February 18, 1997
Superior Industries International posted a 4% rise in net income in its fourth quarter, despite a 5% decline in sales. The Van Nuys-based maker of car wheels had net income of $12.9 million in the quarter that ended Dec. 31, compared to net income of $12.4 million a year earlier. Sales in the latest quarter were $124.8 million, down from $131.7 million in the same period a year earlier. The company said part of its results reflected the impact of a General Motors strike during the quarter.
December 17, 1996
Superior Industries International Inc. said that German auto maker Audi has awarded a big contract of aluminum car wheels to Superior's joint venture company in Hungary. Superior Industries, based in Van Nuys, is a major supplier of aluminum car wheels to American and Japanese car companies. But it has also set up SOUFTEC, a joint venture that operates in Hungary with its German partner, Otto Fuchs Metallwerke.
October 15, 1996
Superior Industries International Inc., a Van Nuys manufacturer of aluminum auto wheels, reported a 38% jump in its third-quarter earnings despite a two-week closure of its plant due to Ford Motor factory closings. In the three months ended Sept. 30, Superior earned $11.4 million, up from net income of $8.29 million a year earlier. Its sales grew 6%, to $120.4 million from $113.2 million. For the nine-month period, Superior reported that its profit fell 17%, to $34 million from $40.
March 26, 1996
Superior Industries International Inc., a Van Nuys supplier of aluminum auto wheels, said its first-quarter earnings would be about 25% below analysts' expectations because of the General Motors strike that was settled earlier this month. The company said the strike forced it to curtail production at two of its largest facilities, in Kansas and Tennessee. General Motors accounts for 45% of Superior's shipments to auto manufacturers.
December 19, 1995 |
A class-action shareholder lawsuit has been filed against Superior Industries International Inc., accusing the Van Nuys auto wheel manufacturer of fraudulently manipulating its stock price. The complaint, filed in U.S. District Court in Los Angeles earlier this month by shareholder Barry L. May, states that the company and its executives made "false and misleading statements" about Superior's business and profit potential in order to artificially inflate its stock price.
September 26, 1995
Superior Industries International Inc. has reinstated a stock repurchase plan so the company may buy back up to 1 million shares of its common stock. The Van Nuys-based company manufactures aluminum wheels for the Big Three auto makers and various European and Japanese car companies. A stock repurchase plan is often used by companies in hopes of driving up the price of its stock by shrinking the number of shares available on the open market. The company has 29.
September 12, 1995
Superior Industries Inc., a Van Nuys maker of aluminum car wheels, said it expects third-quarter net income to fall about 25% to roughly $9 million from $12.6 million in the same quarter last year. Sales are expected to be about $115 million for the quarter, up 7% from last year, but due to an increase in aluminum prices. The price of Superior's shares fell as much as 15% on the news.
August 1, 1995
Superior Industries International Inc., a Van Nuys-based maker of automobile wheels, said it plans to build a new manufacturing plant in Tatabanya, Hungary, to serve the European automotive market. Superior said it has signed a contract to purchase 1 million square feet of land in Tatabanya, where the company and its joint venture partner, Otto Fuchs Metallwerke of Germany, will produce cast and forged wheels. Louis L.
February 28, 1995
Superior Industries International Inc. said it has signed an agreement for a joint venture with German-based Otto Fuchs Metallwerke to construct a plant in Europe for the production of lightweight forged and low-pressure cast aluminum wheels for the automotive industry. Louis L. Borick, president of Superior, said initial plans call for the joint venture to produce up to 2 million wheels per year.