Engineered structural metal components and assemblies manufacturer Tower International has unveiled a Q2 loss of US$2.8m, but is increasing its full-year outlook.
Revenue for the quarter was US$603m million, up 20% from US$502m
in the second quarter of 2010. Excluding changes in exchange rates and steel pricing, revenue was up 9%.
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Adjusted EBITDA for the quarter was US$55.6m , up 8% from US$51.7m a year ago, driven by higher volume and favourable foreign exchange, offset partially by less-favourable product mix and the quarterly timing of launch-related costs to support new customer vehicle programmes.
Net loss in the second quarter of 2011 was US$2.8m or US$0.15 per share, but Tower is increasing its outlook for full year 2011 adjusted EBITDA by US$15m to a range of US$215m to US$225m.
Tower added the company won new business in its high-priority, high-growth China market and also reached agreement, subject to government approval, for an additional majority-owned joint venture.
“It was a successful quarter for Tower,” said president and CEO Mark Malcolm. “We maintained our positive trend in adjusted EBITDA, emerged with an upgraded outlook for this year and further enhanced the company’s growth outlook for future years.”
