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UPDATE 1-Tower reports profit as revenue jumps 25 pct
May 5, 2011 / 12:15 PM / 6 years ago

UPDATE 1-Tower reports profit as revenue jumps 25 pct

DETROIT, May 5 (Reuters) - Auto supplier Tower International Inc (TOWR.N) reported a first-quarter profit on Thursday, with the company’s revenue boosted by higher vehicle production as the automotive industry recovers from a massive slump.

The Livonia, Michigan-based company reported a quarterly net profit of $9 million or 45 cents per share, compared with a loss of $8.7 million million or 70 cents per share a year earlier.

Tower said that excluding one-time items, earnings per share for the quarter totaled 57 cents.

Revenue in the quarter rose 25 percent to $599 million from $479 million.

Tower, which makes stamped metal parts for automakers, emerged from bankruptcy in 2007, when most of its assets were sold to a unit of private equity firm Cerberus Capital Management [CBS.UL].

The company then initiated a cost-cutting program and returned as a publicly traded company with an initial public offering last October.

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