Exhibit 99.1







Tower International Reports First Quarter Results and Affirms Earnings and Free Cash Flow Outlook for 2018


LIVONIA, Mich., May 3, 2018 – Tower International, Inc. [NYSE: TOWR], a leading global manufacturer of engineered automotive structural metal components and assemblies, today announced first quarter 2018 results and affirmed its earnings and free cash flow outlook for 2018.


·Revenue for the first quarter was $564 million compared with $498 million in the first quarter of 2017 representing a 13 percent increase.


·Net income was $17.3 million or $0.83 per share essentially equal to the first quarter last year. As detailed below, this year’s first quarter included certain items that, in aggregate, increased results by $27 thousand. Excluding these items and comparable items in the first quarter of 2017, adjusted earnings per share amounted to $0.82, an increase of 8 percent from the $0.76 reported a year ago.


·Adjusted EBITDA for the quarter was $53.1 million slightly ahead of the Company’s outlook and up 16 percent from $45.7 million a year ago.


·For the quarter, net cash used by continuing operating activities was $16 million. Cash disbursed for purchases of equipment totaled $29 million resulting in Free Cash Flow of negative $45 million. This compares with negative Free Cash Flow of $72 million in the first quarter 2017.


·Full year 2018 outlook includes:


oRevenue of $2.15 billion, reflecting primarily net new business of $125 million and favorable foreign exchange;
oAdjusted EBITDA of $230 million;
oDiluted Adjusted EPS of $4.10 per share – up 9 percent from 2017; and
oFree Cash Flow of $50 million, with strong free cash flow in the second half of the year more than offsetting the expected cash outflow in the first half of the year.


·The Company’s outlook for second quarter 2018 includes revenue of $560 million, Adjusted EBITDA of $58 million and Diluted Adjusted Earnings Per Share of $1.08.


“Tower delivered solid financial results in the first quarter as Adjusted EBITDA and Adjusted EPS were slightly ahead of our previous outlook,” said CEO Jim Gouin.  “Revenue for the quarter increased 13 percent as Tower continues to benefit from the secular trends of outsourcing and a continued production mix shift from cars to trucks and SUVs. This mix shift helped Tower’s North American revenue to grow by 16 percent while the industry production declined by 3 percent. These trends, in combination with our solid backlog of net new business, gives us further confidence that we will continue to grow our revenue faster than the industry in total.”





Tower to Host Conference Call Today at 11 a.m. EDT

Tower will discuss its first quarter 2018 results and other related matters in a conference call at 11 a.m. EDT today. Participants may listen to the audio portion of the conference call either through a live audio webcast on the Company’s website or by telephone. The slide presentation and webcast can be accessed via the investor relations portion of Tower’s website www.towerinternational.com. To dial into the conference call, domestic callers should dial (866) 393-4576, international callers should dial (706) 679-1462. An audio recording of the call will be available approximately two hours after the completion of the call. To access this recording, please dial (855) 859-2056 (domestic) or (404) 537-3406 (international) and reference Conference I.D. #6385526. A webcast replay will also be available and may be accessed via Tower’s website.


Non-GAAP Financial Measures


This press release includes the following non-GAAP financial measures: “adjusted EBITDA”, “adjusted EBITDA margin”, “adjusted earnings per share”, and “free cash flow”. We define adjusted EBITDA as net income/(loss) before interest, taxes, depreciation, amortization, restructuring items and other adjustments described in the reconciliations provided in this press release. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenues, Adjusted earnings per share exclude certain income and expense items described in the reconciliation provided in this press release. Free cash flow is defined as cash provided by continuing operating activities less cash disbursed for purchases of property, plant and equipment. We use adjusted EBITDA, adjusted EBITDA margin, adjusted earnings per share, and free cash flow as supplements to information provided in accordance with generally accepted accounting principles (“GAAP”) in evaluating our business and they are included in this press release because they are principal factors upon which our management assesses performance and in certain instances in measuring performance for compensation purposes. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP are set forth below. The non-GAAP measures presented above are not measures of performance under GAAP. These measures should not be considered as alternatives for the most directly comparable financial measures calculated in accordance with GAAP. Other companies in our industry may define these non-GAAP measures differently than we do and, as a result, these non-GAAP measures may not be comparable to similarly titled measures used by other companies in our industry; and certain of our non-GAAP financial measures exclude financial information that some may consider important in evaluating our performance. Given the inherent uncertainty regarding mark to market adjustments of financial instruments, potential gain or loss on our Discontinued Operations, potential restructuring expenses, and expenses related to our long-term incentive compensation programs in any future period, a reconciliation of forward-looking financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP is not feasible. Consequently, any attempt to disclose such reconciliations would imply a degree of precision that could be confusing or misleading to investors. The magnitude of these items, however, may be significant.





