Tower beats 4Q profit forecasts

Tower International tops 4Q earnings expectations, misses revenue forecasts

LIVONIA, Mich. (AP) _ Tower International Inc. (TOWR) on Tuesday reported fourth-quarter profit of $16.9 million.

The Livonia, Michigan-based company said it had net income of 81 cents per share. Earnings, adjusted for one-time gains and costs, were $1.02 per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 96 cents per share.

The auto parts maker posted revenue of $462.3 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $465.1 million.

For the year, the company reported profit of $38.6 million, or $1.82 per share. Revenue was reported as $1.91 billion.

For the current quarter ending in April, Tower expects its per-share earnings to be 60 cents.

The company said it expects revenue in the range of $480 million for the fiscal first quarter.

Tower expects full-year earnings to be $3.60 per share, with revenue expected to be $1.93 billion.

Tower shares have fallen almost 8 percent since the beginning of the year. The stock has risen 29 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TOWR at https://www.zacks.com/ap/TOWR

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Keywords: Tower International, Earnings Report

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