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Tower International’s Adjusted Earnings Rise 23%
Metal stampings supplier Tower International Inc. reports its adjusted earnings before interest, taxes, depreciation and amortization rose 23% to $56 million in October-December.
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Metal stampings supplier Tower International Inc. reports its adjusted earnings before interest, taxes, depreciation and amortization rose 23% to $56 million in October-December. Revenue for the period grew 2% to $462 million.
The Livonia, Mich.-based company’s net revenue in the fourth quarter plummeted to $17 million from $145 million because of a one-time tax adjustment in 2015.
For the full year, Tower International’s adjusted EBITDA climbed 4% to $210 million, and revenue advanced 1% to $1.9 billion. Pointing to new orders through 2019, the company expects to outgrow the auto industry by five points over the next two years.
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