Tower International, the manufacturer of engineered automotive structural metal components and assemblies, announced Q1 2017 net income of $17.3m compared with $8.4m a year previously.
Revenue rose 2% to US$497.6m.
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Adjusted EBITDA for the quarter was $46.2m, compared with $45.1m an increase of 2%.
For full year 2017, the supplier expects revenue of $1.925bn; adjusted EBITDA up 4%, to $210m; adjusted EBITDA margin increasing by 40 basis points, to 10.9%; and earnings per share of $3.60, an increase of 7%.
The Q2 2017 outlook includes revenue of $495m, adjusted EBITDA of $53m, and earnings per share of $0.95.
"Tower delivered solid financial results in the quarter as revenue and earnings were above our previous outlook," said CEO Jim Gouin.
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By GlobalData"We continue to invest in the growth of Tower and are well positioned to grow our business at a faster pace than the industry over the coming years. This growth will be fuelled by what we believe to be secular trends associated with OEM outsourcing driven by lightweighting and changing technologies such as electrification.
"Regardless of how vehicles are eventually powered or driven, Tower's structural components and assemblies remain both relevant and necessary."
