Superior Industries Up 7% After Beating Earnings Estimates
Shares of Superior Industries (NYSE: SUP) are up 7% after the company beat earnings estimates this morning.
The company today announced net income of $67.2 million for 2011, or $2.46 per diluted share, compared with net income of $51.6 million, or $1.93 per diluted share, in 2010.
Net sales for 2011 advanced 14 percent to $822.2 million from $719.5 million in 2010, reflecting an increase in unit volume and the pass-through pricing of aluminum. Unit shipments reached 11.7 million in 2011, a 6 percent increase from 11.0 million units shipped in the prior year. Gross profit declined to $67.1 million, or 8 percent of sales, from $89.2 million, or 12 percent of sales, in 2010. Income from operations decreased to $39.8 million from $59.8 million a year ago, largely mirroring the gross profit decline.
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