Superior Industries(US:SUP)2024-05-02 11:56Financial Performance - Net Sales for Q1 2024 were $316.3 million, down 17% from $381.0 million in Q1 2023[3] - Value-Added Sales Adjusted for FX and Deconsolidation were $171 million, a decrease of 6% year-over-year from $182 million[5] - Adjusted EBITDA for Q1 2024 was $31 million, representing 18% of Value-Added Sales, compared to $46 million or 22% in Q1 2023[12] - The Company reported a Net Loss of $33 million, or Loss per Diluted Share of $1.52, compared to a Net Loss of $4 million or Loss per Diluted Share of $0.49 in Q1 2023[11] - Gross Profit for Q1 2024 was $21 million, down from $35 million in Q1 2023, attributed to restructuring costs and lower unit shipments[7] - The company reported a net loss of $32.7 million for Q1 2024, compared to a net loss of $4.0 million in Q1 2023, indicating a significant decline in profitability[29] - Net sales decreased to $316.3 million in Q1 2024 from $381.0 million in Q1 2023, reflecting a year-over-year decline of approximately 17.0%[31] - Value-added sales for Q1 2024 were $172.2 million, down from $202.7 million in Q1 2023, representing a decrease of about 15.0%[31] - Basic loss per share for Q1 2024 was $(1.52), compared to $(0.49) in Q1 2023, indicating a worsening of earnings per share[30] Cash Flow and Debt - Cash Flow Provided by Operating Activities was $4 million, down from $39 million in Q1 2023[13] - Cash flow provided by operating activities was $3.5 million in Q1 2024, a significant drop from $38.7 million in Q1 2023[32] - The company reported a free cash flow of $(7.5) million for Q1 2024, compared to $16.5 million in Q1 2023, highlighting a negative cash flow trend[32] - As of March 31, 2024, funded debt was $630 million, compared to $650 million a year earlier[14] - Total debt as of March 31, 2024, was $630.2 million, down from $649.8 million a year earlier, indicating a reduction in leverage[32] - The company's net debt increased to $439.1 million as of March 31, 2024, compared to $421.2 million in the same period last year, reflecting a rise in net indebtedness[32] - The company experienced a currency impact on net debt of $2.5 million, adjusting the net debt for foreign exchange fluctuations[32] Outlook - The full year 2024 Outlook projects Net Sales between $1.38 billion and $1.48 billion[15] - The Company expects to generate approximately $190 million of Adjusted EBITDA on unit sales of just over 15 million by the end of 2024[3] Expenses - SG&A expenses increased to $21 million in Q1 2024 from $19 million in the prior year, primarily due to restructuring costs[8] - The company shipped 3,623 wheels in Q1 2024, a decrease from 3,858 wheels shipped in Q1 2023, marking a decline of approximately 6.1%[31]