Accuride Q2 EPS Narrowly Beats, Sales Miss Views
Accuride Corp. (ACW), a maker of commercial vehicle parts, reported Monday morning mixed Q2 results and lowered its full-year sales outlook. Q2 net income from continuing operations was $6.1 million or $0.13 per share, up from $5.1 million or $0.11 per share a year earlier, and just above the average analyst estimate of $0.12 compiled by Capital IQ. The increase in profitability was 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. Revenues rose 2.1% year-over-year to $185.4 million, yet missed the $192.2 million consensus. The increase mostly reflects the impact of stronger industry conditions in its wheels segment.
“Looking ahead to the second half of 2015, we are confident in our outlook for continued strong performance from our Wheels and Gunite businesses,” Dauch added.
For the full year, the company expects revenues of $700 million to $750 million, down from a prior outlook of $725 million to $775 million, versus the consensus of $742.6 million. Adjusted EBITDA is seen at $85 million to $95 million, unchanged from a prior guidance. Shares of ACW were inactive pre-market Monday after closing near the bottom end of the 52-week range of $3.49 to $5.75 on Friday.