Accuride Corp. says its on track for 2012 after releasing first quarter financial results.
The company reported net sales from continuing operations of $269.5 million, compared with $210.9 million in 1Q 2011, an increase of 27.8%. Accuride had an operating income for the quarter of $7.2 million, up from $1.4 million in 2011.
Accuride had a net loss of $2.9 million, or 6 cents per share during the quarter. First quarter Adjusted EBITDA was $21.6 million, resulting in an Adjusted EBITDA margin of 8%, compared to 7.8% in 2011. As of March 31, 2012, the Company had $36.6 million of cash, plus $67.2 million in availability under its ABL credit facility for total liquidity of $103.8 million.
All of the compnay's business segments - Accuride Wheels, Gunite, Brillion Iron Works and Imperial - posted double-digit revenue growth.
"Our first-quarter performance benefitted from continued commercial vehicle production strength and aftermarket order volumes - driven by healthy Class 8 truck and trailer demand - together with higher pricing and productivity gains coming from the solid execution of our 'Fix and Grow' operational improvement plans," says Accuride President and CEO Rick Dauch. "We are engaged in nothing less than the complete operational turnaround of our core businesses. These efforts include expanding our aluminum wheel production capacity in response to strong demand, boosting performance and efficiencies at Gunite while upgrading its manufacturing capabilities, completing the consolidation of Imperial, and instituting common LEAN systems across the company."
Shortly after releasing its financials, Accuride announced that William M. Lasky has stepped down from his role as chairman of Accuride's board of directors. Last month, the ocmpany announced Lasky's decision not to seek re-election following the conclusion of his term. His departure concludes more than three-and-a-half years of dedicated service to Accuride Corporation during an important period in the company's development.
Accuride's board of directors has elected its Lead Independent Director John W. Risner as the new chairman. A member of Accuride's board since February 2010, Risner has extensive expertise in finance, directorship and corporate governance.