Tower International Updates Full Year Revenue Outlook

(RTTNews) - Tower International, Inc. (TOWR) announced the company's earnings guidance for full year 2015 is unchanged, at $190 million adjusted EBITDA and $3.15 adjusted EPS. Projected revenue is reduced by $20 million, to $1.95 billion.

The company expects its two China JV sales to close in the fourth quarter, resulting in anticipated cash sale proceeds of about $50 million, plus elimination of about $47 million of minority interests in Tower's net assets; together, this represents more than $4.50 per TOWR share in enterprise value expected to be received in the fourth quarter.

For the third-quarter 2015, the company's adjusted EBITDA was $43.8 million, compared to $48.6 million a year ago. The company said the year-over-year decline reflected unfavorable net cost performance, which was in line with guidance and reflected unfavorable calendarization timing versus a year ago.