Shiloh Industries, a global supplier of lightweighting, noise and vibration solutions to the automotive, commercial vehicle and other industrial markets, recently reported financial results for its fiscal 2019 second-quarter ended April 30, 2019.
Second quarter 2019 highlights include:
• Revenues were $273.4 million;
• Gross profit was $28.7 million with a gross margin of 10.5%;
• Net income was $1.1 million or 5 cents per diluted share;
• Adjusted earnings per diluted share was 24 cents, consistent with the second quarter of 2018;
• Adjusted EBITDA was $23.3 million, an increase of 14.8% year-over-year; and
• Adjusted EBITDA margin was 8.5%, an expansion of 170 basis points year-over-year.
“We made significant progress increasing our profitability as we continue to execute exciting new launches of products containing our innovative and leading technology,” said Ramzi Hermiz, president and CEO. “These launches provide Shiloh with recurring revenue streams and strengthen our product mix. We are also excited about our new business awards of approximately $300 million won in the first half of our fiscal year and remain optimistic despite market uncertainties. We expect our preemptive actions and restructuring initiatives will continue to mitigate market softness and contribute to our profitability. As we look toward the second half, we expect to deliver full year guidance and are raising the mid-point of our adjusted EBITDA range.”
Shiloh is maintaining its previously announced 2019 guidance for revenue to range from $1 billion to $1.15 billion and tightening the range of adjusted EBITDA to $65 million to $70 million from $62 million to $70 million.