Superior Industries Q1 Net Sales Up 26%
Cost of sales was $172.65m for the first quarter of 2011, compared to $137.56m for the same period of 2010. Gross profit was $16.87m, compared to $12.62m for the same period of 2010.
Selling and administrative expenses were $6.99m for the first quarter of 2011, compared to $6.22m for the same period of 2010. Income from operations was $10.18m for the first quarter of 2011, compared to $6.40m for the same period of 2010.
For the first quarter of 2011, income tax provision was $3.11m, compared to an income tax benefit of $4.17m for the same period of 2010. Net income was $8.05m, compared to $8.89m for the same period of 2010.
At March 27, 2011, working capital of the company was $321.2m, including cash, cash equivalents and short-term investments of $177.5m. At December 31, 2010, working capital was $311.1m, including cash, cash equivalents and short-term investments of $151.6m. Superior has no bank or other interest bearing debt.
Steven Borick, chairman, CEO and president of the firm, said: â€œWe are pleased that our first quarter results for 2011 are improved over the prior year. Market conditions were positive, and the year-over-year increase in our volume shipped was right in line with overall market growth. We kept pace with the market despite taking a full week maintenance shutdown and incurring some weather related disruptions in all our plants.
â€œHowever, we will focus on improving on our first quarter cost performance and continue efforts to increase production levels and improve efficiencies as the year progresses.â€
Will the firm further increase net sales in Q2?
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