Tower International, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Provides Earnings Guidance for the Second Quarter and Full Year of 2017
Tower International, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company reported revenues of $497,590,000 against $489,194,000 a year ago. Operating income was $23,540,000 against $23,375,000 a year ago. Income from continuing operations was $16,063,000 against $8,729,000 a year ago. Net income was $17,413,000 against $8,384,000 a year ago. Net income attributable to the company was $17,345,000 against $8,378,000 a year ago. Diluted income per share from continuing operations was $0.77 against $0.41 a year ago. Diluted income per share was $0.83 against $0.39 a year ago. Net cash flow used in continuing operating activities was $48,424,000 against cash flow from continuing operating activities of $10,262,000 a year ago. Cash disbursed for purchases of property, plant, and equipment, net was $23,909,000 against $25,696,000 a year ago. Adjusted EBITDA was $46,204,000 against $45,095,000 a year ago. Negative free cash flow was $72,333,000 against $15,432,000 a year ago. Net debt was $402,119,000 as on March 31, 2017. Diluted adjusted earnings per share (non-GAAP) were $0.76 against $0.65 a year ago.
For full year 2017, the company expects revenue of $1.925 billion; adjusted EBITDA up 4%, to $210 million; adjusted EBITDA margin increasing by 40 basis points, to 10.9%; diluted adjusted earnings per share of $3.60, an increase of 7% from 2016; and free cash flow of $55 million, driven by strong cash flow in the second half of the year.
The company's outlook for second quarter 2017 includes revenue of $495 million, adjusted EBITDA of $53 million, and diluted adjusted earnings per share of $0.95.