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August 16, 2010
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Chicago, IL – August 16, 2010 – Zacks.com Analyst Blog features: Superior Industries International, Inc. (SUP), Ford Motor Co. (F), General Motors (MTLQQ), Vulcan Materials Company (VMC) and Moody's Corp. (MCO ).
Here are highlights from Friday’s Analyst Blog:
Superior Industries Exceeds Estimates
Superior Industries International, Inc. (SUP) posted income of $14.2 million or 53 cents per share (excluding the loss on sale of the company's joint venture in Hungary) in the second quarter of 2010, compared with a loss of $21 million or 79 cents per share in the year-ago quarter. The profit, led by an increase in unit shipments, far exceeded the Zacks Consensus Estimate of 21 cents per share.
Consolidated sales more than doubled to $194.6 million from $80.9 million a year ago, driven by a 114% rise in unit shipments and a 14% hike in average selling prices. Sales were higher than the Zacks Consensus Estimate of $155 million.
Unit shipments to Ford Motor Co. (F) increased 68%, General Motors (MTLQQ) shot up 139%, Chrysler jumped 264% and international customers rose 115%.
Vulcan Downgraded by Moody’s
Vulcan Materials Company (VMC) has undergone a rating cut by Moody's Investors Service, a subsidiary of Moody's Corp. (MCO ).
The company's senior unsecured rating has been lowered to "Baa3" from "Baa2", whereas its commercial paper rating has been reduced to "Prime-3" from "Prime-2". Moody’s has also maintained a "negative" outlook on the company.
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