SUP - Superior reports misses Q1 top and bottom consensus; narrows FY23 outlook

2023-05-04 08:15:44 ET

• Superior press release ( NYSE: SUP ): Q1 GAAP EPS of -$0.49 misses by $0.48 .
• Revenue of $381M (-4.9% Y/Y) misses by $33.75M .
• Value-Added Sales Adjusted for FX increased 9% YoY to $207M.
• Adjusted EBITDA decreased 8% Y/Y to $46M.
• Cash Flow from Operations of $39M; reduced Net Debt to low of $421M.
• Content per Wheel of $53.67, up 16% Y/Y.
• Macroeconomic uncertainty in the second half of 2023 is increasing. As a result, Superior is narrowing its full year 2023 outlook as follows : Unit Shipments of 15.0 - 15.8 million; Net Sales of $1.55 - $1.63 billion  vs. consensus of $1.70B; Adjusted EBITDA of $170 - $190 million; Capital Expenditures of ~$65 million.

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