Accuride Reports Third-Quarter Income of $1.2 Million
Accuride Corp. reported a third-quarter income of $1.2 million and said sales increased on the strength of the North American commercial vehicle industry.
Third-quarter income was $1.2 million, or 2 cents a share, from a loss of $8.4 million, or 18 cents, a year ago. Sales increased 18.5% to $184 million.
The pace of demand from the North American commercial vehicle industry drove backlogs up, as fleets ordered to lock in OEM build slots to ensure that their future equipment needs are met, according to Accuride.
“Our results were supported by continued strength in all sectors of the North American commercial vehicle industry, as the solid pace of U.S. economic and industrial growth fueled a healthy freight market that is boosting fleet equipment orders,” CEO Rick Dauch said in a statement.
“Achieving consecutive quarters of positive net income further demonstrates our ability to generate higher profitability as we grow sales across our leaner, more cost-efficient North American production assets,” he added.
The company said it now expects 2014 net sales to be in the range of $690 million to $700 million, and full-year adjusted earnings before interest, taxes, depreciation, and amortization to be $75 million to $80 million
Accuride makes wheels, wheel-end components and assemblies, truck body and chassis parts, and other commercial vehicle components.
