Further, in addition to growth in earnings, solid working capital management during the quarter enabled us to deliver strong cash flows and achieve a historic low net debt of $471 million. These actions, combined with the continued secular demand trends for premium wheels, have strengthened our financial position and enabled our long-term content growth, despite substantially reduced industry volumes. Our teams are executing on several fronts, working to collaborate with our customers and suppliers on cost reduction solutions and inflationary cost recoveries, while continuing to drive operational improvements throughout the enterprise. This performance is a testament to both the capabilities of our leadership team as well as our operational strength, enabling us to successfully manage through an incredibly challenging environment with lower volumes, production volatility and continuing inflationary pressures. Our team delivered excellent results, highlighted by strong margin expansion, 24% growth in revenue and 15% growth in EBITDA compared to the prior year, this while continuing our growth momentum with 5% content per wheel growth. I'll begin on Slide 5 with the highlights. Thanks, Joanne, and thanks, everyone, for joining our call today to review our second quarter results. With that, I'll turn the call over to Majdi to provide a portfolio and business update. GAAP measures can be found in the appendix of this presentation. Reconciliations of these measures to the most directly comparable U.S. These non-GAAP measures exclude the impact of certain items and, therefore, are not calculated in accordance with U.S. We will also be discussing various non-GAAP measures today. Please refer to Slide 2 of this presentation for the full safe harbor statement and to the company's SEC filings, including the company's current annual report on Form 10-K for a more complete discussion of forward-looking statements and risk factors. I'm joined on the call by Majdi Abulaban, our President and Chief Executive Officer and Tim Trenary, our Executive Vice President and Chief Financial Officer.īefore I turn the call over to Majdi, I would like to remind everyone that any forward-looking statements contained in this presentation or commented on today are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. During our discussion today, we will be referring to our earnings presentation, which, along with the earnings release, is available on the Investor Relations section of Superior's website. Good morning, everyone, and welcome to our second quarter earnings call. Today's call is being recorded.Īt this time, I would like to turn the conference over to Mr. Good day, and welcome to the Superior Industries Second Quarter 2022 Earnings Telephone Conference Call. Timothy Trenary - Executive Vice President and Chief Financial Officer Majdi Abulaban - President and Chief Executive Officer Joanne Finnorn - Senior Vice President, General Counsel and Corporate Secretary ( NYSE: SUP) Q2 2022 Earnings Conference Call Aug9:00 AM ET Mike is the Co-editor of The Macau Ricci Institute Journal.Superior Industries International, Inc. He is also an Adjunct Professor at the Gustavson School of Business, University of Victoria, BC. He was formerly a Professor of Management Practice at the China Europe International Business School (CEIBS) and is now a Visiting Professor at the Xi’an Jiaotong-Liverpool University in Suzhou, China. Mike Thompson is the Leader of People Services at Anthesis, the global sustainability services group. He is the Chairman of the Business Ethics Faculty Group of the CEMS − The Global Alliance in Management Education – and serves as President of the European SPES Institute in Leuven, Belgium. László Zsolnai is a Professor and Director of the Business Ethics Center at the Corvinus University of Budapest, Hungary. The authors of this book believe that good management theories can help to create new and better business practices. Theories greatly influence business and management practices, and as the late Sumantra Ghoshal warned, bad management theories are destroying good management practices. The responsible research agenda requires new methods of scholarly assessment that include criteria for measuring impact, systemic solutions and practitioner relevance. It includes contributions related to, and reflecting on, the vision of the Responsible Research in Business and Management (RRBM) network, which proposes that business can help provide a better world if it is informed by responsible research. This book gathers original, empirical and conceptual papers that address the complex challenges of conducting responsible research in the business and management professions.
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