Truck component manufacturer Accuride Corp. (ACW) said on Monday it achieved record profitability in the second quarter of the year.
For the second quarter of 2015, Accuride reported net income of $6.3 million, an increase of 3.4% from a year earlier, as basic and diluted earnings per share moved higher to 13 cents from 11 cents. Net income from continuing operations was $6.1 million compared to $5.1 million during the same time frame.
Second quarter 2015 net sales were $185.4 million, compared with $181.6 million in the same period in 2014, an increase of 2.1%. This primarily reflects the impact of stronger industry conditions in the company’s wheels segment during the quarter, according to Accuride.
Second quarter adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased by 11.5% year-over-year to $25.9 million.
"Accuride achieved record profitability in the quarter as the result of aftermarket share gains for aluminum wheels, and world-class operating performance and cost containment by wheels and Gunite," said President and CEO Rick Dauch.
Accuride Wheels segment net sales were $114.4 million, up 13.1% from the same period in 2014, primarily due to stronger OEM demand and market share gains in the aftermarket, according to the company.
Gunite, one of the company’s wheel end businesses, saw segment net sales of $47 million, down 2.7%, due primarily to lower pricing related to reduced raw material costs that are passed through to customers.
Brillion Iron Works, Accuride’s foundry operation, had second quarter net sales of $24 million, down 25.2%, from the second quarter of 2014 due to lower customer volumes.
"Looking ahead to the second half of 2015, we are confident in our outlook for continued strong performance from our wheels and Gunite businesses,” said Dauch. “Conditions in the North American commercial vehicle industry remain robust, with healthy order backlogs and OEM tractor and trailer build schedules pointing to a near-record year for the industry. In addition, we are experiencing strong demand for aluminum wheels and Gunite drums in the aftermarket."
Accuride expects net sales to be in the range of $700 million to $750 million, and adjusted EBITDA to be in the range of $85 million to $95 million.
More information is on the Accuride website.