Unique Fabricating, Inc. Reports First Quarter 2018 Financial Results
Auburn Hills, MI - May 10, 2018 -- 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 first quarter ended April 1, 2018.
First Quarter 2018 Financial Highlights
Revenue of $47.3 million in the first quarter of 2018, compared to $47.9 million in the first quarter of 2017
Net income of $1.5 million, or $0.15 per basic diluted share in the first quarter of 2018, compared to $2.0 million, or $0.21 per basic and diluted share in the first quarter of 2017
Adjusted EBITDA of $4.9 million in the first quarter of 2018, including $1.7 million for non-cash charges specifically related to depreciation and amortization and non-cash stock awards, compared to $5.4 million in the first quarter of 2017, including $1.6 million for non-cash charges specifically related to depreciation and amortization and non-cash stock awards(1)
Adjusted diluted earnings per share of $0.21 in the first quarter of 2018 versus $0.23 in the first quarter of 2017(1)
Declared a quarterly cash dividend of $0.15 per share payable on June 7, 2018 for stockholders of record as of May 31, 2018
(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.
“Our first quarter results are in-line with our expectations given the production adjustments that were made mid-quarter by auto manufacturers to reduce their inventory levels,” commented John Weinhardt, Chief Executive Officer. “Since that time, vehicle production and OEM inventory has returned to more normalized levels, and the independent forecasting firms project relatively stable production for the remainder of 2018. We are executing according to our business plan for 2018, including the continued pursuit of new opportunities with active prototyping and testing of our molded products for new programs and new applications, creating a foundation of bookings to drive revenue in the second half of 2018 and into 2019 and 2020.”
“Operationally, we have continued to adjust our manufacturing capacity to take advantage of our larger geographic footprint. On-going process improvements and capital investment are part of our normal course of business as we continue to identify opportunities to increase efficiency and manage operating costs,” Weinhardt added. “The actions we are taking during the first half of 2018 to streamline operations and better align our production assets geographically will not only help improve our short term productivity but they are freeing up capacity in key locations that will allow Unique to take on more production with limited additional capital. We believe these initial efforts will yield annualized cost savings in excess of $800,000 beginning later this year.”
“Our outlook for the full year 2018 remains unchanged as we benefited from the continued market shift towards light trucks and SUVs as well as new business that begins production in the second half of the year,” concluded Weinhardt.
The following information was filed by Unique Fabricating, Inc. (UFAB) on Thursday, May 10, 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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Ticker: UFAB CIK: 1617669 Form Type:10-Q Quarterly Report Accession Number: 0001617669-18-000022 Submitted to the SEC: Thu May 10 2018 2:57:51 PM EST Accepted by the SEC: Thu May 10 2018 Period: Sunday, April 1, 2018 Industry: Motor Vehicle Parts And Accessories