Superior Industries International, a supplier of light aluminum wheels for OEMs and the European aftermarket, reported Q4 net sales of $338 million, a 12 percent increase year-over-year.
The company still reported a net loss of $21 million during the quarter, but that’s still dramatically better than the net loss of $99 million the company reported during the same quarter in 2019.
“2020 proved to be an inflection point for Superior. Despite the immense operational challenges due to the pandemic, we remained committed to executing on our key initiatives while following our COVID-19 playbook. During the year we delivered substantial cash flow, operating performance improvement, and enhanced margins after the COVID-19-related shutdowns. We captured tailwinds from the portfolio shift towards premium, larger diameter wheels, which supported our growth above market in 2020. Further, we realized the benefits of the structural cost improvements and working capital initiatives implemented throughout the year, leading to the second consecutive year of substantial free cash flow generation,” said Majdi Abulaban, president and CEO of Superior.
Mr. Abulaban continued, “Overall, I am pleased with our results and our progress in achieving our long-term value-creation initiatives. We look forward to continuing this momentum throughout 2021 as we leverage our differentiated technology portfolio to further position Superior for growth and deliver value to our shareholders, customers, and other stakeholders.”
Net sales for the full year were $1.1 billion, compared with $1.4 billion in 2019.
For 2020, the company’s net loss was $244 million, compared with a net loss of $97 million in 2019.
