Tower International Q1 Profit Rises, But Misses View; Backs FY17 Outlook

(RTTNews) - Tower International, Inc. (TOWR) on Tuesday reported an increase in profit for the first quarter from last year on higher revenues and one-time gains.

However, adjusted earnings for the quarter missed analysts' estimates. Looking ahead, the company affirmed its financial outlook for fiscal 2017.

The company's net income for the first quarter was $17.3 million or $0.83 per share, up from $8.4 million or $0.39 per share last year.

Adjusted earnings for the quarter were $0.76 per share, compared to $0.65 per share a year ago. On average, five analysts polled by Thomson Reuters expected the company to report earnings of $0.60 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter was $497.6 million, up 2 percent from $489.2 million in the first quarter of 2016. Analysts had a consensus revenue estimate of $475.75 million.

Looking ahead to fiscal 2017, Tower affirmed its outlook for adjusted earnings per share of $3.60, an increase of 7 percent from 2016, and revenue of $1.925 billion. The Street expects earnings of $3.56 per share for the year on revenues of $1.92 billion.