Superior Industries International, Inc. (NYSE:SUP) reported net income for the first quarter of $ 10.30 million or $ 0.07 per share, compared to income $ 3.10 million or $ 0.12 per share for the year-ago quarter.
The Southfield, Michigan based company recorded net sales for first quarter rose 122% to $ 386.40 million from $ 174.20 million in the same quarter last year.
Analysts polled by Thomson Reuters expected SUP to report income of $ 0.04 per share on revenue of $ 350.22 million for the first quarter.
Don Stebbins, President and Chief Executive Officer, commented, Our first quarter of 2018 represented a record start to the year, extending our momentum from the end of 2017. Driven by the combination of solid volume, improved performance in our North American operations, and the addition of our European business, Value-Added Sales increased 117% and Adjusted EBITDA grew 173%.
Looking ahead, Superior Industries International anticipates full year 2018 revenues of $1.45 – $1.50 billion.