Superior Industries Faces Higher Debt Due to Weaker Dollar -- Currency Comment
August 04 2021 - 11:43AM
Dow Jones News
By Paulo Trevisani
Superior Industries International Inc. said Wednesday a
weakening dollar increased its net debt in the second quarter.
The Southfield, Mich. maker of aluminum wheels said its net debt
was $630.3 million as of June 30, up from $476.5 million three
months earlier. It said the variation "was driven by the
appreciation of our Euro-denominated debt resulting from the Euro
strengthening against the US-Dollar."
The company also said that FX rates were one of the factors
behind a sales increase to $347.5 million from $144.8 million in
the prior-year period.
According to Dow Jones Market Data, the U.S. dollar lost 1.1%
versus the euro in the second quarter.
Write to Paulo Trevisani at paulo.trevisani@wsj.com
(END) Dow Jones Newswires
August 04, 2021 11:34 ET (15:34 GMT)
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