February 18, 2011 / 2:48 PM / 7 years ago

UPDATE 2-Tower International loss narrows; revenue up 8 pct

* Q4 loss $21.3 mln vs year-earlier loss $23.2 mln

* Q4 revenue up 8 pct to $541.6 million

* Full-year 2010 revenue up 22 pct to $2 billion

* Forecasts 2011 revenue of $2.05 bln to $2.1 bln (Adds background, full-year results, IPO share price)

DETROIT, Feb 18 (Reuters) - Tower International Inc (TOWR.N) reported a narrower quarterly loss as the automotive supplier continued to recover after emerging from bankruptcy in 2007.

The Michigan-based company’s net loss available to common shareholders was $21.3 million, or $1.18 per share, compared with a net loss of $23.2 million, or $1.86 per share, a year earlier.

Revenue rose 8 percent to $541.6 million.

“We believe our financial results in 2010 were right on track for this important first year of an anticipated multi-year auto recovery cycle,” Chief Executive Mark Malcolm said in the company’s earnings statement.

Tower forecast 2011 revenue of $2.05 billion to $2.1 billion, up from $2 billion in 2010. Revenue rose 22 percent last year, it said.

For the full year 2010, the company posted a net loss of $36.9 million, compared with a loss of $67.9 million in 2009.

Tower said net debt at the end of 2010 was $407.8 million, down from $519.8 million a year earlier.

Tower emerged from bankruptcy in 2007 when substantially all of its assets were sold to a unit of private equity firm Cerberus Capital Management.

The company, a supplier of stamped metal parts for automakers, cut costs by $195 million in 2008 and 2009 to become leaner when it returned as a publicly traded company last October in an initial public offering at $13 a share.

The shares closed on Thursday at $17.99.

Tower was the first U.S.-based auto supplier to successfully complete an IPO since 2005.

Volkswagen (VOWG.DE), Ford Motor Co (F.N) and Fiat FIA.MI in 2009 were Tower’s biggest customers. In that year, the last full year such results were available, more than half of Tower’s business came from European-based automakers. (Reporting by Bernie Woodall, editing by Gerald E. McCormick and John Wallace)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below