Superior Industries International, Inc. (NYSE:SUP) Q2 2020 Earnings Conference Call - Final Transcript
Aug 05, 2020 • 08:30 am ET
Good day, and welcome to the Superior Industries' Second Quarter 2020 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Troy Ford. Please go ahead.
Thank you. Good morning, everyone and welcome to our second quarter 2020 earnings call. During our discussion today, we will be referring to our earnings presentation, which, along with the earnings release, are available on the Investors section of Superior's website. This morning, I am joined on the call by Majdi Abulaban, our President and CEO and Matti Masanovich, our Executive Vice President and CFO. Before I turn the call over to Majdi, I would like to remind everyone that any forward-looking statements contained in this presentation or commented on today are subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Please refer to Slide 2 of this presentation for the full safe harbor statement and to the Company's SEC filings, including the Company's current annual report on Form 10-K, and most recent quarterly filing on 10-Q for a more complete discussion of forward-looking statements and risk factors.
We will also discuss non-GAAP measures today, including value-added sales and adjusted EBITDA. These non-GAAP measures exclude the impact of certain items and, therefore, are not calculated in accordance with U.S. GAAP. Reconciliations of these measures to the most directly comparable U.S. GAAP measures can be found in the appendix of this presentation.
With that, I'll turn the call over to Majdi.
Thanks, Troy, and good morning, everyone, and thank you for joining us today to review our second quarter results.
I will begin by providing an overview of the highlights for the quarter, including the impacts of the COVID pandemic on our business. I will then provide an update on the priorities we discussed during our first quarter earnings call as we navigate through the current economic environment. We also think it's important to share with you what we're experiencing as it relates to sales progression and visibility in the future. Finally, I will discuss where we're at with our long term value creation roadmap.
Beginning on Slide 3. During the second quarter, despite the widespread adverse impact of the COVID pandemic, we continued to benefit from the ongoing secular tailwinds in the wheel industry. Our portfolio of large diameter wheels grew, delivering content per wheel growth of 4%. 19-inch and greater wheels accounted for 35% of our wheel portfolio, further underscoring our position as a premium wheel solutions provider. These trends, along with robust share on pickup truck platforms in North America, enabled substantial growth over market in value-added sales during the quarter. Matti will provide more details on our sales performance in the quarter.
As a result of all the actions and initiatives we have taken in response to the COVID pandemic, we were near EBITDA breakeven for the quarter and ended with total available liquidity of $245 million. All of this, despite a 58% decline in