Accuride Corp. (ACW) Tops Q1 EPS by 11c, Guides Higher; Shares Ramp 10%

Accuride Corp. (NYSE: ACW) is up 10% in early trade after the company reported better-than-expected Q1 results and stronger guidance.

The company reported Q1 EPS of $0.11, $0.11 better than the analyst estimate of $0.00. Revenue for the quarter came in at $181.6 million versus the consensus estimate of $180.93 million.

The company is also increasing its 2014 guidance range for 2014 net sales to $675 million to $700 million and increasing full-year Adjusted EBITDA guidance range by $10 million to $70 million to $80 million, due primarily to the impact of expected increase in net sales and business unit operating improvements.

Commenting on Accuride's second quarter results and business conditions, President and CEO Rick Dauch said, "We are pleased with our overall results for the quarter, which again demonstrated the return on our strategic investments to 'Fix & Grow' Accuride in anticipation of the commercial vehicle industry recovery now underway. Equipment orders were higher each month this quarter over the prior year, extending backlogs and filling build schedules in the segments we serve, while freight demand and the aftermarket stayed healthy. As the industry outlook solidified this quarter, so did Accuride's profit-generation power. We doubled operating income, aiding further expansion of net income and Adjusted EBITDA margins. Accuride was net income positive on a year-to-date basis through June for the first time since the onset of the industry recession in 2007. Wheels and, particularly, Gunite saw continued incremental margin expansion in the quarter due to reduced costs and improved operating efficiency."

For earnings history and earnings-related data on Accuride Corp. (ACW) click here.

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