LOS ANGELES, CA – Superior Industries International, Inc. held its Q1 2024 Earnings Conference Call on May 2, 2024. The call featured key executives, including President and CEO Majdi B. Abulaban and Executive Vice President and CFO Timothy Trenary. Various participants from investment companies such as Freedom Capital, Barrington Research, and Deutsche Bank also joined the call.

During the call, Abulaban discussed the successful completion of strategic actions in Europe, highlighting the closure of high-cost German operations and the relocation of production to Poland. This move not only resulted in a significant profitability increase but also strengthened the company’s competitive position in the market.

Despite a decline in industry production and production at top customers, Superior Industries saw a 400 basis points sequential margin improvement in adjusted EBITDA. The company’s transformation in Europe temporarily impacted year-over-year results, but the completion of the transfer to Poland is expected to lead to improved earnings power.

Superior Industries also discussed its financial outlook for 2024, expecting net sales and value-added sales to range between $1.38 billion and $1.48 billion and $720 million to $770 million, respectively. The company anticipates adjusted EBITDA of $155 million to $175 million for the year, with a projected exit in 2024 at approximately $190 million.

The call addressed the impact of the deconsolidation of the German production facility and the ongoing refinancing and capital structure solutions. The company acknowledged the complexity of its capital structure and the potential involvement of preferred equity in the refinancing process.

In conclusion, Abulaban expressed gratitude to the Superior team for their hard work and emphasized the company’s commitment to delivering long-term profitable growth. The call ended with a positive outlook for the future and a focus on continuing to create value for stakeholders in the coming year.