Tower Int'l (TOWR) Tops Q1 EPS by 1c, Beats on Revenues; Offers FY18 EPS Outlook Below Consensus

Tower Int'l (NYSE: TOWR) reported Q1 EPS of $0.82, $0.01 better than the analyst estimate of $0.81. Revenue for the quarter came in at $564 million versus the consensus estimate of $549 million.

• Revenue for the first quarter was $564 million compared with $498 million in the first quarter of 2017 representing a 13 percent increase.
• Net income was $17.3 million or $0.83 per share essentially equal to the first quarter last year. As detailed below, this year's first quarter included certain items that, in aggregate, increased results by $27 thousand. Excluding these items and comparable items in the first quarter of 2017, adjusted earnings per share amounted to $0.82, an increase of 8 percent from the $0.76 reported a year ago.
• Adjusted EBITDA for the quarter was $53.1 million slightly ahead of the Company\'s outlook and up 16 percent from $45.7 million a year ago.
• For the quarter, net cash used by continuing operating activities was $16 million. Cash disbursed for purchases of equipment totaled $29 million resulting in Free Cash Flow of negative $45 million. This compares with negative Free Cash Flow of $72 million in the first quarter 2017.
• Full year 2018 outlook includes:
  • Revenue of $2.15 billion, reflecting primarily net new business of $125 million and favorable foreign exchange;
  • Adjusted EBITDA of $230 million;
  • Diluted Adjusted EPS of $4.10 per share – up 9 percent from 2017; and
  • Free Cash Flow of $50 million, with strong free cash flow in the second half of the year more than offsetting the expected cash outflow in the first half of the year.
• The Company's outlook for second quarter 2018 includes revenue of $560 million, Adjusted EBITDA of $58 million and Diluted Adjusted Earnings Per Share of $1.08.

GUIDANCE:

Tower Int'l sees FY2018 EPS of $4.10, versus the consensus of $4.17.

For earnings history and earnings-related data on Tower Int'l (TOWR) click here.

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