Accuride Corporation (NYSE:ACW) had a loss and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company.
Accuride Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.34 in the quarter versus EPS of $-0.06 in the year-earlier quarter.
Revenue: Decreased 28.58% to $192.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Accuride Corporation reported adjusted EPS loss of $0.34 per share. By that measure, the company missed the mean analyst estimate of $-0.30. It beat the average revenue estimate of $176.83 million.
Quoting Management: President & CEO Rick Dauch said, “We continued to experience softness in our two primary market segments, North American commercial vehicle and global mining/construction, which led to significantly reduced revenue during the first quarter. We continue to focus on what is in our control by taking targeted actions to reduce our overall cost structure and have substantially completed our manufacturing footprint consolidation efforts. We are aggressively managing working capital, now at nine percent of sales, and have secured leases for aluminum wheel process equipment which provides $10 million of additional liquidity. We believe that the first quarter represents the bottom of the North American commercial vehicle cycle. We are prepared for and look forward to the pending market upturn.”
Key Stats (on next page)…