Superior Industries (NYSE: SUP) profit rises on tax benefit

Austin, TX 3/5/12 (StreetBeat) -- Aluminum wheel maker Superior Industries International Inc (NYSE: SUP) posted a sharp jump in quarterly profit, boosted by an income tax benefit.

For the fourth quarter, the company earned $40.2 million, or $1.48 cents a share, compared with $22.3 million, or 82 cents a share, a year ago.

It had an income tax benefit of $28.2 million in the quarter.

The company said gross margins fell to 8 percent from 15 percent a year ago, partly due to a weaker product mix.

Superior Industries, which makes wheels for passenger cars and light-duty vehicles, said net sales rose 14 percent to $216.8 million.

The company's shares, which have gained 25 percent in value since touching a year-low in September, closed at $17.81 on Friday on the New York Stock Exchange.

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