Forward-Looking Statements and Risk Factors


This press release contains statements which constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the Company’s projected full year earnings, cash flow and revenues, net new business backlog, business growth, adjusted EBITDA, adjusted EBITDA margin and free cash flow. The forward-looking statements can be identified by words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “project,” “target,” and other similar expressions. Forward-looking statements are made as of the date of this press release and are based upon management’s current expectations and beliefs concerning future developments and their potential effects on us. Such forward-looking statements are not guarantees of future performance. The following important factors, as well as risk factors described in our reports filed with the SEC, could cause our actual results to differ materially from estimates or expectations reflected in such forward-looking statements:


·global automobile production volumes;
·the financial condition of our customers and suppliers;
·our ability to make scheduled payments of principal or interest on our indebtedness and comply with the covenants and restrictions contained in the instruments governing our indebtedness;
·our ability to refinance our indebtedness;
·risks associated with our non-U.S. operations, including foreign exchange risks and economic uncertainty in some regions;
·any increase in the expense and funding requirements of our pension and other postretirement benefits;
·our customers’ ability to obtain equity and debt financing for their businesses;
·our dependence on our largest customers;
·pricing pressure from our customers;
·work stoppages or other labor issues affecting us or our customers or suppliers;
·our ability to integrate acquired businesses;
·our ability to take advantage of emerging secular trends;
·risks associated with business divestitures; and
·costs or liabilities relating to environmental and safety regulations.


We do not assume any obligation to update or revise the forward-looking statements contained in this press release.



Derek Fiebig

Executive Director, Investor & External Relations

(248) 675-6457








(Amounts in thousands, except share and per share amounts - unaudited)


   Three Months Ended March 31, 
   2018   2017 
Revenues  $563,506   $497,590 
Cost of sales   503,660    441,290 
Gross profit   59,846    56,300 
Selling, general, and administrative expenses   32,234    29,225 
Amortization expense   112    103 
Restructuring and asset impairment charges, net   1,548    3,911 
  Operating income   25,952    23,061 
Interest expense   5,162    453 
Interest income   157    47 
Net periodic benefit income   558    479 
Other expense   -    575 
Income before provision for income taxes and income from discontinued operations   21,505    22,559 
Provision  for income taxes   5,067    6,496 
Income from continuing operations   16,438    16,063 
Income from discontinued operations, net of tax   862    1,350 
        Net income   17,300    17,413 
Less: Net income attributable to the noncontrolling interests   -    68 
Net income attributable to Tower International, Inc.  $17,300   $17,345 
Weighted average basic shares outstanding   20,556,613    20,425,216 
Weighted average diluted shares outstanding   20,951,973    20,820,457 
Basic income per share attributable to Tower International, Inc.:          
Income per share from continuing operations  $0.80   $0.78 
Income per share from discontinued operations   0.04    0.07 
Income per share   0.84    0.85 
Diluted income per share attributable to Tower International, Inc.:          
Income per share from continuing operations  $0.79   $0.77 
Income per share from discontinued operations   0.04    0.06 
Income per share   0.83    0.83 
Dividends declared per share  $0.12   $0.11 



The following information was filed by Tower International, Inc. (TOWR) on Thursday, May 3, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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