<\/p>\n
Superior Reports Full Year and Fourth Quarter 2024 Financial Results<\/b><\/p>\n
Achieved critical milestones in Company transformation<\/i><\/p>\n
Well-positioned for future growth and competitiveness<\/i><\/p>\n
Full Year 2024 Financial Highlights:<\/b><\/p>\n Fourth Quarter 2024 Financial Highlights:<\/b><\/p>\n SOUTHFIELD, Mich.–(BUSINESS WIRE<\/a>)–Superior Industries International, Inc. (\u201cSuperior\u201d or the \u201cCompany\u201d) (NYSE:SUP) <\/b>today reported financial results for the fourth quarter and full year ended December 31, 2024.\n<\/p>\n Three Months<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Twelve Months<\/b><\/p>\n<\/td>\n<\/tr>\n 4Q 2024<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 4Q 2023<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n YTD 2024<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n YTD 2023<\/b><\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n183.2\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n179.8\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n786.1\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n794.4\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n127.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n128.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n481.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n590.9\n<\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n 310.3<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 308.7<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,267.3<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 1,385.3<\/b><\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n92.4\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n93.3\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n405.9\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n403.7\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n75.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n75.4\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n285.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n343.9\n<\/p>\n<\/td>\n<\/tr>\n $<\/b><\/p>\n<\/td>\n 167.7<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 168.7<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 691.2<\/b><\/p>\n<\/td>\n $<\/b><\/p>\n<\/td>\n 747.6<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n 1<\/sup> See \u201cNon-GAAP Financial Measures\u201d below for a definition and reconciliation to the most comparable GAAP measure.<\/i><\/p>\n<\/td>\n<\/tr>\n 2<\/sup> Adjusted EBITDA as % of Value-Added Sales1<\/sup><\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u201cThe Superior team demonstrated remarkable discipline in 2024 amidst a challenging operating environment. Despite industry declines, we maintained our margins and outperformed the industry. During the year, we achieved critical milestones in our Company\u2019s transformation. We successfully executed on our global overhead reduction initiative and completed our European transformation, a strategic move that strengthens our competitive position and significantly enhances our profitability. Additionally, we successfully attracted $520 million in capital and refinanced all our debt, fortifying our balance sheet and capital structure,\u201d commented Majdi Abulaban, President and Chief Executive Officer of Superior.\n<\/p>\n \n\u201cIn addition, we are in advanced collaborative dialogues with our preferred shareholders to achieve a mutually beneficial outcome to all stakeholders. Looking ahead, we are focused on cashflow generation and are confident that our leading portfolio of product technologies and our differentiated \u2018local-for-local\u2019 global footprint will position us for sustainable long-term growth,\u201d Mr. Abulaban continued.\n<\/p>\n Full Year 2024 Results<\/b><\/p>\n \nNet Sales for 2024 were $1,267 million, compared to Net Sales of $1,385 million in the prior year period. Value-Added Sales Adjusted for Foreign Exchange and Deconsolidation, a Non-GAAP financial measure, was $690 million for 2024, compared to $721 million in the prior year period. See \u201cNon-GAAP Financial Measures\u201d below and the reconciliation of consolidated Net Sales to Value-Added Sales and Value-Added Sales Adjusted for Foreign Exchange and Deconsolidation in this press release.\n<\/p>\n \nGross Profit for 2024 was $111 million, compared to $116 million in the prior year period primarily due to lower volumes.\n<\/p>\n \nSelling, General, and Administrative (\u201cSG&A\u201d) expenses for 2024 were $81 million, compared to $88 million in the prior year period. The decrease in SG&A expenses is primarily driven by a $15 million provision for a valuation allowance on claims receivable from our German subsidiary that was deconsolidated in the year ended December 31, 2023, which was partially offset by refinancing costs.