Unique Fabricating, Inc. Reports Third Quarter 2017 Financial Results
Auburn Hills, MI - November 9, 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 third quarter ended October 1, 2017.
Third Quarter 2017 Financial Highlights
Revenue of $41.2 million in the third quarter 2017, down 7.9% compared to $44.8 million in the third quarter 2016
Net income of $0.7 million, or $0.07 per basic and diluted share in the third quarter 2017, compared to $2.5 million, or $0.26 per basic and $0.25 per diluted share in the third quarter 2016
Adjusted EBITDA of $3.7 million in the third quarter 2017, including $1.6 million for non-cash charges specifically related to depreciation and amortization and non-cash stock awards, compared to $5.9 million in the third quarter 2016, including $1.5 million for non-cash charges specifically related to depreciation and amortization and non-cash stock awards(1)
Adjusted diluted earnings per share of $0.10 in the third quarter 2017 versus $0.26 in the third quarter 2016(1)
Declared a quarterly cash dividend of $0.15 per share payable on December 7, 2017 for stockholders of record as of November 30, 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.
“The third quarter highlighted the continued shift in customer preference from passenger cars to light trucks and SUV’s,”, commented John Weinhardt, Chief Executive Officer. “The shift resulted in a larger than anticipated decline in overall production levels in the 3rd quarter as production capacity was adjusted to align with this new sales trend. Our financial results are trending with the broader automotive industry, and our outlook has been adjusted to account for the most recent revisions in independent forecast projections that reflect a further production decline this year and a return to growth in 2018. Our third quarter results were also negatively impacted by the shutdown of an automotive assembly plant due to a labor impasse in Canada where we provide a significant amount of content for a major SUV.”
“While we were not satisfied with our top-line sales, we booked a significant amount of new business in the third quarter,” added Weinhardt. “We expanded our customer base and much of our new business was our higher value-added molded products. We anticipate that these new bookings will positively impact our performance in 2018 & 2019. These bookings also give us increased confidence and visibility in our growth prospects over the next 18-24 months.”
“The underlying fundamentals of our business remain strong, and we are well-positioned to grow in excess of the automotive market, while continuing to generate cash and pay a healthy dividend,” Weinhardt added. “The ongoing and increasing desire of automakers to elevate the driving experience with quieter, more comfortable vehicles, while reducing vehicle weight is bolstering our business, creating robust demand for our solutions. I am very encouraged
The following information was filed by Unique Fabricating, Inc. (UFAB) on Thursday, November 9, 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: 0001617669-17-000026 Submitted to the SEC: Thu Nov 09 2017 4:04:46 PM EST Accepted by the SEC: Thu Nov 09 2017 Period: Sunday, October 1, 2017 Industry: Motor Vehicle Parts And Accessories