A Red Light for Accuride

According to a filing with the Securities and Exchange Commission, Coliseum Capital has acquired 2.8 million shares of Accuride (ACW), a provider of wheels and other parts to truck manufacturers, dealers and distributors. Coliseum, which is managed by Christopher Shackelton and Adam Gray, had not reported any shares of Accuride in its 13F filing for the end of the third quarter, so it is likely that the fund purchased all of these shares in the last two months. Accuride shares are down 47% since the beginning of October, following an announcement that it would underperform its previous guidance. The stock is now down 65% year to date, and down 82% from its initial-public-offering price in March 2010.

In the third quarter, Accuride reported an 11% decline in revenue compared with the same period in 2011. Since the company had taken a net loss in the third quarter of last year, even moderate cost cutting failed to deliver a profit; however, the net loss showed very little change despite lower sales. Revenue had actually been up in the first half of 2012, and so the company has reported higher revenues year to date, yet slightly higher net losses than in the first nine months of 2011....370 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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