Exhibit 99.1
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Superior Industries Reports Preliminary Financial Results for Third Quarter 2018 and Revises Full Year 2018 Outlook
SOUTHFIELD, MICHIGAN —October 24, 2018 —Superior Industries International, Inc. (NYSE:SUP), one of the world’s leading aluminum wheel suppliers, today announced preliminary financial results for the third quarter ended September 30, 2018 and updated its Outlook for the year ended December 31, 2018.
Preliminary Third Quarter 2018 Results
Based on preliminary unaudited results, Superior expects wheel unit shipments to be 4.7 million in the third quarter of 2018, which compares to unit shipments of 5.0 million in the prior year period. Comparative preliminary results for the third quarter of 2018 were impacted by the inclusion of one additional calendar week of North America operations in the third quarter of 2017 as a result of the realignment of the fiscal periods to calendar quarters in 2017.
Net sales for the third quarter of 2018 are expected to be in the range of $345 million to $350 million, compared to net sales of $331.4 million in the third quarter of 2017.
Value-Added Sales for the third quarter of 2018 are expected to be in the range of $175 million to $180 million, compared to Value-Added Sales of $187.4 million in the third quarter of 2017.
Adjusted EBITDA, anon-GAAP financial measure, is expected to be approximately $30 million for the third quarter of 2018, compared to $43.0 million in the third quarter of 2017. See“Non-GAAP Financial Information” below.
The financial results contained in this release are preliminary, and therefore, subject to Superior’s completion of its customary quarterly closing and review procedures. Accordingly, these preliminary results may change and those changes may be material. Complete financial results for the third quarter ended September 30, 2018 will be released before the market opens on November 9, 2018.
“Our preliminary third quarter 2018 results reflect the impact of the Worldwide Harmonized Light Vehicle Test Procedure (WLTP) emission standards, which drove lower volumes due to reduced OEM production throughout Europe, as well as softer production schedules from our OEM customers in the United Kingdom. Additionally, rising energy rates in Mexico, coupled with higher launch costs associated with our newer sophisticated designs and finishes in North America and Europe negatively impacted the quarter. These factors will continue to pressure profitability during the fourth quarter,” commented Don Stebbins, President and Chief Executive Officer. “While we remain confident in the long-term opportunities ahead for the Company, we are revising our 2018 full year outlook.”