Superior Reports Third Quarter 2024 Financial Results

In This Article:

Successfully completed debt refinancing

Continued margin expansion in challenging operating environment

Third Quarter 2024 Financial Highlights:

  • Net Sales of $322M

  • Value-Added Sales1 of $171M

  • Net Loss of $25M

  • Adjusted EBITDA1 of $41M, a 24% margin2 and up 200 bps YoY

  • Cash Flow Used by Operating Activities of $3M

  • Unlevered Free Cash Flow1 of $9M

SOUTHFIELD, Mich., November 07, 2024--(BUSINESS WIRE)--Superior Industries International, Inc. ("Superior" or the "Company") (NYSE:SUP) today reported financial results for the third quarter ended September 30, 2024.

($ in millions)

Three Months

Nine Months

3Q 2024

3Q 2023

YTD 2024

YTD 2023

Net Sales

North America

$

206.2

$

194.9

$

602.9

$

614.7

Europe

115.5

128.2

354.1

462.0

Global

$

321.8

$

323.1

$

957.0

$

1,076.6

Value-Added Sales (1)

North America

$

104.7

$

100.1

$

313.5

$

310.3

Europe

66.3

75.9

210.0

268.6

Global

$

171.0

$

176.0

$

523.5

$

578.9

1 See "Non-GAAP Financial Measures" below for a definition and reconciliation to the most comparable GAAP measure.

2 Adjusted EBITDA as % of Value-Added Sales1

"Our teams executed in a challenging production environment to deliver margin expansion and Adjusted EBITDA growth this quarter. In addition, we successfully completed our debt refinancing, attracting $520 million in new capital. This refinancing significantly strengthens our balance sheet and competitive positioning, enabling us to focus on optimizing our business to drive profitable growth," commented Majdi Abulaban, President and Chief Executive Officer of Superior.

"We are adjusting our full-year outlook as production amongst key customers has softened more than expected in the second half of the year. Amidst these headwinds, we are working to align costs with the current production environment," Mr. Abulaban continued. "That said, we are gaining momentum with global customers through our differentiated portfolio and low-cost production footprint and remain well-positioned to generate long-term value for all stakeholders."

Third Quarter 2024 Results

Net Sales for the third quarter of 2024 were $322 million, compared to Net Sales of $323 million in the prior year period. Value-Added Sales Adjusted for Foreign Exchange and Deconsolidation, a Non-GAAP financial measure, was $170 million for the third quarter 2024, compared to $173 million in the prior year period. See "Non-GAAP Financial Measures" below and the reconciliation of consolidated Net Sales to Value-Added Sales and Value-Added Sales Adjusted for Foreign Exchange and Deconsolidation in this press release.

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