Accuride Corporation Introduces New 14-Inch Accu-Lite(R) Duplex(TM) Aluminum Wheels
Mar 10 14
Accuride Corporation introduced and is commercializing two newly qualified 22.5-in. x 14-in. Accu-Lite(R) Duplex(TM) aluminum wheels that are up to four pounds lighter than the earlier models they replace. Accuride expects to have its customer base transitioned to the new wheel versions early in the second quarter of 2014. Adding these lighter products to its portfolio means that Accuride offers the lightest-weight range of standard aluminum wheels, based on total weight, to the North American commercial vehicle industry. The new Duplex wheels are already on the road in fleet service and available for specification from Accuride's OEM customers. Accuride executives announced the new products at the ATA Technology and Maintenance Council 2014 Annual Meeting and Exposition in Nashville. Accuride's new Duplex(TM) wheels - identified with part numbers 41142 and 41140 - will be the lightest-weight 22.5-in. x 14-in. Duplex(TM) aluminum wheels on the market and replace previous part numbers 41660 and 41016, respectively. By reengineering the design of these prior Duplex models, Accuride reduced the weight of PN 41660 by three pounds and PN 41016 by four pounds. The wheels were assigned new part numbers to make it easier to identify them as zero-outset (PN41140) or two-inch-outset (PN41142) wheels. Both 10-hand-hole, hub-piloted aluminum wheels are rated to support a maximum load of 12,800 pounds. Accuride ensures a superior finish by offering polish as standard on all of its Accu-Lite(R) aluminum wheels. Both new 14-in. Duplex(TM) wheels are available with Accuride's standard polish (SP) or extra-polish (XP) finishes. That means easy-to-clean aluminum wheels that turn heads and shine longer, mile after mile. The wide-base Duplex(TM) Advantage: Accuride's Duplex(TM) aluminum wheels enable fleets to control costs through improved fuel efficiency or increased payload capacity by replacing traditional dual wheel sets with one wide-base 22.5-in. x 14-in. wheel on tandem-axle tractors and trailers. Improving fleet operating efficiency was never easier than with the installation of Accu-Lite(R) aluminum Duplex(TM) wheels. These new wheels reduce maintenance time and labor costs because the technician is only mounting or dismounting four wheels, not eight. Without the inner wheel to service, inspecting the wheel-tire assembly and inflating the tires is fast and efficient. Key features and benefits of the new 14-in. Accu-Lite(R) aluminum Duplex(TM) wheels include: Reduced tire-wheel assembly weight - Reduced fuel expense, increased payload capacity and greater return on investment; replaces a dual set of 22.5-in. wheels with one 22.5-in. x 14-in. wheel - Improved ride performance and handling, reduced maintenance costs (fewer assemblies) and less downtime; consistent quality - advanced, machining and polishing processes ensure consistent quality, reliability and a superior high-gloss finish; forged-in durability - the one-piece forged aluminum wheel design provides increased strength and eliminates the porosity that can permit cracks or corrosion to occur; and made in the USA and Mexico - American-made at Accuride's aluminum wheel facility in Erie, Pa., and manufactured at its Monterrey plant for Accuride's fleet customers in Mexico.
Accuride Corporation Reports Consolidated Earnings Results for the Fourth Quarter and Full Year 2013 Ended December 31, 2013; Provides Earnings Guidance for the Full Year of 2014
Mar 3 14
Accuride Corporation reported consolidated earnings results for the fourth quarter and full year 2013 ended December 31, 2013. Fourth quarter 2013 net sales from continuing operations were $144.7 million, compared with $148.6 million in the same period in 2012, a decline of 2.6%, primarily reflecting the impact of weaker industry conditions in its Brillion segment, OEM market share changes and continued competitive pressures in its Gunite and Wheels segments during the quarter. The company experienced an operating loss of $1.7 million for the quarter, as compared to an operating loss of $149.0 million in the fourth quarter of 2012. The company reported net income of $1.9 million, or $0.04 per share, during the quarter compared to a net loss of $154.5 million, or $3.26 per share, in 2012. Fourth quarter adjusted EBITDA increased by 55.6% year-over-year to $9.8 million, or 6.8% of net sales, compared to $6.3 million, or 4.2% of net sales, in the same quarter of 2012. Loss from operations was $1.669 million against $149.016 million a year ago. Loss before income taxes from continuing operations was $10.704 million against $159.030 million a year ago. Free cash flow for the quarter of positive $13.4 million. Net debt was reduced this quarter from $311.9 million at the end of third quarter to $296.8 million at the end of fourth quarter of 2013.
Net sales from continuing operations for the fiscal year ended December 31, 2013 were $642.9 million, compared with $794.6 million in the prior year, a decrease of 19.1%. The decline in Net Sales were primarily the result of lower production by commercial vehicle manufacturers, previously announced market share losses at Gunite and weaker industrial end-markets at Brillion. Accuride reported a fully diluted loss per share of $0.56 for the year ended December 31, 2013. Adjusted EBITDA from continuing operations for fiscal-year 2013 was $47.0 million compared to $65.9 million in the prior year, a 28.7% decrease. Loss from operations was $1.232 million against $139.230 million a year ago. Loss before income taxes from continuing operations was $36.579 million against $175.032 million a year ago.
Accuride's management expects the company's 2014 net sales to be in the range of $650 million to $685 million, and adjusted EBITDA to be in the range of $60 million to $70 million. The 2014 guidance is based on North American Class 8 production levels in range of 260,000 to 275,000 units, North American Class 5-7 production levels in the range of 200,000 to 215,000 units and North American Trailer production in the range of 235,000 to 245,000 units. In addition, management expects the net sales for its Brillion business unit to be flat compared to 2013 as its end markets are not expected to recover until 2015-16.