Superior Industries(US:SUP)2024-11-07 11:30Financial Performance - Net Sales for Q3 2024 were $322 million, a slight decrease from $323 million in Q3 2023[4] - Value-Added Sales for Q3 2024 were $171 million, down from $176 million in the prior year[2] - Adjusted EBITDA for Q3 2024 was $41 million, representing a 24% margin, up from $39 million and 22% margin YoY[8] - The Company reported a Net Loss of $25 million for Q3 2024, an improvement from a Net Loss of $86 million in Q3 2023[7] - Gross profit for Q3 2024 increased to $28.6 million, representing a gross margin of 8.9%, compared to $25.3 million and 7.8% in Q3 2023[24] - Basic and diluted earnings per share for Q3 2024 were both $(1.24), compared to $(3.42) in Q3 2023[27] - The company reported a net loss of $24.8 million in Q3 2024, an improvement from a net loss of $86.3 million in Q3 2023[24] - Free cash flow for Q3 2024 was $(9.4) million, worsening from $(3.4) million in Q3 2023, with YTD free cash flow at $(33.6) million compared to $(23.9) million in YTD 2023[30] Debt and Capital Structure - Total Debt as of September 30, 2024, was $521 million, reduced from $630 million a year earlier[11] - The Company successfully completed debt refinancing, attracting $520 million in new capital[2] - Net debt as of September 30, 2024, was $496.7 million, a decrease from $623.1 million on September 30, 2023, while total debt decreased to $521.0 million from $629.8 million[31] - The company raised $337.3 million through the issuance of long-term debt in Q3 2024[26] - Shareholders' equity deficit increased to $(231.8) million as of September 30, 2024, compared to $(85.9) million at the end of 2023[25] Sales and Production - Full-year 2024 Net Sales outlook is adjusted to $1.25 - $1.33 billion, reflecting lower aluminum costs and production volumes[12] - Net sales for Q3 2024 were $321.8 million, a slight decrease of 0.4% compared to $323.1 million in Q3 2023[24] - Net sales for Q3 2024 were $321.8 million, a slight decrease from $323.1 million in Q3 2023, while year-to-date (YTD) sales were $957.0 million compared to $1,076.6 million in the same period last year[29] - Value-added sales for Q3 2024 were $171.0 million, down from $176.0 million in Q3 2023, with YTD value-added sales at $523.5 million compared to $578.9 million in YTD 2023[29] - Wheels shipped in YTD 2024 totaled 1,047 thousand, down from 1,106 thousand in YTD 2023[29] Expenses and Cash Flow - Unlevered Free Cash Flow for Q3 2024 was $9 million, a decrease of $3 million compared to the prior year[10] - SG&A expenses increased to $24 million in Q3 2024, up from $17 million in the prior year, primarily due to refinancing costs[5] - The company experienced a net cash outflow from operating activities of $(3.3) million in Q3 2024, compared to a cash inflow of $8.9 million in Q3 2023[26] - Capital expenditures for Q3 2024 were $(6.1) million, down from $(7.7) million in Q3 2023[26] - Capital expenditures for YTD 2024 were $21.0 million, down from $29.5 million in YTD 2023[30] Asset Management - Total assets decreased to $801.7 million as of September 30, 2024, down from $1,030.6 million at the end of 2023[25] - Current liabilities increased to $219.5 million from $198.9 million at the end of 2023[25] Foreign Exchange Impact - The impact of foreign exchange on value-added sales was $(1.0) million in Q3 2024, with a total impact of $(17.2) million for the trailing twelve months[29] Other Impacts - The company experienced a deconsolidation impact of $(2.7) million in Q3 2023, with a total impact of $(32.3) million in YTD 2023[29]