\n<\/p>\n \nIncome from Operations was $29 million in 2024, compared to a Loss from Operations of $51 million in the prior year period. The increase is primarily due to a $80 million charge in the prior year related to the deconsolidation of our German subsidiary.\n<\/p>\n \nA Loss on Extinguishment of Debt for 2024 of $13 million was recognized related to the debt refinancing.\n<\/p>\n \nIncome Tax Provision for 2024 was $26 million, compared to an Income Tax Benefit of $24 million in the prior year period.\n<\/p>\n \nFor 2024, the Company reported a Net Loss of $78 million, or Loss per Diluted Share of $4.25. This compares to a Net Loss of $93 million, or Loss per Diluted Share of $4.73, in the prior year period. See \u201cEarnings per Share Calculation\u201d in this press release.\n<\/p>\n \nAdjusted EBITDA, a Non-GAAP financial measure, was $146 million, or 21% of Value-Added Sales, in 2024, which compares to $159 million, or 21% of Value-Added Sales, in the prior year period. The decrease in Adjusted EBITDA was primarily due to lower volumes. See \u201cNon-GAAP Financial Measures\u201d below and the reconciliation of Net Income to Adjusted EBITDA in this press release.\n<\/p>\n \nThe Company reported Cash Flow Provided by Operating Activities of $18 million for 2024, compared to $64 million in the prior year period. The decrease in Cash Flow from Operating Activities was due to lower earnings after taking into account the effect of the loss on deconsolidation of subsidiary in 2023 and changes in working capital. For 2024, Free Cash Flow, a Non-GAAP financial measure, was negative $15 million, compared to Free Cash Flow of $2 million in the prior year period.\n<\/p>\n \nUnlevered Free Cash Flow, a Non-GAAP financial measure, for 2024 was $55 million, a decrease of $25 million compared to the prior year period. The decline in Unlevered Free Cash Flow for the year was primarily due to increased working capital. See \u201cNon-GAAP Financial Measures\u201d below and the reconciliation of Cash Flow Provided by Operating Activities to Free Cash Flow and Unlevered Free Cash Flow in this press release.\n<\/p>\n Fourth Quarter 2024 Results<\/b><\/p>\n \nNet Sales for the fourth quarter of 2024 were $310 million, compared to Net Sales of $309 million in the prior year period. Value-Added Sales Adjusted for Foreign Exchange and Deconsolidation, a Non-GAAP financial measure, was $168 million for the fourth quarter 2024, compared to $174 million in the prior year period. See \u201cNon-GAAP Financial Measures\u201d below and the reconciliation of consolidated Net Sales to Value-Added Sales and Value-Added Sales Adjusted for Foreign Exchange and Deconsolidation in this press release.\n<\/p>\n \nGross Profit for the fourth quarter of 2024 was $29 million, compared to $15 million in the prior year period primarily due to lower conversion costs.\n<\/p>\n \nSelling, General, and Administrative (\u201cSG&A\u201d) expenses for the fourth quarter of 2024 were $15 million, compared to $34 million in the prior year period. The decrease in SG&A expenses is primarily driven by a $15 million provision for a valuation allowance on claims receivable from our German subsidiary that was deconsolidated in the year ended December 31, 2023.\n<\/p>\n \nIncome from Operations was $14 million in the fourth quarter of 2024, compared to a Loss from Operations of $19 million in the prior year period. The increase is primarily due to higher gross profit and lower SG&A costs.\n<\/p>\n \nIncome Tax Provision for the fourth quarter of 2024 was $2 million, compared to an Income Tax Benefit of $33 million in the prior year period.\n<\/p>\n \nFor the fourth quarter of 2024, the Company reported a Net Loss of $10 million, or Loss per Diluted Share of $0.75. This compares to a Net Loss of $2 million, or Loss per Diluted Share of $0.44, in the prior year period. See \u201cEarnings per Share Calculation\u201d in this press release.\n<\/p>\n \nAdjusted EBITDA, a Non-GAAP financial measure, was $35 million, or 21% of Value-Added Sales, in the fourth quarter of 2024, which compares to $23 million, or 14% of Value-Added Sales, in the prior year period. The increase in Adjusted EBITDA was primarily due to higher gross profit driven by lower material and conversion costs. See \u201cNon-GAAP Financial Measures\u201d below and the reconciliation of Net Income to Adjusted EBITDA in this press release.