Tower Automotive on Thursday posted a quarterly loss, compared with a profit a year earlier, as restructuring costs and an asset write-down hurt results.
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According to Reuters, Tower reported a fourth-quarter net loss of $US25 million, or 43 cents a share, compared with year-ago net income of $17 million, or 29 cents a share.
Special items of about $25.2 million, or 44 cents a share, reduced earnings in the latest quarter, Tower said. A $27.4 million write-down of a joint-venture investment and after-tax restructuring charges of $6.9 million were partially offset by a onetime $9.1 million gain at another joint venture.
Analysts had expected Tower to post a loss of 13 cents a share, with loss estimates ranging from 10 cents to 15 cents, according to Reuters Research.
Tower said fourth-quarter revenue rose to $717 million from $682 million and, for 2004, forecast earnings per share in a range of 25 cents to 40 cents on revenue of about $3.2 billion, up from $2.8 billion in 2003.
It predicted a first-quarter loss of between 3 cents and 7 cents a share on revenue of $760 million to $770 million, Reuters added.
