Superior Industries 3Q loss narrows on cost cuts

posted: 95 DAYS 23 HOURS AGO

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VAN NUYS, Calif. -Superior Industries International Inc. said Friday its net loss narrowed in the third quarter as cost cutting moves helped offset sluggish sales.

The loss was still larger than analysts expected and company shares fell in morning trading.

The company, which supplies aluminum wheels to automakers, said it lost $12.7 million, or 48 cents per share, in the quarter ended Sept. 30. It lost $14.2 million, or 53 cents per share, in the same quarter last year.

Sales fell 32 percent to $111.4 million from $163.4 million a year ago.

Analysts surveyed by Thomson Reuters expected a smaller loss of 14 cents per share, on average. Sales were better than expected, with analysts predicting $106.8 million.

CEO Steven Borick said third-quarter sales rose 38 percent from the preceding quarter, helped by production increases at Chrysler Group LLC and General Motors Co. and by the government's Cash for Clunkers program.

"Orders with virtually all of our customers increased in the third quarter," Borick said in a statement.

He added that sales would show "moderate improvement" in the fourth quarter based on orders received so far.

Its shares fell 18 cents, or 1.3 percent, to $13.61 in morning trading. The stock has traded between $8.19 and $17 in the last 52 weeks.

2009-11-06 10:17:50