Tower Automotive has said that its third-quarter loss would be twice as deep as previously expected because of lower North American vehicle production and higher steel costs.
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Tower is the latest in a string of parts suppliers to issue earnings warnings. Tower said it now expected a net loss of $22.5 million to $25 million, or 39 to 43 cents per share, excluding restructuring charges and some nonrecurring, noncash charges.
Its previous estimate was a net loss of $10.4 million to $12.8 million, or 18 to 22 cents per share. Tower forecast revenue of $710 million to $720 million, from a previous forecast of $725 million to $735 million.
