Quarter Financial Highlights:

• Q4 net sales of $338M; Value-Added Sales1 of $202M, a 12%2 increase YoY
• Q4 portfolio delivered 12% Content per Wheel1 growth and growth over market of 11%2
• Q4 net loss of $21M; Adjusted EBITDA1 increased 25% YoY to $47M
• Reduced funded debt to $643M and Net Debt1 to $491M; $28M reduction in Q4
• FY 2020 cash from operations of $150M; Free Cash Flow1 increased 10% YoY to $87M

“2020 proved to be an inflection point for Superior. Despite the immense operational challenges due to the pandemic, we remained committed to executing on our key initiatives while following our COVID-19 playbook. During the year we delivered substantial cash flow, operating performance improvement, and enhanced margins after the COVID-19-related shutdowns. We captured tailwinds from the portfolio shift towards premium, larger diameter wheels, which supported our growth above market in 2020. Further, we realized the benefits of the structural cost improvements and working capital initiatives implemented throughout the year, leading to the second consecutive year of substantial Free Cash Flow1 generation,” commented Majdi Abulaban, President and Chief Executive Officer of Superior.

Mr. Abulaban continued, “Overall, I am pleased with our results and our progress in achieving our long-term value-creation initiatives. We look forward to continuing this momentum throughout 2021 as we leverage our differentiated technology portfolio to further position Superior for growth and deliver value to our shareholders, customers, and other stakeholders.”

GUIDANCE:

Superior Industries sees FY2021 revenue of $1.3-1.37 billion, versus the consensus of $1.32 billion.

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

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