Tower International Swings To Profit In Q4, Adj. Results Beat Estimates

(RTTNews) - Tower International Inc. (TOWR) Thursday announced fourth quarter net income attributable to the company of $140.082 million or $6.76 per share, compared to loss of $20.596 million or $0.99 per share a year ago. Adjusted earnings per share was $0.67.

On average, 5 analysts polled by Thomson Reuters expected the company to report $0.63 per share. Analysts estimates usually exclude special items.

Revenue for the quarter declined to $493.56 million from $502.32 million a year ago. Wall Street was looking for $489.30 million.

For the full year 2016, the company expects adjusted earnings per share of $3, down from $3.22 last year. Street is looking for $3.17 per share on revenue of $2.21 billion.

The company projects 5 percent increase in revenue to $2.05 billion and adjusted EBITDA up 7 percent of $205 million.