26.07.2017 14:28:43

Tower International Backs FY17 Earnings View; Lifts Revenue Forecast

(RTTNews) - Tower International, Inc. (TOWR), a manufacturer of engineered automotive structural metal components and assemblies, on Wednesday reaffirmed its forecast for fiscal 2017 adjusted earnings and EBITDA. Further, the company lifted full-year guidance for revenues.

The company continues to expect full-year adjusted EBITDA of $210 million and adjusted earnings per share of $3.60.

Regarding revenues, the company said the current outlook for full-year revenue of $1.97 billion is expected to be $45 million higher than previous outlook. The revision is due to higher European steel prices and favorable foreign exchange that more than offset modest production decreases on Tower contented vehicles in Europe.

On average, analysts polled by Thomson Reuters expect earnings of $3.63 per share on revenues of $1.93 billion for the year. Analysts' estimates typically exclude special items.

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