EVANSVILLE, IN- Truck part supplier Accuride has reported a loss in the fourth quarter of 2014, despite higher sales.
Fourth quarter 2014 net sales from continuing operations were $172.8 million, compared with $144.7 million in the same period in 2013, an increase of 19.4 percent. The rise in sales was primarily due to stronger industry conditions in the company’s wheels and brillion segments during the quarter.
Accuride’s operating income was $3.7 million for the quarter, as compared to an operating loss of $1.7 million in the fourth quarter of 2013. The company reported a net loss of $5.1 million during the quarter, compared to net income of $1.9 million in 2013.
Net sales from continuing operations 2014 were $705.2 million, an increase of 9.7 percent from the year before, which was due to higher vehicle production by North American commercial vehicle manufacturers and strengthening in certain industrial end-markets with its Brillion Iron Works business.
The company reported a net loss of $2.3 million for 2014 compared to a loss of $38.3 million a year earlier, or four cents per share versus 56 cents per share during the same time frame. Operating income was $32.6 million compared to an operating loss of $1.2 million.
“We are pleased with the strong fourth-quarter and full year results Accuride delivered in 2014, and expect 2015 to be an even better year for us,” said Rick Dauch, president and CEO. “As favorable freight volumes and fuel prices have enabled many fleets to expand their operations, truck and trailer production levels have climbed to the best we’ve seen in a decade.”
Accuride wheels segment net sales were $102.1 million in the fourth quarter of 2014, up 21.5 percent from the same period in 2013.
The company’s Gunite segment, which consists of the Accuride’s wheel end business, had net sales of $36.6 million, down 2.7 percent from the fourth quarter of 2013. The company said this was due primarily to slightly lower aftermarket demand for brake drums.
Accuride’s Brillion Iron works saw net sales increase nearly 48 percent to $34.1 million.
The company reaffirmed its goal for 2015 net sales to be in the range of $725 million to $775 million, an increase of six percent from its 2014 results.
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