SUP - Superior Industries International shares soar on surprise profit

Shares of Superior Industries International (NYSE:SUP +16.8%) skyrocketed on Wednesday after reporting  big earnings beats before the market open.  The Michigan-based manufacturer of cast aluminum wheels for auto manufacturers reported GAAP EPS of $0.04 in the first quarter alongside $400.5 million revenue. The report of a profit was a major surprise as analysts had expected an over 30 cent loss for the period. Moving forward, management reaffirmed a higher-than-consensus sales outlook of $1.58 billion to $1.71 billion. CEO Majdi Abulaban noted the results were made more remarkable by the confluence of headwinds confronting the company.  “Our team delivered solid results in the first quarter while navigating through a very challenging environment, impacted by the continued semiconductor shortage, supply chain disruption and cost inflation, as well as the Ukraine Conflict,” he said. “To mitigate inflationary pressures, we actively engaged both our customers and suppliers to recover material cost inflation and execute

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Superior Industries International shares soar on surprise profit