Profit Tumbles 54% for Auto Parts Manufacturer
- Share via
Superior Industries International, stung by the slump in auto sales, said its first-quarter profit tumbled 54% from a year earlier on a 13% decline in revenue.
The Van Nuys-based producer of wheels and other automotive equipment said net income in the quarter that ended March 31 dropped to $1.7 million from $3.7 million a year earlier. Its revenue fell to $55 million from $62.9 million.
Superior noted that the auto sales slump prompted many car makers to temporarily close various plants during the quarter, slowing Superior’s sales. Superior itself temporarily closed one of its plants and shortened the work week at its other facilities to cut costs during the downturn.
Superior, citing a “moderate increase” in orders recently, said it is “cautiously optimistic about a pickup in business later in the year.”
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
