Superior Industries International, Inc. (SUP) has reported a 3.70 percent fall in profit for the quarter ended Dec. 25, 2016. The company has earned $7.80 million, or $0.31 a share in the quarter, compared with $8.10 million, or $0.31 a share for the same period last year.
Revenue during the quarter dropped 3.24 percent to $188.30 million from $194.60 million in the previous year period. Gross margin for the quarter contracted 257 basis points over the previous year period to 9.56 percent. Total expenses were 94.11 percent of quarterly revenues, up from 93.06 percent for the same period last year. That has resulted in a contraction of 104 basis points in operating margin to 5.89 percent.
Operating income for the quarter was $11.10 million, compared with $13.50 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $18.70 million compared with $25.30 million in the prior year period. At the same time, adjusted EBITDA margin contracted 307 basis points in the quarter to 9.93 percent from 13 percent in the last year period.
Don Stebbins, President and Chief Executive Officer, commented, “In 2016 we delivered significantly improved financial performance compared to 2015 including an 80.0% increase in earnings per share. I would like to thank our employees for their dedication and hard work throughout the year which led to this achievement. Entering 2017, I am confident we can deliver stronger results.
For financial year 2017, Superior Industries International, Inc. projects revenue to be in the range of $730 million to $750 million.
Working capital decreases marginally
Superior Industries International, Inc. has witnessed a decline in the working capital over the last year. It stood at $168.10 million as at Dec. 25, 2016, down 2.24 percent or $3.86 million from $171.96 million on Dec. 27, 2015. Current ratio was at 2.95 as on Dec. 25, 2016, down from 3.33 on Dec. 27, 2015.
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