Accuride Corp.’s reported financial results for the fourth quarter and fiscal year 2012 ended Dec. 31, 2012 were $176.3 million, compared with $242.5 million in the same period in 2011 – a decline of 27.3 percent.
Citing the impact of weaker economic and industry conditions during the quarter, he company posted a $150.4 million operating loss for the quarter, compared to $9.5 million of operating income in the fourth quarter of 2011. The 2012 operating loss included $139.6 million in one-time impairment charges related to goodwill and other assets related to Gunite and other one-time charges.
Net sales from continuing operations for the fiscal year fell 0.7 percent.
“We continue to take the tough, necessary actions to ‘fix’ Accuride and restore our reputation as an industry-leading supplier,” President and CEO Rick Dauch says. “The majority of our capital investments and restructuringactivities are now complete, positioning our business units to compete aggressively in the marketplace now and during the expected industry upturn in the second half of 2013.”
Dauch added operational performance over the past six months in the areas of on-time delivery, lead-time reduction, quality and warranty are at improved levels.
“However, we continue to face challenging,near-term market conditions,” he says. “The good news is that most key economic indicators point to a recovery in Class 5-8 Truck and Trailer builds in the back half of 2013.”