Superior Industries International (SUP) Q4 2024 earnings summary

Executive summary

• Completed major restructuring, consolidating European production in Poland, exiting German operations, and reducing global overhead by over 15%, enhancing competitiveness and profitability.

• Successfully refinanced all debt, raising $520M–$529M in new capital, reducing total debt by $118M, and extending maturities to 2028.

• Achieved strong adjusted EBITDA margin of 21% for 2024, despite a 4% decline in adjusted value-added sales and industry production.

• Net loss for 2024 was $78M, an improvement from $93M in 2023, with diluted EPS of $(4.25).

• Positioned to benefit from geopolitical shifts and tariffs due to excess capacity and localized manufacturing.

Financial highlights

• 2024 net sales were $1.3B, down from $1.4B in 2023; Q4 net sales were $310M, flat year-over-year.

• Adjusted EBITDA for 2024 was $146M (21% margin), down from $159M in 2023; Q4 adjusted EBITDA was $35M (21% margin).

• Unlevered free cash flow for 2024 was $55M, down from $80M in 2023, mainly due to higher working capital and refinancing fees.

• Total debt at year-end was $520M, net debt $480M; cash and cash equivalents were $40M–$49M.

• Gross profit for 2024 was $110.5M–$111M; SG&A expenses were $81M–$81.2M.

Outlook and guidance

• 2025 guidance: net sales of $1.3–$1.4B, value-added sales of $650–$700M, adjusted EBITDA of $160–$180M, unlevered free cash flow of $110–$130M, and capital expenditures of $35M focused on automation and cost reduction.

• Management expects a slight decline in industry OEM production but remains confident in navigating the environment.

• Guidance does not include potential impacts from new tariffs; management will update as more information becomes available.