Superior Industries Q4 Net Sales Up 32%
The company posted a gross profit of $28.99m for the fourth quarter of 2010, compared to $12.17m for the same period in 2009. Income from operations was $21.44m, compared to $5.92m for the same period in 2009.
Net income was $22.25m for the fourth quarter of 2010, compared to $3.93m for the same period in 2009.
For the full year ended December 31, 2010, the company posted net sales of $719.5m compared to $418.8m for the same period in 2009. Gross profit was $89.23m, compared to a gross loss of $10.16m for the same period in 2009.
Income from operations was $59.79m for the full year of 2010, compared to loss from operations of $44.61m for the same period in 2009. Net income was $51.64m, compared to a net loss of $94.14m for the same period in 2009.
SG&A expenses for 2010 increased to $28.3m, which was four percent of net sales, from $22.6m, or five percent of net sales, in 2009. The principal increases were $1.8m in incentive bonus expense, $1.7m for the new enterprise resource planning system, and $1m in the provision for doubtful accounts.
Steven Borick, chairman, CEO and president of the company, said: â€œStrong demand from virtually all of our customers throughout the year reflected the recovery in the automotive sector and positively impacted our performance.
â€œWe were able to outpace the general industry recovery, with production of passenger cars and light-duty vehicles in North America increasing nearly 40 percent in 2010, versus our 54 percent increase in unit sales volume. Moreover, our operational response to the rapid recovery was exceptional, as we were able to achieve the volume growth despite closing facilities in late 2008 and 2009 in reaction to the difficult market conditions at the time.â€
Will the company further improve net sales in Q1?
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