Superior Industries International, Inc. Appoints Michael Bruynesteyn to its Board of Directors
Nov 3 15
Superior Industries International, Inc. announced the appointment of Michael Bruynesteyn to its Board of Directors, effective immediately. Mr. Bruynesteyn’s appointment increases the size of the Board to eight directors, seven of whom are independent. Mr. Bruynesteyn currently serves as Treasurer and Vice President of Strategic Finance at Turner Construction. Mr. Bruynesteyn has over twenty years of finance experience largely focused on the automotive industry in a variety of global senior roles spanning corporate finance, investment banking and equity research. He brings to the Board of Directors knowledge of and experience with strategic initiatives, capital allocation and investor relations. He has also served, since 2013, as a member of the Advisory Board of Levant Power Corporation. Prior to joining Turner Construction, Mr. Bruynesteyn served from 2008 to 2012 as Managing Director at the investment banking firm Strauss Capital Partners where he provided advice to companies on private placements, debt restructuring and asset sales. From 2006 to 2008, he was a Managing Director in a proprietary investment group within Lehman Brothers. From 1998 to 2006, he was a Senior Equity Research Analyst at Prudential Equity Group Prior to his roles in financial services, Mr. Bruynesteyn spent seven years at General Motors where he held various domestic and international positions in finance.
Superior Industries International, Inc. Announces Unaudited Consolidated Earnings Results for Third Quarter and Nine Months Ended Sept. 27, 2015; Revised Earnings Guidance for the Full Year of 2015
Nov 3 15
Superior Industries International, Inc. announced unaudited consolidated earnings results for third quarter and nine months ended Sept. 27, 2015. For the quarter, the company reported net sales of $175,656,000, income from operations of $8,059,000, income before income taxes of $7,615,000, net income of $4,946,000 or 0.19 or per diluted share, adjusted EBITDA of $17,094,000 compared to the net sales of $176,419,000, loss from operations of $2,637,000, loss before income taxes of $2,740,000, net loss of $2,419,000 or 0.09 or per diluted share, adjusted EBITDA of $9,559,000 for the same quarter a year ago. Operating cash flow improved to $14 million this quarter compared to $4.2 million for the same period last year.
For the year to date, the company reported net sales of $533,325,000, income from operations of $22,768,000, income before income taxes of $21,922,000, net income of $15,814,000 or 0.59 or per diluted share, adjusted EBITDA of $50,771,000 compared to the net sales of $558,775,000, income from operations of $13,510,000, income before income taxes of $13,981,000, net income of $7,442,000 or 0.27 or per diluted share, adjusted EBITDA of $40,015,000 for the same period a year ago. Operating cash flow, on a year-to-date basis, the company generated $39.1 million of cash compared to $5.7 million in the same period last year.
For the full year of 2015, the company has raised its previously issued guidance value-added sales and reported and adjusted EBITDA margin, while adjusting its previously issued guidance for net sales to reflect lower than expected aluminum prices. The Company’s guidance for full year 2015 capital expenditures and working capital has remained in line with previously issued projections. The company expects net sales to be in the range of $715 million to $740 million and EBITDA margin to increase by 250 to 275 basis points. Adjusted EBITDA margin as a percentage of value-added sales is expected to increase by 500 to 520 basis points. Capital expenditures for 2015 are expected to be at or slightly above $40 million, significantly lower than the prior year when the Company was investing in the completion of its new manufacturing plant in Mexico.
Superior Industries International, Inc. to Report Q3, 2015 Results on Nov 03, 2015
Oct 21 15
Superior Industries International, Inc. announced that they will report Q3, 2015 results at 8:30 AM, US Eastern Standard Time on Nov 03, 2015