The following is a summary of the Superior Industries International, Inc. (SUP) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Superior Industries reported Q4 net sales of $309 million, a notable decrease from $402 million in the prior year, with full year net sales at $1.4 billion compared to $1.6 billion in 2022.

• Value added sales for the full year remained relatively flat at $748 million, despite a dip in Q4 of 2023.

• Despite a challenging macro environment, the company achieved EBITDA margins of 21%, with full-year adjusted EBITDA totalling $159 million.

• The company successfully reduced net debt to an all-time low of $429 million, improved from $620 million in early 2019, despite significant investments in transformation activities.

• The company ended the year with a net loss of $93 million or a loss per diluted share of $4.73, a decrease from net income of $37 million and earnings per diluted share of $0.02 in 2022, with a large part of the loss due to the deconsolidation of SPG.

Business Progress:

• Superior Industries underwent significant strategic actions in 2023, focused on operational excellence and profitable growth, solidifying its position as a leading global wheel solutions provider.

• Transferring production from its German plant to the more cost-effective facility in Poland significantly reduced production costs and laid the groundwork for future margin expansion.

• The company projects growth over market of about 4.1% by 2027, fueled by industry recovery and the growing adoption of larger wheels with premium finishes.

• The 2024 financial outlook forecasts net sales to range from $1.3 billion to $1.48 billion and adjusted EBITDA is forecasted to be between $155 million and $175 million, reflecting confidence in the continuation of their strategic transformation effects.

• The company plans to refinance their senior unsecured notes, which mature in June 2025, contributing to their effort to maintain a solid financial position.

More details: Superior Industries International IR

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