Unique Fabricating, Inc. Reports Second Quarter 2018 Financial Results
Company Reaffirms Full-Year Revenue and Profitability Guidance
Auburn Hills, MI - August 9, 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 second quarter ended July 1, 2018.
Second Quarter 2018 Financial Highlights
Revenue of $45.7 million in the second quarter of 2018, up 2.8% compared to $44.5 million in the second quarter of 2017
Net income of $1.8 million, or $0.18 per basic and diluted share in the second quarter of 2018, compared to $1.7 million, or $0.17 per basic and diluted share in the second quarter of 2017
Adjusted EBITDA of $5.6 million in the second quarter of 2018, including $1.7 million for non-cash charges specifically related to depreciation and amortization and non-cash stock awards, compared to $5.0 million in the second 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 $0.23 in the second quarter of 2018 versus $0.19 in the second quarter of 2017(1)
Declared a quarterly cash dividend of $0.15 per share payable on September 7, 2018 for stockholders of record as of August 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 second quarter financial results reflect solid execution and operational performance, demonstrating that we are on track to achieve our full-year guidance, assuming current full year industry production forecasts are met,” commented John Weinhardt, Chief Executive Officer. “Our sales for the second quarter were adversely affected by a fire at a key metal component supplier that, in turn, caused substantial production disruptions to Ford's light truck production, as well as that of General Motors, FCA, Mercedes and BMW. The affected vehicle assembly plants are now reportedly fully operational, and they are expected to make up the lost volume during the second half of the year. In addition, production schedules have been recalibrated following adjustments made by auto manufacturers to reduce inventory levels in prior quarters, and our new program launches are progressing on budget and according to schedule. We continue to carefully observe the reaction to new tariffs and stand ready to prudently adjust our operations accordingly should there be any fluctuations in consumer demand. We have continued to focus our attention and resources on continual process improvement, the alignment of our production assets with demand and appropriately managing our cost structure. As a result, we are delivering on our commitments to both our customers and our shareholders.”
“The transfer of production from two facilities located in Michigan and Arkansas to other manufacturing locations is complete and the remaining assets are in the process of being sold at a premium to the carrying value on our books,” Weinhardt added. “We plan to use the proceeds from the sale to reduce our debt. The restructuring charges
The following information was filed by Unique Fabricating, Inc. (UFAB) on Thursday, August 9, 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.
View differences made from one quarter to another to evaluate Unique Fabricating, Inc.'s financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Unique Fabricating, Inc..
Ticker: UFAB CIK: 1617669 Form Type:10-Q Quarterly Report Accession Number: 0001617669-18-000033 Submitted to the SEC: Thu Aug 09 2018 4:01:41 PM EST Accepted by the SEC: Thu Aug 09 2018 Period: Sunday, July 1, 2018 Industry: Motor Vehicle Parts And Accessories