Tower International’s Q2 net income rises 16.7% y/y to USD22.4 million

Company forecasts revenue of USD2.17 billion for fiscal year 2018

Tower International has reported 16.7% year-over-year (y/y) increase in net income to USD22.4 million, the US-based supplier of automotive structural metal components and assemblies said in a press release on 31 July. Revenues increased 13.5% y/y to USD556 million. Higher revenues helped Tower to record operating income of USD32.8 million, up 14.3% y/y to USD32.8 million and adjusted EBITDA of USD58.2 million, up 10% y/y. Tower reported net cash provided by continuing operating activities of USD49 million and free cash flow of USD9 million.