Accuride Reports 2015 Loss
Accuride is headquartered in Evansville.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEvansville-based Accuride Corp. (NYSE: ACW) is reporting a net loss of $7.6 million in 2015, compared to a loss of $2.3 million the previous year. Despite the loss, Chief Executive Officer Rick Dauch said the company improved on several key financial measures last year.
The company is also reporting a fourth quarter net loss of $15.2 million, compared to a net loss of $5.1 million during the same period in 2014.
"Our investments in industry-leading technologies, such as our Steel Armor and newly-introduced EverSteel coatings, are further positioning us for success in the marketplace," said Dauch. "In 2015, we converted 50 fleets to Accuride wheels and Gunite components. We also secured or renewed five long-term agreements with key truck OEMs and three with trailer OEs, giving us a solid three- to five-year foundation from which to expand."
Accuride says net sales were down 2.8 percent in 2015. The company says the decrease was due to lower demand at its Brillion business unit and lower raw material prices.
Last week, Accuride said it had received a notice from the New York Stock Exchange that it could face suspension or delisting. The NYSE said Accuride had not maintained an average closing price of not less than $1.00 per share over a period of 30 consecutive trading days. The company says it does intend to comply with that requirement.