March 7, 2014 – 12:52 pm ET
Aluminum wheel supplier Superior Industries Worldwide these days said net revenue rose to $ 6.4 million in the 4th quarter, up from $ 2.7 million in the year-earlier period. Net earnings for the year fell to $ 22.8 million from $ thirty.9 million.
In a statement, Superior stated that net cash flow for the duration of the 4th quarter was affected by a $ 6 million earnings tax swing, up from a $ 2.8 million tax hit in 2012.
Net income fell 8 percent to $ 192.5 million in the quarter compared with the 12 months-ago period. Superior said the decline reflected diminished unit revenue volume and lowered average income costs driven by decrease overall aluminum costs.
On a per-share basis, the firm generated net income of 23 cents a share during the quarter, up from 10 cents a share in the yr-earlier period.
Operating earnings rose 55 percent to $ eleven.9 million, up from $ 5.3 million in 4th quarter 2012.
Net sales for the yr slipped 4 percent to $ 789.6 million.
The firm recently announced CEO Steven Borick will retire on March 31, and that the board of directors continues to look for his substitute.
Superior ranks No. 66 on the Automotive News record of the best 100 North American suppliers, with sales to automakers of $ 822 million in 2012.