Tower International Falls To Loss In Q4

(RTTNews) - Tower International, Inc. (TOWR), Thursday announced a fall to loss in the fourth quarter of $18.043 million from a profit of $20.53 million a year ago. Net loss attributable to the company was $20.596 million. The company recorded a loss per share of $0.99 compared to a profit of $0.90 a year ago.

Adjusted earnings per share were $0.84 per share, up 87 percent. The company recorded a provision for income tax of $2.14 million compared to a benefit of $7.166 million last year. Restructuring and asset impairment charges were $6.75 million compared to $2.301 million a year ago.

On average, 5 analysts polled by Thomson Reuters expected earnings of $0.72 per share. Analysts estimates usually exclude special items.

Revenues for the quarter was $502.32 million, up from $480.85 million last year. Analysts were looking for $525.86 million.

Excluding the China joint venture held for sale, the company expects preliminary revenue for 2015 of $2 billion, down from its prior year revenue of $2.068 billion. The company said the declined in projection reflects currency translation, including an assumed average value for the Euro of $1.12. At constant exchange rates and excluding the previously disclosed sale of a plant in Italy, the company expects organic revenue growth of 5% in 2015, on top of 6% organic growth (at constant exchange) in 2014.

Adjusted EBITDA expectation for 2015 is projected at about $200 million or about $215 million at 2014 exchange rates, compared with $204 million in 2014. Adjusted earnings per share is projected to be $3.10 up from $3.02 in 2014. At constant exchange, 2015 earnings would be projected at $3.60.