Accuride Quarterly Profit Declines
Wednesday May 11, 2:34 pm ET
Accuride First-Quarter Earnings Fall As Debt Repayment Costs Offset Surging Revenue
EVANSVILLE, Ind. (AP) -- Accuride Corp., a maker of wheels and chassis parts for heavy-duty trucks, said Wednesday that its first-quarter profit declined sharply year-over-year, as acquisition expenses and debt repayment costs offset higher revenue.
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Net income fell to $188,000, or 1 cent per share, from $4.6 million, or 30 cents per share, a year earlier. Excluding charges and taking into account items such as Accuride's initial public offering in April, the company would have earned $14.8 million, or 43 cents per share, in the latest quarter.
Revenue more than doubled to $272.6 million from $111.4 million last year, as the acquisition of Transportation Technologies Industries Inc. boosted results.
Looking ahead, Accuride forecasts strong demand for the remainder of the year as the company benefits from growing freight business and pent-up demand from aging truck fleets.
The company also said it expects 2005 adjusted EBITDA to be in the range of $205 million on a pro forma basis, accounting for the acquisition of Transportation Technologies as if it had been acquired on Jan. 1, 2005.
Accuride shares fell 3 cents to $9.36 in recent trading on the New York Stock Exchange. The stock's IPO priced at $9 a share, below the company's estimated range of $10 to $12.
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