Tower Int'l (TOWR) Tops Q1 EPS by 7c; Outlook Raised
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Tower International Reports Solid First Quarter, Raises Full Year 2016 Outlook, and Expects Double-Digit Earnings Growth in 2017, Including Retention of Europe Business
April 28, 2016 8:02 AM EDTLIVONIA, Mich., April 28, 2016 /PRNewswire/ -- Tower International, Inc. (NYSE: TOWR), a leading global manufacturer of engineered automotive structural metal components and assemblies, today announced first quarter 2016 results, updated its outlook for full year 2016, provided a preliminary outlook for 2017, and discussed developments regarding Tower's businesses in Europe, Brazil, and China.
Revenue for the first quarter was $511 million. At constant exchange rates, revenue was $523 million, up 5% from $497 million in the first quarter of 2015. Adjusted EBITDA for the quarter was $46.2 million, compared with $48.1 million a year ago. The... More