\n<\/p>\n \nThe Company reported Cash Flow Provided by Operating Activities of $26 million for the fourth quarter of 2024, compared to $44 million in the prior year period. The decrease in Cash Flow from Operating Activities was primarily due to a higher investment in working capital. For the fourth quarter 2024, Free Cash Flow, a Non-GAAP financial measure, was $19 million, compared to Free Cash Flow of $26 million in the prior year period.\n<\/p>\n \nUnlevered Free Cash Flow, a Non-GAAP financial measure, for the fourth quarter 2024 was $36 million, a decrease of $14 million compared to the prior year period. The decline in Unlevered Free Cash Flow for the quarter was due to decreased working capital and other balance sheet items. See \u201cNon-GAAP Financial Measures\u201d below and the reconciliation of Cash Flow Provided by Operating Activities to Free Cash Flow and Unlevered Free Cash Flow in this press release.\n<\/p>\n Financial Position<\/b><\/p>\n \nAs of December 31, 2024, Superior had Total Debt of $520 million and Net Debt, a Non-GAAP financial measure, of $480 million, compared to Total Debt of $638 million and Net Debt of $436 million as of December 31, 2023. See \u201cNon-GAAP Financial Measures\u201d below and the reconciliation of Total Debt to Net Debt in this press release.\n<\/p>\n 2025 Outlook<\/b><\/p>\n \nSuperior management assumes full year 2025 industry OEM production in its markets will decline slightly in 2025. With that said, Superior remains well-positioned to navigate the operating environment. As a result, Superior\u2019s full year 2025 Outlook is as follows:\n<\/p>\n FY 2025 Outlook<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n \n$1.30 – $1.40 billion\n<\/p>\n<\/td>\n<\/tr>\n \n$650 – $700 million\n<\/p>\n<\/td>\n<\/tr>\n \n$160 – $180 million\n<\/p>\n<\/td>\n<\/tr>\n \n$110 – $130 million\n<\/p>\n<\/td>\n<\/tr>\n \n~$35 million\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Value-Added Sales, Adjusted EBITDA, and Unlevered Free Cash Flow are Non-GAAP measures, as defined below. In reliance on the safe harbor provided under section 10(e) of Regulation S-K, Superior has not quantitatively reconciled from Net Income (the most comparable GAAP measure) to Adjusted EBITDA, Net Sales (the most comparable GAAP measure) to Value-Added Sales, nor Cash Flow Provided by Operating Activities (the most comparable GAAP measure) to Unlevered Free Cash Flow presented in the 2025 Outlook, as Superior is unable to quantify certain amounts included in Net Income, Net Sales and Cash Flow Provided by Operating Activities without unreasonable efforts and due to the inherent uncertainty regarding such variables. Superior also believes that such reconciliation would imply a degree of precision that could potentially be confusing or misleading to investors. However, the magnitude of these amounts may be significant.<\/i><\/p>\n Conference Call<\/b><\/p>\n \nSuperior will host a conference call beginning at 8:30 AM ET on Thursday, March 6, 2025. The conference call may be accessed by dialing +1 800 715 9871 for participants in the U.S. or 646 307-1963 for participants outside the U.S. using the required conference ID 1582670 when prompted by the operator. The live conference call can also be accessed by logging into the Company\u2019s website at www.supind.com<\/a> or by clicking this link: earnings call webcast<\/a>. A replay of the webcast will be available on the Company\u2019s website immediately following the conclusion of the call.\n<\/p>\n \nDuring the conference call, the Company’s management plans to review operating results and discuss financial and operating matters. In addition, management may disclose material information in response to questions posed by participants during the call.\n<\/p>\n About Superior Industries<\/b><\/p>\n\n
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\n ($ in millions)<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n Net Sales<\/b><\/td>\n \n \n \n \n \n \n <\/tr>\n \n North America<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Europe<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Global<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Value-Added Sales (1)<\/sup><\/b><\/td>\n \n \n \n \n \n \n <\/tr>\n \n North America<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Europe<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n Global<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n
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\n \n \n \n \n \n Net Sales<\/b><\/td>\n \n \n \n \n Value-Added Sales<\/b><\/td>\n \n \n \n \n Adjusted EBITDA<\/b><\/td>\n \n \n \n \n Unlevered Free Cash Flow<\/b><\/td>\n \n \n \n \n Capital Expenditures<\/b><\/td>\n \n \n \n