Tower Int'l (TOWR) Tops Q1 EPS by 6c, Revenues Beat; Affirms FY19 EPS/Revenue Guidance Below Consensus, Offers FY20 Revenue Outlook

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Go back to Tower Int'l (TOWR) Tops Q1 EPS by 6c, Revenues Beat; Affirms FY19 EPS/Revenue Guidance Below Consensus, Offers FY20 Revenue Outlook

Tower International Reports First Quarter 2019 in-line with Outlook, Closes on Sale of Europe and Affirms 2020 Outlook

May 2, 2019 8:01 AM EDT

LIVONIA, Mich., May 2, 2019 /PRNewswire/ -- Tower International, Inc. (NYSE: TOWR), a leading manufacturer of engineered automotive structural metal components and assemblies, today announced First Quarter 2019 results and updated its business outlook. 

During the First Quarter 2019, Tower completed the sale of its European operations.  In December 2018, Tower entered into an agreement to sell all of its European operations to Financière SNOP Dunois S.A. ("FSD"), a privately owned French auto supplier.  The sale price represents an Enterprise Value of 255 million, or an EV / Adjusted EBITDA multiple of 5.4x 2018 full year earnings. The... More