Tower International Falls To Loss In Q2

(RTTNews) - Tower International, Inc (TOWR), a manufacturer of engineered structural metal components and assemblies, Monday reported a loss for the second quarter, due to the impact of restructuring charges and partial redemption of senior secured notes. The company also increased its earnings outlook and decreased revenue guidance for the full year.

For the three-month period, the company reported net loss of $45.1 million or $2.22 per share, compared with net profit of $7.6 million or $0.38 per share during the corresponding quarter last year. The result included $40.32 million on partial redemption of senior secured notes, interest expenses towards acceleration of the amortization of debt issue costs and OID of $10.15 million, asset impairment charges of $9.75 million as well as other items totalling $66.6 million.

Excluding the items, earnings per share were $1.03 per share, increased from $0.80 per share during the same quarter last year.

On average, five analysts polled by Thomson Reuters expected earnings per share of $0.60 for the quarter. Analysts' estimates typically exclude one-time items.

Revenues generated for the period was $556 million, compared with prior year's $555 million.

Analysts expected the firm to report revenues of $552.19 million.

For the full year, Tower raised its adjusted earnings outlook by 25 cents or 15 percent to $1.90 per share. Street expects the company to report earnings of $1.67 per share. Revenue for the full year is projected at $2.115 billion, $10 million lower than prior outlook because of exchange-rate translation. Analysts estimate the firm to generate revenues of $2.14 billion.