Superior Industries(SUP) - 2024 Q2 - Quarterly Results

Financial Performance - Net Sales for Q2 2024 were $319 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 $180 million, compared to $200 million in the prior year period, reflecting a decrease of 10%[2] - Adjusted EBITDA for Q2 2024 was $40 million, representing a 22% margin, down from $52 million and a 26% margin in Q2 2023[5] - The company reported a Net Loss of $11 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), compared to $(0.35) in Q2 2023, highlighting increased losses per share[20] - The company reported a net loss of $11.1 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 $8 million in Q2 2024, an improvement from $28 million in the prior year period[6] - Unlevered Free Cash Flow for Q2 2024 was $2 million, an increase of $18 million compared to the prior year period[6] - Total Debt as of June 30, 2024, was $627 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, an improvement from $(27.6) million in Q2 2023[19] - The company reported a net cash flow used by financing activities of $(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 $458.3 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 - $1.41 billion, reflecting lower anticipated production volumes by OEMs[10] - Adjusted EBITDA outlook for 2024 is lowered to $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, slightly down from $52.95 in Q2 2023[21] - The impact of foreign exchange on value-added sales was a decrease of $12.0 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 $1,030.6 million at the end of 2023[18] - Current liabilities increased significantly to $441.8 million from $198.9 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) 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]