Accuride cuts FY16 revenue view to $535M-$545M from $625M-$650M
Consensus is $624.3M. Adjusts FY16 adjusted EBITDA view to $68M-$72M from $65M-$75M. Free Cash Flow is expected to be $2 million to $6 million, excluding approximately $10 million of negative Free Cash Flow related to Brillion prior to its divestiture. Commenting on Accuride's preliminary third quarter 2016 results and the revision of its guidance for full-year 2016, President and CEO Rick Dauch said, "This continues to be a challenging time for the North American commercial vehicle industry. The negative impact of this cyclical downturn on demand for aluminum wheels and softness in the aftermarket for Gunite's products has been more significant than anticipated. While our leadership team proactively took aggressive actions earlier this year to lower our costs in response to these headwinds, forecasted industry volumes continued to be revised downward for the second half of the year and we believe that this challenging market environment will continue into 2017."