Accuride Issues Preliminary 2014 Results and 2015 Guidance
February 11 2015 - 9:15AM
Business Wire
- The Company’s preliminary 2014 results
from continuing operations are approximately:
- Net sales of $705 million
- Adjusted EBITDA of $78 million
- Liquidity of $70 million
- The Company issues 2015 guidance:
- Revenues of $725 million to $775
million
- Adjusted EBITDA of $85 million to $95
million
- Free cash flow of $15 million to $25
million
Accuride Corporation (NYSE:ACW) – a leading supplier of
components to the North American commercial vehicle industry –
today issued its preliminary 2014 results and initial 2015 guidance
for 2015 net sales, Adjusted EBITDA and free cash flow.
2014 Preliminary Results
Accuride’s preliminary unaudited results indicate 2014 revenue
was approximately $705 million, with Adjusted EBITDA of
approximately $78 million. As of December 31, 2014, Accuride had
approximately $70 million in liquidity under its ABL Credit
Facility and generated positive free cash flow for the first time
since 2007. Accuride expects foreign exchange to negatively impact
net income by approximately $2.0 million in the fourth quarter of
2014.
2015 Guidance
Accuride expects 2015 revenue to be in the range of $725 million
to $775 million, with Adjusted EBITDA to be $85 million to $95
million. The midpoints of the Company’s revenue and Adjusted EBITDA
ranges represent an increase of 6 percent and 15 percent,
respectively, compared to the Company’s preliminary 2014 results.
The Company is basing these expectations for its 2015 guidance on
the following projections for North American commercial vehicle
production and other key assumptions for the year:
- Class 8 production levels in the range
of 310,000 to 330,000 units,
- Class 5-7 production levels in the
range of 220,000 to 225,000 units,
- Trailer production in the range of
280,000 to 300,000 units,
- Commercial vehicle aftermarket growth
in the range of 2 percent to 4 percent,
- 5 percent to 10 percent higher revenue
in its Brillion business unit,
- Increase of $2 million to $4 million in
R&D and other operating expenses, and
- Free cash flow of $15 million to $25
million
Commenting on Accuride’s preliminary 2014 results and statement
of guidance for 2015, President and CEO Rick Dauch said, “Accuride
ended 2014 on a strong note, with revenue up approximately 10
percent, and Adjusted EBITDA up approximately 66 percent compared
to 2013. We expect another strong year for Accuride and the North
American commercial vehicle industry in 2015. The growing U.S.
economy continues to drive freight tonnage higher, fuel prices
remain low and fleets continue to replace aging equipment while
expanding their operations. As a result, 2015 vehicle production is
expected to approach levels not seen in the industry for more than
a decade. We are well-positioned to capitalize on the continued
growth of our core end markets. In addition to the top-line growth
and stronger earnings we project for 2015, we expect to achieve
solid market share gains across our businesses thanks to
best-in-class operational performance we are achieving as a result
of our 'Fix & Grow' strategic investments in Accuride since
2011.”
Accuride to Webcast Presentation at BB&T Capital Markets
30th Annual Transportation Services
Conference
Rick Dauch, Accuride President & CEO, and Greg Risch, Senior
Vice President & Chief Financial Officer, will speak to the
investment community beginning at 10:40 a.m. EST.
Accuride's presentation will be broadcast live through an audio
webcast available at the Investors section of the company’s website
– http://www.accuridecorp.com/investors. Presentation slides will
be available for download at the site and the webcast will be
available for replay for 30 days following the event.
Fourth Quarter Earnings Conference Call
The 2014 Results described in this release are preliminary, and
the Company has not completed its audit for the fiscal year ended
December 31, 2014. Accuride will host a conference call to announce
the financial and operational results of its Fourth Quarter and
Fiscal Year 2014 on Tuesday, March 3, 2015. Details for the call
will be issued in a press release prior to the conference call.
About Accuride Corporation
With headquarters in Evansville, Ind., USA, Accuride Corporation
is a leading supplier of components to the North American
commercial vehicle industry. The company’s products include
commercial vehicle wheels; wheel-end components and assemblies; and
specialty cast-iron components for a range of agricultural,
construction and mining, and oil and gas equipment applications.
The company’s products are marketed under its brand names, which
include Accuride®, Accuride Wheel End SolutionsTM, Gunite®, and
BrillionTM. Accuride’s common stock trades on the New York Stock
Exchange under the ticker symbol ACW. For more information, visit
the Company’s website at http://www.accuridecorp.com.
Forward-Looking Statements
Statements contained in this news release that are not purely
historical are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, including
statements regarding Accuride’s expectations, hopes, beliefs, and
intentions with respect to future results. Such statements are
subject to the impact on Accuride’s business and prospects
generally of, among other factors, market demand in the commercial
vehicle industry, general economic, business and financing
conditions, labor relations, governmental action, competitor
pricing activity, expense volatility and other risks detailed from
time to time in Accuride’s Securities and Exchange Commission
filings, including those described in Item 1A of Accuride’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2013.
Any forward-looking statement reflects only Accuride’s belief at
the time the statement is made. Although Accuride believes that the
expectations reflected in these forward-looking statements are
reasonable, it cannot guarantee its future results, levels of
activity, performance or achievements. Except as required by law,
Accuride undertakes no obligation to update any forward-looking
statements to reflect events or developments after the date of this
news release.
Accuride CorporationInvestor Relations:Todd Taylor,
812-962-5105ttaylor@accuridecorp.comorMedia Relations:Timothy G.
Weir, APR, 812-962-5128tweir@accuridecorp.com
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