Superior Industries Expects To Recognize A Non-Cash Charge Of $82M In Q3 FY23 Related To Strategic Action At Its Facility, Reaffirms FY23 Outlook
Portfolio Pulse from Benzinga Newsdesk
Superior Industries International, Inc. (NYSE:SUP) announced that its subsidiary, Superior Industries Production Germany GmbH, has entered into Protective Shield Proceedings, a court-administered reorganization. The company has developed a revised operating plan to reduce costs, enhance revenues, and better address customer needs. Superior expects to recognize a non-cash charge of $82M in Q3 FY23 related to this strategic action but reaffirms its FY23 outlook.
August 31, 2023 | 11:40 am
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Superior Industries is undergoing a court-administered reorganization and expects a non-cash charge of $82M in Q3 FY23. Despite this, the company reaffirms its FY23 outlook.
The company's decision to enter into a court-administered reorganization is a significant event that could impact its operations and financial performance. However, the reaffirmation of its FY23 outlook suggests that the company is confident in its ability to navigate these changes and maintain its financial performance. The non-cash charge of $82M in Q3 FY23 is a significant amount, but it's a one-time event that won't affect the company's cash flow.
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IMPORTANCE 75
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