Tower International, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported revenues of $563,506,000 against $497,590,000 a year ago. Operating income was $25,952,000 against $23,061,000 a year ago. Income before provision for income taxes and income from discontinued operations was $21,505,000 against $22,559,000 a year ago. Net income attributable to the company was $17,300,000 against $17,345,000 a year ago. Basic income per share from continuing operations was $0.80 against $0.78 a year ago. Basic income per share was $0.84 against $0.85 a year ago. Diluted income per share from continuing operations was $0.79 against $0.77 a year ago. Diluted income per share was $0.83 against $0.83 a year ago. Net cash used in continuing operating activities was $16,154,000 against $48,424,000 a year ago. Cash disbursed for purchases of property, plant, and equipment, net was $28,942,000 against $23,909,000 a year ago. Adjusted EBITDA was $53,109,000 against $45,725,000 a year ago. Net debt was $310,401,000.

The company reported impairment charges for the first quarter of fiscal 2018. For the quarter, the company reported restructuring and asset impairment charges, net of $1,548,000 against $3,911,000 a year ago.

The company provided earnings guidance for the second quarter and full year of fiscal year 2018. For the second quarter, the company expects revenue of $560 million, Adjusted EBITDA of $58 million and diluted adjusted earnings per share of $1.08.

For the full year of 2018, the company expects revenue of $2.15 billion, reflecting primarily net new business of $125 million and favorable foreign exchange. The company expects adjusted EBITDA of $230 million, diluted Adjusted EPS of $4.10 per share up 9% from 2017, free cash flow of $50 million, with strong free cash flow in the second half of the year more than offsetting the expected cash outflow in the first half of the year.