| Business Segments |
NOTE 5 - BUSINESS SEGMENTS North America and Europe comprise the Company’s reportable segments. Segment operating results for the three and nine months ended September 30, 2025 and 2024 are as follows:
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Three Months Ended |
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September 30, 2025 |
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September 30, 2024 |
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North
America |
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Europe |
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Total |
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North
America |
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Europe |
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Total |
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Net Sales |
$ |
73,538 |
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$ |
104,662 |
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$ |
178,200 |
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$ |
206,233 |
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$ |
115,524 |
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$ |
321,757 |
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Less: |
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Aluminum and other material costs |
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42,475 |
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49,723 |
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92,198 |
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106,925 |
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44,963 |
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151,888 |
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Manufacturing costs |
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55,123 |
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47,748 |
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102,871 |
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63,811 |
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55,886 |
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119,697 |
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Manufacturing depreciation and amortization |
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4,853 |
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7,459 |
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12,312 |
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9,865 |
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11,673 |
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21,538 |
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Selling, general, and administrative expenses |
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20,125 |
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6,235 |
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26,360 |
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11,739 |
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12,161 |
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23,900 |
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Segment expenses |
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122,576 |
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111,165 |
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233,741 |
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192,340 |
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124,683 |
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317,023 |
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Income (loss) from operations |
$ |
(49,038 |
) |
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$ |
(6,503 |
) |
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$ |
(55,541 |
) |
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$ |
13,893 |
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$ |
(9,159 |
) |
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$ |
4,734 |
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Supplemental Segment Financial Information: |
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Depreciation and amortization |
$ |
4,960 |
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$ |
7,485 |
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$ |
12,445 |
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$ |
9,968 |
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$ |
11,732 |
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$ |
21,700 |
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Capital expenditures |
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2,708 |
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4,314 |
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7,022 |
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3,041 |
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3,100 |
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6,141 |
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Nine Months Ended |
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September 30, 2025 |
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September 30, 2024 |
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North
America |
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Europe |
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Total |
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North
America |
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Europe |
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Total |
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Net Sales |
$ |
371,050 |
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$ |
336,649 |
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$ |
707,699 |
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$ |
602,944 |
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$ |
354,056 |
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$ |
957,000 |
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Less: |
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Aluminum and other material costs |
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209,221 |
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150,133 |
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359,354 |
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313,937 |
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146,887 |
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460,824 |
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Manufacturing costs |
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177,085 |
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155,609 |
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332,694 |
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190,880 |
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158,873 |
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349,753 |
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Manufacturing depreciation and amortization |
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21,697 |
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28,483 |
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50,180 |
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30,325 |
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34,698 |
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65,023 |
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Selling, general, and administrative expenses |
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47,648 |
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19,051 |
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66,699 |
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32,632 |
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33,476 |
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66,108 |
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Impairment of long-lived assets |
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66,906 |
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— |
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66,906 |
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— |
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— |
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— |
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Segment expenses |
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522,557 |
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353,276 |
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875,833 |
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567,774 |
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373,934 |
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941,708 |
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Income (loss) from operations |
$ |
(151,507 |
) |
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$ |
(16,627 |
) |
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$ |
(168,134 |
) |
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$ |
35,170 |
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$ |
(19,878 |
) |
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$ |
15,292 |
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Supplemental Segment Financial Information: |
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Depreciation and amortization |
$ |
22,009 |
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$ |
28,601 |
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$ |
50,610 |
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$ |
30,645 |
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$ |
34,889 |
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$ |
65,534 |
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Capital expenditures |
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7,615 |
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11,318 |
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18,933 |
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11,611 |
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9,374 |
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20,985 |
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September 30, 2025 |
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December 31, 2024 |
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North
America |
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Europe |
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Total |
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North
America |
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Europe |
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Total |
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Long-lived assets: |
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Property, plant, and equipment |
$ |
104,336 |
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$ |
169,703 |
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$ |
274,039 |
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$ |
174,180 |
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$ |
155,712 |
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$ |
329,892 |
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Intangible assets |
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— |
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4,516 |
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4,516 |
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— |
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12,612 |
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12,612 |
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Segment assets |
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276,382 |
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315,587 |
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591,969 |
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407,800 |
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332,329 |
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740,129 |
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Geographic InformationSee table below for the Company’s net sales and property, plant and equipment by location:
|
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Net Sales (1) |
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Three Months Ended |
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Nine Months Ended |
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September 30,
2025 |
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September 30,
2024 |
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September 30,
2025 |
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September 30,
2024 |
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U.S. |
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$ |
679 |
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$ |
1,484 |
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$ |
7,206 |
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$ |
4,344 |
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Mexico |
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72,859 |
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204,749 |
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363,844 |
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$ |
598,600 |
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Germany |
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9,418 |
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20,032 |
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34,372 |
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$ |
50,893 |
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Poland |
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95,244 |
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95,492 |
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302,277 |
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$ |
303,163 |
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Consolidated net sales |
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$ |
178,200 |
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$ |
321,757 |
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$ |
707,699 |
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$ |
957,000 |
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(1) Revenues are attributed based on location of legal entity.
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Property, Plant and Equipment, net |
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September 30,
2025 |
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December 31,
2024 |
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U.S. |
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$ |
1,226 |
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$ |
1,505 |
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Mexico |
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103,110 |
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172,674 |
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Germany |
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753 |
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|
573 |
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Poland |
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168,950 |
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|
155,140 |
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Property, plant and equipment, net |
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$ |
274,039 |
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$ |
329,892 |
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