Sales have fallen off sharply for truck wheelmaker Accuride Corp., with first-quarter revenues dropping 14.4% to $77.8 million, down from $90.9 million in the same period last year.
The decrease is largely due to the continuation of the cyclical downturn of the heavy/medium commercial vehicle market with builds down more than 22% from the prior year's first quarter, said Terry Keating, Accuride's president & CEO. Evansville, IN-based Accuride manufacturers wheels for commercial trucks and trailers.
"Although industry builds remain soft, we continue to drive margin improvement in all operating units," he said. "We are heartened by the recent strength in Class 8 net orders, which along with our focus on continuous improvement should provide positive earnings momentum in the upcoming quarters."