Superior Industries International Inc. said its losses deepened in the third quarter, as struggling car makers including Ford and GM cut back their demand for the company's aluminum wheels.
The company posted a quarterly loss of $7.7 million, or 29 cents per share, compared with a year-ago loss of $133,000, or break-even on a per-share basis.
Losses from continuing operations - which include about $3.4 million in start up expenses related to its Mexico plant, and asset impairment charges of roughly $4.4 million - totaled $8.8 million, or 33 cents per share, compared with a year-ago profit of $1.7 million, or 7 cents per share.
Sales slipped 2 percent to $174.3 million from $178.3 million a year ago. At $178 million, the company's cost of sales outweighed revenue in the quarter.
Analysts forecast a more modest loss of 13 cents per share and stronger sales of $187.8 million, according to a Thomson Financial poll.
"Superior's restructuring continues - an effort made increasingly urgent by the recent production cuts announced by the Big 3 automakers," said President and Chief Executive Steven Borick, in a statement. "They were especially severe in Superior's important light trucks and SUV platforms in the third quarter."
The company has shed its suspension components business, closed one factory and scaled back output at others as it adjusts to the drastic production cuts by Ford Motor Co., General Motors Corp. and DaimlerChrysler AG. Superior said that in the third quarter it had the lowest quarterly unit shipment levels it's seen since 1998.
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