Tower International said sales of its engineered automotive structural metal components and assemblies in the third quarter rose to US$462m compared with $457m in Q3 2016.
But net income dropped to $14.9m (72 cents per share) compared with $18.2m/86 cents due to special items totalling $2.8m.
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Adjusted EBITDA was $49.2m, slightly better than forecast but down from $50.1m a year ago.
Tower has boosted its full year revenue forecast of $1.98bn by $10m as favourable foreign exchange is expected to more than offset modest vehicle production decreases in Europe.
The supplier has raised its outlook for adjusted earnings per share by 10 cents to $3.70 and maintained its forecast for adjusted EBITDA of $210m.
“Tower delivered solid financial results in the quarter as revenue and earnings were ahead of our previous outlook,” said CEO Jim Gouin. “We continue to invest in growth and continue to benefit from emerging industry trends. With our existing net new business wins and exposure to trucks and SUVs in the North American market we are well positioned to grow our business at a faster pace than the industry over the coming years.”
