Tower International Q2 Profit From Cont. Ops. Declines - Quick Facts

(RTTNews) - Tower International, Inc. (TOWR) reported second-quarter income per share from continuing operations of $0.71 compared to $0.89, prior year. From continuing and discontinued operations, the company reported a net loss of $4.8 million or a loss of 23 cents per share, compared with net income of $18.6 million or 87 cents per share in the second quarter last year. The company noted that its current year second quarter included certain items that adversely impacted results by $22.2 million, mainly reflecting the non-cash impairment related to the accumulated foreign-currency translation adjustments in discontinued Brazil operation.

Excluding items, adjusted earnings were 81 cents per share, compared with $1.10 a year ago. The company said the decline mainly reflected the resumption in the current year of accrued U.S. income taxes.

Revenue for the second quarter was $505 million, up from $450 million in the second quarter of 2015, primarily reflecting organic new-business growth in North America. Analysts polled by Thomson Reuters expected revenue of $504.7 million, for the quarter.