Tower International, the automotive structural metal components and assemblies supplier, reported adjusted EBITDA for the first quarter up 4% to US$54.2m on higher revenue and cost cuts.

Net income rose to $14.9m from $2.5m a year ago.

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Revenue was up 3% to $548m. Higher production for North America and Europe more than offset declines in Brazil and China.

Tower boosted its full year revenue forecast by $25m to $2.175bn. The company now expects adjusted EBITDA of $215m and earnings per share of $2.90.

“With the obvious caveat that the year is still young, first quarter earnings exceeded our expectations, boosting our confidence for full year 2014,” said president and CEO Mark Malcolm.

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