Tower International, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Reports Impairment Charges for the First Quarter of Fiscal 2018; Provides Earnings Guidance for the Second Quarter and Full Year of Fiscal Year 2018
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.