October 10th announcement of the weaker than expected full-year revenue numbers drove Accuride Corp. (NYSE: ACW) share price down in 2 weeks to below $2.60/share. Market analysts were already forecasting ACW’s loss of 30 cents per share on revenue of $967.8 million instead of previous Accuride’s prediction of full-year loss at 5 cents to 12 cents per share on revenue between $1 billion and $1.03 billion.
Aside, Accuride President and CEO Rick Dauch, noted:
In spite of the near-term industry challenges, our plan to ‘Fix & Grow’ Accuride is on track. We are taking the actions necessary to reduce our cost structure in the face of challenging and rapidly changing industry conditions, without jeopardizing our operational turnaround and long-term strategic objectives. Our Aluminum Wheel and Gunite manufacturing equipment launches and the consolidation of manufacturing operations at Gunite and Imperial will be completed by year-end. Long-term industry fundamentals remain intact, pointing to a recovery over the next several years. We are confident that the actions we are taking will make Accuride a much stronger and more dependable company for our customers and shareholders.
ACW’s chart:
Accuride Corporation Headquarters
7140 Office Circle
P.O. Box 15600
Evansville, IN 47716
Chad Monroe, Director of Corporate Development
Tel: (812) 962-5041
Accuride Corporation (NYSE: ACW) is one of the largest and most diversified manufacturers and suppliers of commercial vehicle components in North America. Company markets steel and aluminum commercial vehicle wheels, wheel-end components and assemblies, truck body and chassis parts, and gray, ductile and austempered ductile iron castings under Accuride Wheel End Solutions (Accuride Wheels and Gunite), Imperial Group, and Brillion Iron Works brand names.