Shiloh Industries Inc. has reported financial results for its third quarter of fiscal 2017 ended July 31, 2017.
Third quarter 2017 highlights (compared to third quarter 2016) include:
- Net revenue increased to $256.8 million, compared to $248.8 million
- Gross margin increased 160 basis points to 11.2 percent compared to 9.6 percent, benefiting from favorable product mix and operational efficiencies
- Gross profit increased 21 percent to $28.9 million
- Net loss of $2 million includes a $3.6 million foreign tax valuation allowance to fully reserve certain deferred tax assets compared to a net loss of $0.7 million
- Net loss per share of 11 cents includes 13 cents from the foreign tax valuation allowance compared to a net loss per share of 4 cents
- Adjusted earnings per share more than doubled to 7 cents from 3 cents
- Adjusted EBITDA margin increased 60 basis points to 7.2 percent, compared to 6.6 percent
- Adjusted EBITDA increased 12 percent to $18.4 million
- New product wins represented an expected $157 million in sales over the life of the programs
“Our third quarter results demonstrate the significant progress Shiloh has achieved as we continue to execute our product strategy and provide innovative lightweighting solutions,” said Ramzi Hermiz, president and CEO of Shiloh Industries. “We delivered positive growth in revenue, gross margin and EBITDA and remain well positioned to benefit from long-term trends impacting the mobility industry, such as global fuel efficiency and emission standards and electric and autonomous vehicle adoption. We expect these drivers to remain in place in the coming years, increasing the demand for our lightweighting products and technologies.”
