Shiloh Industries Inc., a global supplier of lightweighting, noise and vibration solutions to the automotive and commercial vehicle markets, reported financial results for its second quarter of fiscal 2017 ended April 30, 2017.
Second-quarter 2017 highlights (compared to the second quarter of 2016):
- Gross margin increased 300 basis points to 12.2 percent, compared to 9.2 percent, benefitting from favorable product mix and operational efficiencies
- Gross profit increased by more than 26 percent to $33.2 million
- Net income per diluted share for the quarter and the year ago quarter were 24 cents
- Adjusted earnings per diluted share for the quarter was 36 cents, compared to 26 cents
- Adjusted EBITDA margin increased 230 basis points to 9.0 percent, compared to 6.7 percent
- Adjusted EBITDA increased by more than 29 percent to $24.5 million
- New product wins represented an expected $195 million in sales over the life-of-programs
“We generated strong year-over-year improvement in our gross margin and EBITDA margin during the second quarter and achieved record EBITDA dollars,” said Ramzi Hermiz, president and CEO. “We continue to deliver on our strategy to provide lightweighting solutions to the mobility market and as we look forward to the balance of the year, we expect the positive momentum in our business to continue.”
2017 Outlook:
Shiloh is introducing guidance for the full year fiscal 2017. The company anticipates adjusted EBITDA to be in a range of $74 million to $78 million, with an adjusted EBITDA margin range of 7.0 to 7.5 percent. This represents an improvement of 17 to 23 percent compared to adjusted EBITDA of $63.3 million in 2016. In addition, the company expects annual capital expenditures to be approximately 4 to 5 percent of revenue.
