Tower International, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Re-Affirms Earnings Guidance for the Full Year of 2017
For the six months, the company reported revenue of $987,515,000 against $994,325,000 a year ago. Operating income was $52,680,000 against $52,511,000 a year ago. Income from continuing operations was $35,810,000 or $1.72 per diluted share against $23,998,000 or $1.11 per diluted share a year ago. Net income attributable to company was $36,561,000 or $1.76 per diluted share against $3,537,000 or $0.16 per diluted share a year ago. Net cash used in continuing operating activities was $10,240,000 against net cash provided by continuing operating activities of $22,395,000 a year ago. Cash disbursed for purchases of property, plant, and equipment, net was $44,161,000 against $60,926,000 a year ago. Net debt as at June 30, 2017, was $371,792. Diluted adjusted earnings per share (non-GAAP) were $1.73 against $1.46 a year ago. Adjusted EBITDA was $99,448,000 against $95,353,000 a year ago.
The company re-affirmed earnings guidance for the full year of 2017. The current outlook for full year revenue of $1.97 billion is expected to be $45 million higher than previous outlook, as higher European steel prices and favorable foreign exchange more than offset modest production decreases on Tower contented vehicles in Europe. The company is re-affirming its outlook for full year 2017 Adjusted EBITDA of $210 million, Adjusted EPS of $3.60 per share and positive free cash flow of $55 million.