* Q4 loss $21.3 mln vs year-earlier loss $23.2 mln
* Q4 revenue up 8 pct to $541.6 million
* Full-year 2010 revenue up 22 pct to $2 billion
* Forecasts 2011 revenue of $2.05 bln to $2.1 bln
(Adds background, full-year results, IPO share price)
DETROIT, Feb 18 Tower International Inc
(TOWR.N) reported a narrower quarterly loss as the automotive
supplier continued to recover after emerging from bankruptcy in
The Michigan-based company's net loss available to common
shareholders was $21.3 million, or $1.18 per share, compared
with a net loss of $23.2 million, or $1.86 per share, a year
Revenue rose 8 percent to $541.6 million.
"We believe our financial results in 2010 were right on
track for this important first year of an anticipated
multi-year auto recovery cycle," Chief Executive Mark Malcolm
said in the company's earnings statement.
Tower forecast 2011 revenue of $2.05 billion to $2.1
billion, up from $2 billion in 2010. Revenue rose 22 percent
last year, it said.
For the full year 2010, the company posted a net loss of
$36.9 million, compared with a loss of $67.9 million in 2009.
Tower said net debt at the end of 2010 was $407.8 million,
down from $519.8 million a year earlier.
Tower emerged from bankruptcy in 2007 when substantially
all of its assets were sold to a unit of private equity firm
Cerberus Capital Management.
The company, a supplier of stamped metal parts for
automakers, cut costs by $195 million in 2008 and 2009 to
become leaner when it returned as a publicly traded company
last October in an initial public offering at $13 a share.
The shares closed on Thursday at $17.99.
Tower was the first U.S.-based auto supplier to
successfully complete an IPO since 2005.
Volkswagen (VOWG.DE), Ford Motor Co (F.N) and Fiat FIA.MI
in 2009 were Tower's biggest customers. In that year, the last
full year such results were available, more than half of
Tower's business came from European-based automakers.
(Reporting by Bernie Woodall, editing by Gerald E. McCormick
and John Wallace)