Accuride Corp. posted an after-tax loss of $4.9 million on sales of $92.1 million for the second quarter,
compared to net income of $2.9 million on sales of $137 million for the second quarter of 2000. The decrease in sales was due to the cyclical downturn of the entire heavy/medium commercial vehicle market, the company said.
"Overall, the results for the second quarter were in line with our expectations,” said President and CEO Bill Greubel. “The commercial vehicle market seems to have bottomed. However, we now anticipate no substantial improvement over the next few quarters. Our focus continues to be on aggressively managing cash and working capital, and continuous improvement as we navigate through the cycle.”
The company said has renegotiated its credit arrangements and has the flexibility and liquidity to get it through the industry downturn.
Sales for the first six months of 2001 were $183 million compared to $280.3 million for the same period last year. First-half net loss was $12.1 million compared to a $10.3 million profit last year.