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Tower International profit misses consensus by 24.2% in Q2


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Tower International profit misses consensus by 24.2% in Q2

Tower International Inc. said its second-quarter normalized net income came to 75 cents per share, compared with the S&P Capital IQ consensus estimate of 98 cents per share.

EPS rose 19.9% year over year from 62 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $16.0 million, an increase of 20.1% from $13.3 million in the year-earlier period.

The normalized profit margin increased to 3.6% from 2.4% in the year-earlier period.

Total revenue fell 10.6% year over year to $490.3 million from $548.5 million, and total operating expenses declined 11.3% from the prior-year period to $459.7 million from $518.4 million.

Reported net income rose 25.5% on an annual basis to $18.0 million, or 84 cents per share, from $14.3 million, or 67 cents per share.