Aluminum wheel supplier Superior Industries International Inc. more than doubled its net income in the second quarter from a year earlier, a gain the company attributed to higher shipments and increased use of its new plant in Mexico.
Superior today reported net income of $13.2 million in the second quarter, a 102 percent gain from the year-earlier period. Wheel shipments rose 13 percent to 3.1 million units in the quarter, despite net sales falling 0.7 percent to $182.7 million on the lower value of aluminum.
CEO Don Stebbins said in a statement that Superior remains “confident that our enhanced competitiveness resulting from our strategic initiatives will allow us to continue to drive growth in our business.”
The company raised its full-year outlook, expecting net sales of between $710 million and $725 million, up from its previous projection of between $690 million and $710 million.
Superior, of Southfield, Mich., ranks No. 82 on the Automotive News list of the top 100 suppliers to North America with parts sales to automakers of $728 million in 2015. Its customers include the Detroit 3, Toyota, Nissan, Volkswagen and Tesla Motors.