Accuride posts Q1 loss
Accuride Corp. reported a $15.9 million loss in its first-quarter earnings call Wednesday, but said Class 8 vehicle orders and production show signs of improvement.
The quarterly loss is exponentially higher than the $2.9 million Q1 loss last year, and was prodded by a $77 million decline in sales. Sales for the quarter fell to $192.5 million from $269.5 million a year ago.
“Although conditions in the Class 8 truck market are expected to remain soft for at least another quarter, order levels increased in the first quarter,” said CEO Rick Dauch. “We continued to experience softness in our two primary market segments, North American commercial vehicle and global mining/construction.”
The company cited lower North American commercial vehicle production across all segments and overall economic weakness, as drivers for the sluggish start to the fiscal year.
Accuride says Class 8 vehicle production fell 29.2 percent year-over-year, while the Class 5-7 and U.S. trailer segments fell by 6.7 percent and 2.6 percent, respectively.
“Anticipating continued healthy order levels, several of our OEM customers plan higher production activity in the second half of 2013,” Dauch says.
Accuride Wheels segment net sales were $93.2 million, down $23.7 million, or 20.3 percent, from the same period in 2012.
Gunite segment net sales were $39.4 million, down $29.2 million, or 42.6 percent, from the first quarter of 2012.