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Tower International profit misses consensus by 17.5% in Q1

Tower International Inc. said its first-quarter normalized net income was 50 cents per share, compared with the S&P Capital IQ consensus estimate of 61 cents per share.

EPS declined 5.7% year over year from 53 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $10.7 million, a decrease of 5.3% from $11.3 million in the year-earlier period.

The normalized profit margin climbed to 2.5% from 2.2% in the year-earlier period.

Total revenue decreased year over year to $496.6 million from $519.3 million, and total operating expenses declined on an annual basis to $471.7 million from $493.2 million.

Reported net income totaled $14.1 million, or 66 cents per share, compared to $14.0 million, or 66 cents per share, in the prior-year period.