Accuride Corporation Announces Preliminary Third Quarter 2016 Results
17 Octobre 2016 - 1:30PM
Business Wire
- Revises Downward Full-Year 2016 Revenue
and Adjusted EBITDA Guidance
Accuride Corporation (NYSE:ACW) (“Accuride” or the “Company”) –
a leading supplier of components to the North American and European
commercial vehicle industries – today issued preliminary results
for the third quarter ended September 30, 2016, and revised its
full-year 2016 Revenue, Adjusted EBITDA and Free Cash Flow
guidance. The preliminary results and revised 2016 guidance exclude
the results of the recently divested Brillion Iron Works
business.
Commenting on Accuride’s preliminary third quarter 2016 results
and the revision of its guidance for full-year 2016, President and
CEO Rick Dauch said, “This continues to be a challenging time for
the North American commercial vehicle industry. The negative impact
of this cyclical downturn on demand for aluminum wheels and
softness in the aftermarket for Gunite’s products has been more
significant than anticipated. While our leadership team proactively
took aggressive actions earlier this year to lower our costs in
response to these headwinds, forecasted industry volumes continued
to be revised downward for the second half of the year and we
believe that this challenging market environment will continue into
2017.”
Preliminary Third Quarter 2016 Results
Accuride’s preliminary unaudited results from continuing
operations indicate that revenue for the third quarter 2016 is
expected to be approximately $125 million, compared with $145.6
million in the third quarter 2015. Accuride expects Adjusted EBITDA
in the third quarter 2016 to be in the range of $13 million to $14
million, compared with $21.6 million in the same quarter last
year.
The third quarter 2016 results described in this release are
preliminary, and the Company has not completed its full review of
interim financial information for the third quarter ended September
30, 2016.
2016 Guidance
Accuride expects 2016 revenue from continuing operations to be
in the range of $535 million to $545 million, with Adjusted EBITDA
to be $68 million to $72 million. Free Cash Flow is expected to be
$2 million to $6 million, excluding approximately $10 million of
negative Free Cash Flow related to Brillion prior to its
divestiture.
Adjusted EBITDA is defined as net income or loss before income
tax expense or benefit, interest expense, net, depreciation and
amortization, noncontrolling interest in subsidiaries,
restructuring, severance and other charges, impairment and currency
losses, net. Free Cash Flow is defined as cash from operations less
purchase of plant, property and equipment. Adjusted EBITDA and Free
Cash Flow should not be considered alternatives to net income
(loss), cash from operations or other traditional indicators of
operating performance and cash flows determined in accordance with
accounting principles generally accepted in the United States.
About Accuride Corporation
With headquarters in Evansville, Ind., USA, Accuride Corporation
is a leading supplier of components to the North American and
European commercial vehicle industries. The company’s products
include commercial vehicle wheels and wheel-end components and
assemblies. The company’s products are marketed under its brand
names, which include Accuride®, Accuride Wheel End Solutions™,
Gunite® and Gianetti Ruote™. Accuride’s common stock trades on the
New York Stock Exchange under the ticker symbol ACW. For more
information: www.AccurideCorp.com.
Forward-Looking Statements
Certain statements contained in this document may be considered
forward-looking statements within the meaning of the U.S.
securities laws, including 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
preliminary third quarter 2016 results and expected full year 2016
financial results and the proposed merger contemplated by the
Agreement and Plan of Merger, dated September 2, 2016, by and among
the Company, Armor Parent Corp. and Armor Merger Sub Corp. (such
merger, the “proposed transaction” and such agreement, the “Merger
Agreement”)and the ability to consummate the proposed transaction.
These forward-looking statements generally include statements that
are predictive in nature and depend upon or refer to future events
or conditions, and include words such as “believes,” “plans,”
“anticipates,” “projects,” “estimates,” “expects,” “intends,”
“strategy,” “future,” “opportunity,” “may,” “will,” “should,”
“could,” “potential,” or similar expressions. Statements that are
not historical facts are forward-looking statements.
Forward-looking statements are based on current beliefs and
assumptions that are subject to risks and uncertainties. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date they are made. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors,
including, without limitation: (1) Accuride may be unable to obtain
shareholder approval for the proposed transaction; (2) the
conditions to the closing of the proposed transaction may not be
satisfied and required regulatory approvals may not be obtained;
(3) the proposed transaction may involve unexpected costs,
liabilities or delays; (4) the business of Accuride may suffer as a
result of uncertainty surrounding the proposed transaction; (5) the
outcome of any legal proceedings related to the proposed
transaction; (6) Accuride may be adversely affected by other
economic, business, legislative, regulatory and/or competitive
factors; (7) the occurrence of any event, change or other
circumstances that could give rise to the termination of the Merger
Agreement; (8) risks that the proposed transaction disrupts current
plans and operations and the potential difficulties in employee
retention as a result of the proposed transaction; (9) the failure
by Armor Parent Corp. or Armor Merger Sub Corp. to obtain the
necessary debt and equity financing arrangements set forth in the
commitment letters received in connection with the proposed
transaction; and (10) other risks to consummation of the proposed
transaction, including the risk that the proposed transaction will
not be consummated within the expected time period or at all. If
the proposed transaction is consummated, Accuride’s shareholders
will cease to have any equity interest in Accuride and will have no
right to participate in its earnings and future growth. The
foregoing review of important factors that could cause actual
results to differ from expectations should not be construed as
exhaustive and should be read in conjunction with statements that
are included herein and elsewhere, including Accuride’s filings
with the Securities and Exchange Commission (the “SEC”), including
its Annual Report on Form 10-K for the year ended December 31, 2015
and recent Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K filed with the SEC, which are available on the SEC’s
website at www.sec.gov. Except as required by applicable law,
Accuride undertakes no obligation to update any forward-looking
statement, or to make any other forward-looking statements, whether
as a result of new information, future events or otherwise.
Accuride does not intend, and assumes no obligation, to update any
forward-looking statements. Accuride’s filings with the SEC,
including its Annual Report on Form 10-K for the year ended
December 31, 2015, its definitive proxy statement for its 2016
Annual Meeting of Stockholders, which was filed with the SEC on
March 18, 2016, and recent Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K filed with the SEC, are available on
the SEC’s website at www.sec.gov.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161017005587/en/
Accuride CorporationMEDIA RELATIONSTimothy G. Weir,
APR, 812-962-5128Director of Public Affairs, Communications
& Marketingtweir@accuridecorp.comorINVESTOR
RELATIONSTodd Taylor, 812-962-5105Vice President and
Treasurerttaylor@accuridecorp.com
Accuride (NYSE:ACW)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Accuride (NYSE:ACW)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024