Truck and trailer wheel maker Accuride Corp. continued to lose money in 2002 despite higher sales, though it reduced its losses by 50% from 2001.
Evansville, IN-based Accuride lost over $10.9 million on sales of $345.5 million in 2002, compared to losses of $33.1 million on sales of $332 million in 2001. For the fourth quarter, Accuride lost $8.95 million on sales of $80.1 million, compared to loses of $10.7 million on sales of $71.3 million during the same quarter in 2001.
President & CEO Terry Keating noted that the company's margins improved over what he called a "lackluster" 2001 and said Accuride's major operating segments are performing well despite overall weak market conditions.
He also said Accuride's cash reserve of $40 million will help as it faces another "challenging year" in 2003, with market and economic uncertainties ahead.