Tower: 2Q Earnings Snapshot
LIVONIA, Mich. (AP) _ Tower International Inc. (TOWR) on Tuesday reported second-quarter profit of $22.4 million.
The Livonia, Michigan-based company said it had profit of $1.07 per share. Earnings, adjusted for one-time gains and costs, were $1.09 per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share.
The auto parts maker posted revenue of $556 million in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $552.2 million.
Tower expects full-year revenue of $2.17 billion.
Tower shares have climbed roughly 3 percent since the beginning of the year. The stock has climbed 25 percent in the last 12 months.