Truck component supplier Accuride Corp. nearly broke even the first quarter of the year after losing more money a year earlier.
It reported a net loss Monday of $600,000, or 1 cent per share, compared to a loss of $3.3 million, or 6 cents per share, in the first quarter of 2014.
First quarter 2015 net sales from continuing operations were $183.7 million, compared with $166.8 million in the same period in 2014, an increase of 10.1%, primarily reflecting the impact of stronger industry conditions in the company’s wheels and Brillion Iron Works segments during the quarter.
The company said its Accuride Wheels net sales were $108.3 million, up $16.1 million, or 17.5% from the same period in 2014, primarily due to stronger OEM demand and market share gains in the aftermarket, with additional shifts being added to meet rising customer demand for aluminum wheels.
Its Gunite segment's net sales of $37.7 million were down $6.2 million, or 14.2%, from the first quarter of 2014, due primarily to lower aftermarket demand for brake drums and OEM demand for hubs, according to the company.
Accuride’s Brillion Iron Works’ first quarter net sales were $37.6 million, up $7 million, or 22.8% from the first quarter of 2014 on higher customer volumes.
These latest figures follow a net loss of $5.1 million in the fourth quarter of 2014, which compared to net income of $1.9 million a year earlier. In the third quarter of 2014 it posted a profit of $1.2 million, which marked its second consecutive quarter of positive numbers, which compared to a 2013 net loss of $4.8 million
The past few years have been rocky for the Indiana-based operation, which filed for bankruptcy reorganization in 2010 and emerged from it five months later. Since then it has reorganized and restructured, with President and CEO Rick Dauch in 2013 saying the company was ready to grow. Since then it has launched new products.
“Accuride had a strong first quarter,” Dauch said. “Our industry-leading quality, delivery and lead-time performance allowed us to renew and secure new long-term customer agreements at our wheels and Gunite businesses. We are experiencing near-term headwinds at Brillion due to macro industry conditions.”