Accuride announces 2Q income of $4.8 million
Accuride Corp. announced net income of $4.8 million on net sales of $120.6 million for the second quarter ended June 30, 2004. That compares to a net loss of $6 million on net sales of $94.2
million for the second quarter of 2003.
The company attributes the 28% increase in net sales to "the continuing cyclical recovery and greater penetration of aluminum wheels in the commercial vehicle industry."
For the first six months of this year, Accuride posted net sales of $232 million, a 27.1% increase over the net sales of $182.5 million for the same six-month period in 2003. Net income was up from a net loss of $6.5 million in the first half of last year to $9.5 million this year.
"We believe the demand for trucks is being fueled by the 6%
increase in freight tonnage since the start of the year, which has
improved the profitability of fleets, enabling them to replace their
aging equipment," says Terry Keating, CEO and president. "Class 8 truck production, the bellwether of the commercial vehicle industry, is up 44% since the start of the year.
"Heading into the second half of 2004, revenue should remain strong but the rising costs associated with raw material continue to be challenging."
Accuride posted adjusted EBITDA of $26.4 million for the second quarter and $48.6 million for he first half. Compared to the same periods a year ago, EBITDA was up 36%.1 and 34.3%, respectively.