VAN NUYS, Calif.--(BUSINESS WIRE)--Superior Industries International, Inc. (NYSE:SUP) today announced that its board of directors has approved a 12.5% increase in the company’s quarterly cash dividend rate to $0.18 per share from $0.16 per share, or on an annualized basis, to $0.72 per share from $0.64 per share.
The increase to the quarterly amount, equal to $0.02 per share, will be paid on October 18, 2013, to shareholders of record as of September 27, 2013. The previous quarterly dividend of $0.16 per share already was distributed by Superior as part of an accelerated 2013 cash dividend payment that totaled $0.64 per share. The accelerated 2013 dividend was paid on December 28, 2012 to shareholders of record as of December 21. The 2013 dividend was accelerated due to uncertainties existing at the time regarding possible dividend tax rate changes.
The company expects to declare the full $0.18 per share quarterly dividend sometime during the fourth quarter of 2013. The fourth quarter dividend typically is paid during January of the following year.
“The board’s action reflects Superior’s strong financial position and confidence in the company’s long-term future,” said Steven J. Borick, Chairman, Chief Executive Officer and President. “Superior has a long track record of returning capital to its shareholders in the form of a common stock dividend, a record that remained unbroken even during the industry recession of 2009. For the last ten years, Superior has distributed almost $180 million to its shareholders in this manner. We are particularly pleased to be increasing our cash dividend during a time when we also are investing in our manufacturing facilities, including the construction of a new facility in Mexico, to further enhance operating efficiencies and expand capacity.”
About Superior Industries
Superior is the largest manufacturer of aluminum wheels for passenger cars and light-duty vehicles in North America. From its five plants in both the U.S. and Mexico, the company supplies aluminum wheels to the original equipment market. Major customers include Ford, General Motors, Chrysler, BMW, Mitsubishi, Nissan, Subaru, Toyota and Volkswagen. For more information, visit www.supind.com.
This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which include, but are not limited to, statements regarding the company's plans to declare future dividends, long-term prospects, and the benefits of enhanced operating efficiency and expanded capacity anticipated by constructing new facilities, are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors and risks discussed from time to time in the company's Securities and Exchange Commission filings and reports, including the company's Annual Report on Form 10-K for the fiscal year ended December 30, 2012. These factors and risks relate to items including, but not limited to, general automotive industry and market conditions and growth rates, as well as general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.