DETROIT -- Tower International Inc. reported third-quarter adjusted earnings before interest, taxes, depreciation and amortization of $49.2 million, down 2 percent from a year earlier.
The suburban Detroit supplier of heavy metal components and vehicle assemblies said net income dropped 18 percent to $49.2 million, with most of lower earnings stemming from changes in the value of tax deductions.
Total revenue rose1 percent to $462 million in the quarter. A 2 percent uptick in North American sales, to $316 million, were partially offset by a 1 percent decline in sales in Europe.
Tower International upped its full-year revenue forecast by $10 million to $1.98 billion, reflecting favorable foreign exchange rates, which are expected to offset lower production volumes in Europe, the company said in a statement.
Tower upped its outlook for adjusted earnings per share by 10 cents to $3.70 per share. It also raised its quarterly dividend by 9 percent to 12 cents per share.