Superior Industries(SUP) - 2024 Q4 - Annual Results

Financial Performance - Full Year 2024 Net Sales were $1,267 million, a decrease of 8.5$1,385 million in 2023[7] - Fourth Quarter 2024 Net Sales were $310 million, slightly up from$309 million in the prior year period[15] - Full Year 2024 Value-Added Sales were $691 million, down from$747.6 million in 2023[4] - Full Year 2024 Net Loss was $78 million, compared to a Net Loss of$93 million in 2023[11] - Net sales for Q4 2024 were $310.3 million, a slight increase from$308.7 million in Q4 2023, while year-to-date (YTD) sales decreased to $1,267.3 million from$1,385.3 million in the previous year[36] - Value-Added Sales for Q4 2024 were $167.9 million, down from$174.3 million in Q4 2023, with YTD Value-Added Sales at $690.4 million compared to$720.9 million in 2023[43] - Net Income for Q4 2024 was a loss of $9.6 million, compared to a loss of$2.5 million in Q4 2023, with YTD Net Income at a loss of $78.2 million compared to a loss of$92.9 million in 2023[43] EBITDA and Cash Flow - Adjusted EBITDA for Full Year 2024 was $146 million, representing a 21$35 million, or 21% of Value-Added Sales, up from $23 million in the prior year[20] - Adjusted EBITDA for Q4 2024 was$34.7 million, up from $23.1 million in Q4 2023, maintaining a 21$55 million, a decrease of $25 million compared to the prior year[14] - Free Cash Flow for Q4 2024 was$18.9 million, down from $25.8 million in Q4 2023, with YTD Free Cash Flow at$(14.7) million compared to $1.9 million in 2023[44] - Unlevered Free Cash Flow for Q4 2024 was$36.0 million, a decrease from $50.1 million in Q4 2023, while YTD Unlevered Free Cash Flow decreased to$55.4 million from $80.0 million in 2023[44] Debt and Assets - As of December 31, 2024, Total Debt was$520 million, down from $638 million in 2023[23] - Long-term debt decreased to$481.4 million as of December 31, 2024, from $610.6 million a year earlier, indicating a reduction in financial leverage[38] - Total assets decreased to$740.1 million as of December 31, 2024, down from $1,030.6 million a year earlier, primarily due to a reduction in cash and cash equivalents[38] - Cash and cash equivalents at the end of Q4 2024 were$40.1 million, a significant decline from $201.6 million at the end of Q4 2023[39] - Total Debt as of December 31, 2024, was$519.8 million, down from $637.5 million as of December 31, 2023[44] - Net Debt as of December 31, 2024, was$479.7 million, an increase from $435.9 million as of December 31, 2023[44] Future Outlook - The 2025 Outlook projects Net Sales between$1.30 billion and $1.40 billion[24] - The 2025 Outlook for Adjusted EBITDA is between$160 million and $180 million[24] - The company anticipates challenges in future growth due to rising costs of raw materials, labor, and energy, as well as supply chain disruptions[35] - The company has not provided specific guidance for 2025 but acknowledges the impact of external factors such as the Ukraine conflict on its operations[35][33] Operational Metrics - The company shipped 3,321 wheels in Q4 2024, down from 3,495 wheels in Q4 2023, with YTD shipments at 13,794 wheels compared to 14,562 wheels in 2023[43] - Gross profit for Q4 2024 was$29.1 million, significantly up from $14.8 million in Q4 2023, with YTD gross profit at$110.5 million compared to $115.7 million in YTD 2023[36] - The company experienced a net cash outflow from operating activities of$18.3 million for YTD 2024, compared to an inflow of $64.4 million in YTD 2023[39] Currency Effects - The company reported a currency effect on Value-Added Sales of$0.2 million in Q4 2024, with a total adjustment for foreign exchange resulting in $167.9 million in Value-Added Sales[43]