Gabelli & Company Reports on Superior Industries (SUP)

Gabelli & Company was mixed in a report released today on aluminum supplier Superior Industries SUP. Gabelli writes, “SUP reported EPS of $0.30 vs. an adjusted loss of $0.04 on sales of $189.5 vs. $150.2, +26%. Unit shipments of 2.8mm increased 17%, in line with NA auto production, while average selling prices rose 9% on higher aluminum prices. Unit shipments for passenger cars increased 9%, with light truck and SUV volume +23%. Sales growth of $39.3mm was attributable to volume ($14.7mm) and Price ($10.7mm) and Weight ($1.7mm) along with mix excluding aluminum. We continue to recommend investors Hold SUP shares. As we wrote following first quarter results, we believe SUP exposure to highly violatile aluminum prices could result in swings in margins, negating some of the valuation premuium we give to the company's for its sizeable cash position.” Gabelli & Company presently has a Hold rating on Superior Industries. SUP closed trading on Friday at $23.43, down from Friday's opening price of $22.56.