Unique Fabricating, Inc. Reports Second Quarter 2017 Financial Results
Auburn Hills, MI - August 7, 2017 -- Unique Fabricating, Inc. ("Unique” or the "Company”)(NYSE MKT: UFAB), which engineers and manufactures multi-material foam, rubber, and plastic components utilized in noise, vibration and harshness management and air/water sealing applications for the automotive and industrial appliance market, today announced its financial results for the second quarter ended July 2, 2017.
Second Quarter 2017 Financial Highlights
Revenue of $44.5 million in the second quarter 2017, up 5.9% compared to $42.0 million in the second quarter 2016
Net income of $1.7 million, or $0.17 per basic and diluted share in the second quarter 2017, compared to $0.6 million, or $0.06 per basic and diluted share in the second quarter 2016
Adjusted EBITDA of $5.0 million in the second quarter 2017, including $1.6 million for non-cash charges specifically related to depreciation and amortization and non-cash stock awards, compared to $4.3 million in the second quarter 2016, including $1.4 million for non-cash charges specifically related to depreciation and amortization and non-cash stock awards(1)
Adjusted diluted earnings per share of $0.19 in the second quarter 2017 versus $0.14 in the second quarter 2016(1)
Declared a quarterly cash dividend of $0.15 per share payable on September 7, 2017 for stockholders of record as of August 31, 2017
(1) For a reconciliation of GAAP to Non-GAAP results for Adjusted EBITDA and Adjusted diluted earnings per share please refer to the financial tables below.
“Unique continues to operate efficiently, delivering solid earnings and generating strong cash flows while returning capital to shareholders in the form of an approximate 7.1% dividend yield, despite near-term softness within the auto industry,” commented John Weinhardt, Chief Executive Officer. “Our automotive operations benefited materially in the second quarter from investments we have made to advance our production capabilities, resulting in improved gross margins and higher earnings. We have carefully constructed our business to enable rapid response to automotive production fluctuations, reducing our expenses during periods of extended softness or uncertainty. Having said that, we are continuing to invest in engineering and new product development to support and add to the increasing number of new program awards we are receiving for various molded products. However, because of the higher engineering content inherent in our molded products, they are typically sourced eighteen to twenty four months ahead of production, and therefore revenue on these programs will not be realized until these programs launch in 2018 and 2019. The underlying fundamentals of our business remain strong. Over the long-term, we believe we are well-positioned to grow in excess of the automotive market and maintain stable margins, while continuing to generate cash and pay a healthy dividend.”
“Increasing U.S. auto inventories and plant shutdowns planned for later this year indicate the auto industry is plateauing in the near-term,” continued Weinhardt. “With U.S. inventory at its highest in more than a decade, we continue to monitor the broader auto industry trends and independent industry data closely. Our cost structure is inherently malleable, providing us the flexibility to adapt to cyclical changes in the broader auto industry, as needed. At the same time, the demand for elevating the driving experience and reducing vehicle weight remains strong, and
The following information was filed by Unique Fabricating, Inc. (UFAB) on Monday, August 7, 2017 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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Ticker: UFAB CIK: 1617669 Form Type:10-Q Quarterly Report Accession Number: 0001617669-17-000020 Submitted to the SEC: Mon Aug 07 2017 4:06:59 PM EST Accepted by the SEC: Mon Aug 07 2017 Period: Sunday, July 2, 2017 Industry: Motor Vehicle Parts And Accessories