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Superior Industries' Earnings Below Forecast

April 06, 2001|Bloomberg News

Superior Industries International Inc., the No. 2 maker of wheels for cars and light trucks, said its first-quarter net income was less than forecast because of higher energy costs. The Van Nuys company said net income was 61 cents a share, or 2 cents less than the average estimate in a First Call/Thomson Financial poll of analysts. Included in the results is the write-off of about $3 million in costs from a new aluminum business and new wheel facility in Chihuahua, Mexico, spokesman Neil Berkman said. Orders, shipments and revenue met the company's expectations in the quarter. Higher energy prices increased costs and reduced the firm's gross margin by about $3.8 million, or 10 cents a share, the company said. Superior plans to report earnings April 19. California businesses have struggled with higher energy prices and the threat of blackouts as demand outstrips supply in the region. Superior Industries' customers include General Motors Corp., Ford Motor Co. and Toyota Motor Corp. Shares rose $1.31 to close at $35.25 on the New York Stock Exchange. They have climbed 12% this year.

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