Tier two components supplier Noble International, Ltd. has reported earnings of $US1.44 per diluted share for the year ended December 31, 2004.

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For the fourth quarter of 2004, Noble posted diluted earnings of $0.33 per share versus earnings from continuing operations of $0.24 per diluted share in the fourth quarter of 2003. Noble posted earnings from continuing operations of $1.09 per diluted share in 2003.


Revenue for the fourth quarter of 2004 increased to $88.5 million from $56.1 million in the fourth quarter of 2003. Gross margin increased to $10.2 million in the most recent quarter, up from $7.6 million in 2003. On a percentage basis, gross margin in the fourth quarter was 11.5% of sales versus 13.5% in the year-ago fourth quarter. The decline in the gross margin percentage was primarily due to steel content accounting for a greater percentage of total revenue.


Pre-tax earnings from continuing operations for the fourth quarter of 2004 totaled $4.8 million, including a non-cash charge of $0.5 million.


Revenue for 2004 reached a record $332.6 million compared to $183.8 million in 2003. Gross margin for 2004 increased to $37.9 million versus $26.9 million a year ago. Gross margin as a percentage of sales was 11.4% for 2004 compared to 14.6% in 2003.  The decline in the gross margin percentage was primarily due to steel content accounting for a greater proportion of revenue in 2004 compared to 2003.

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EBITDA for 2004 was $32.5 million versus $23.4 million a year ago. Pre-tax income from continuing operations in 2004 totaled $21.7 million versus $13.8 million in 2003.


Noble is increasing its 2005 earnings guidance to a range of $1.55 to $1.60 per diluted share and expects 2005 revenue of approximately $340 – $350 million.