RTTNews | Nov 2, 2020 07:26AM EST

07:25 Monday, November 2, 2020 (RTTNews.com) - Superior Industries International Inc. (SUP), a light vehicle aluminium wheel supplier, on Monday reported net income for the third quarter of $11 million or $0.12 per share, compared to net loss of $6.6 million or $0.57 per share in the prior-year period.

The latest quarter's results include restructuring and net other items of $0.12 per share.

However, net sales for the quarter declined to $317.1 million from $352.0 million in the year-ago period.

Superior Industries had earlier withdrawn its fiscal 2020 outlook due to the uncertain automotive production environment because of COVID-19. With recent stabilization in industry production and the successful restart of its operations, the company is now providing financial guidance for the fourth quarter of 2020.

For the fourth quarter, Superior Industries now forecasts net sales of $300 million to $325 million, and unit shipments of 4.15 million to 4.45 million. This implies fiscal 2020 outlook for net sales of $1.06 billion to $1.09 billion, and unit shipments of 14.9 million to 15.2 million.

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