Accuride 1Q loss narrows

Accuride 1st-qtr loss narrows in 28 pct jump in sales, but fall short of predictions

Associated Press

EVANSVILLE, Ind. (AP) -- Accuride Corp., which makes parts for commercial vehicles, said Tuesday its first-quarter loss narrowed on a 28 percent jump in sales.

The Evansville, Ind.-based company posted a loss of $2.9 million, or 6 cents per share, compared with a loss of $5.2 million, or 11 cents per share, in the same quarter last year.

The loss was bigger than Wall Street expected. Analysts, on average, forecast a loss of 2 cents per share, according to a FactSet poll.

Sales rose to $269.5 million from $210.9 million, as strong commercial vehicle production boosted demand at all of the company's businesses.

Sales of wheels, which account for more than 40 percent of the company's business, rose 28 percent to $116.9 million.

The company warned that it's seeing some slowdown in demand from the makers of the largest commercial trucks. Its first-quarter orders from those companies were lower than expected, diminishing its backlog.

At the same time, orders from medium-duty truck and trailer markers remain in line with expectations, Accuride said.

The company stood by its outlook for earnings of 7 to 15 cents per share on sales of $1 billion to $1.03 billion.

Accuride shares rose 2 cents to $7.15 in afternoon trading.

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