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Superior Industries(SUP) - 2024 Q2 - Quarterly Results
SUPSuperior Industries(SUP)2024-08-08 10:39

Financial Performance - Net Sales for Q2 2024 were 319million,downfrom319 million, down from 373 million in Q2 2023, primarily due to lower aluminum pass-through and deconsolidation of a subsidiary[3] - Value-Added Sales for Q2 2024 were 180million,comparedto180 million, compared to 200 million in the prior year period, reflecting a decrease of 10%[2] - Adjusted EBITDA for Q2 2024 was 40million,representinga2240 million, representing a 22% margin, down from 52 million and a 26% margin in Q2 2023[5] - The company reported a Net Loss of 11millionforQ22024,comparedtoaNetLossof11 million for Q2 2024, compared to a Net Loss of 0.1 million in the prior year period[5] - Gross profit margin for Q2 2024 was 31.6%, down from 41.0% in Q2 2023, indicating a decline in profitability[17] - Basic and diluted earnings per share for Q2 2024 were both (0.75),comparedto(0.75), compared to (0.35) in Q2 2023, highlighting increased losses per share[20] - The company reported a net loss of 11.1millioninQ22024,comparedtoanetlossof11.1 million in Q2 2024, compared to a net loss of 0.1 million in Q2 2023[21] Cash Flow and Debt - Cash Flow Used by Operating Activities was 8millioninQ22024,animprovementfrom8 million in Q2 2024, an improvement from 28 million in the prior year period[6] - Unlevered Free Cash Flow for Q2 2024 was 2million,anincreaseof2 million, an increase of 18 million compared to the prior year period[6] - Total Debt as of June 30, 2024, was 627million,downfrom627 million, down from 639 million a year earlier[7] - The company is in advanced discussions to retire Senior Unsecured Notes in the coming weeks[3] - Net cash used by operating activities in Q2 2024 was (8.0)million,animprovementfrom(8.0) million, an improvement from (27.6) million in Q2 2023[19] - The company reported a net cash flow used by financing activities of (1.5)millioninQ22024,comparedto(1.5) million in Q2 2024, compared to (13.8) million in Q2 2023, indicating reduced cash outflows[19] - The company’s net debt as of June 30, 2024, was 458.3million,reflectinganincreasefrom458.3 million, reflecting an increase from 457.5 million as of June 30, 2023[22] Outlook and Projections - Full year 2024 Net Sales outlook is revised to 1.35−1.35 - 1.41 billion, reflecting lower anticipated production volumes by OEMs[10] - Adjusted EBITDA outlook for 2024 is lowered to 150−150 - 165 million due to reduced production volumes[10] - The company anticipates continued challenges in the aluminum market affecting future sales and profitability[21] Operational Metrics - Wheels shipped in Q2 2024 totaled 3,469, a decrease from 3,781 in Q2 2023, reflecting a decline of approximately 8.2% year-over-year[21] - Content per wheel in Q2 2024 was 52.21,slightlydownfrom52.21, slightly down from 52.95 in Q2 2023[21] - The impact of foreign exchange on value-added sales was a decrease of 12.0millioninQ22024comparedtothepreviousyear[21]AssetsandLiabilities−Totalassetsdecreasedto12.0 million in Q2 2024 compared to the previous year[21] Assets and Liabilities - Total assets decreased to 953.8 million as of June 30, 2024, down from 1,030.6millionattheendof2023[18]−Currentliabilitiesincreasedsignificantlyto1,030.6 million at the end of 2023[18] - Current liabilities increased significantly to 441.8 million from 198.9millionattheendof2023,indicatingpotentialliquidityconcerns[18]CapitalExpendituresandRestructuring−CapitalexpendituresforQ22024were198.9 million at the end of 2023, indicating potential liquidity concerns[18] Capital Expenditures and Restructuring - Capital expenditures for Q2 2024 were (8.2) million, compared to (6.2)millioninQ22023,reflectingincreasedinvestmentinassets[19]−TherestructuringandothercostsforYTD2024amountedto(6.2) million in Q2 2023, reflecting increased investment in assets[19] - The restructuring and other costs for YTD 2024 amounted to 13.8 million, compared to $12.8 million in YTD 2023[21]