Accuride announces net gain in 1Q
Accuride Corp. posted net income of $4.8 million on net sales of $111.4 million for the first quarter ended March 31, 2004. That compares to a net loss of $600,000 on net sales of $88.2 million for the first quarter of 2003.
The 26.3% increase in comparative quarter sales was due "primarily to greater demand across all market segments," according to the company.
Accuride's adjusted EBITDA for the quarter was up almost 33% to $22.3 million. The resulting EBITDA margin is 20% of net sales.
"Due to the continued improvement in demand, revenue in the first quarter was at its highest level since the second quarter of 2000,"
says Terry Keating, CEO and president. "The rising production levels due to the strength in net orders should lead to a robust recovery in 2004."
The company's liquidity position remained strong, with $29.4 million in cash and revolver availability of $41 million as of March 31.