Shiloh Industries Reports First Quarter 2015 Results
(firmenpresse) - VALLEY CITY, OH -- (Marketwired) -- 03/09/15 -- Shiloh Industries, Inc. (NASDAQ: SHLO) today reported financial results for the first quarter ended January 31, 2015.
First Quarter 2015 Highlights:
Sales revenue for the quarter was $257.1 million, an increase of 40.1 percent.
Gross profit for the quarter improved by 15.1 percent and was $20.5 million.
Net income per share diluted for the quarter was $0.21 per share.
Sales revenue for the first quarter of fiscal 2015 increased to $257.1 million, a 40.1 percent improvement compared with first quarter of fiscal 2014. Acceptance of our leading technologies and the recent strategic acquisitions completed in fiscal 2014 have contributed to the increase in sales revenue of $73.5 million; $8.4 million, or 11.4%, of which was generated through organic growth.
Gross profit improved $2.7 million to $20.5 million, a 15.1 percent improvement compared with $17.8 million for the first quarter of fiscal 2014, and a 10.2 percent sequential improvement from $18.7 million for the fourth quarter of fiscal 2014. Gross margin improved 15.9% from 4Q14 to 1Q15. The gross profit improvement was driven by several new product launches, successful productivity initiatives and increased sales revenue through acquisition.
"In the first quarter, we continued to invest to better serve growing global demand for our technologies and products," said Ramzi Hermiz, president and chief executive officer. "On December 9, 2014, we announced the opening of a strategically located facility in Clarksville, Tennessee to manufacture high-pressure and structural aluminum die castings. In addition, we continue to achieve new business and gain synergistic benefits from our recent Finnveden Metal Structures and Radar Industries acquisitions. Expanded magnesium capabilities have enabled significant new business wins and future opportunities in Europe. Additional stamping capabilities and footprint expansion in the rapidly growing automotive market in Central Mexico have also delivered strong results. Also in the first quarter, we announced our new sales and technical center in Plymouth, Michigan. The Plymouth Technical Center will officially open on March 16th and we are excited about the opportunity for greater collaboration amongst our employees, our customers and our suppliers."
Selling, general and administrative costs were $13.6 million, or 5.3 percent of sales revenue compared with $10.4 million, or 5.7 percent of sales revenue in the prior year and $17.3 million, or 6.4 percent, for the fourth quarter of fiscal 2014. The sequential improvement reflects the company''s on-going integration of recent acquisitions in Europe and North America.
Net income for the quarter was $3.7 million, or $0.21 per diluted share, compared with $0.24 per diluted share in the prior quarter excluding a $0.05 benefit from one-time asset sales. The first quarter of 2015 was up $0.15 per diluted share compared to the fourth quarter of fiscal 2014. The quarter to quarter improvement was due in part to the non-reoccurrence of one-time acquisition costs in the fourth quarter of 2014 and operational efficiencies in the following quarter.
"We continue to deliver on our strategy of creating value by increasing our capability to serve growing global markets with our broad range of lightweighting and sound management solutions," Hermiz said. "We are confident that our focus on industry-leading technology and innovation, operational performance and a strong balance sheet will enable us to take advantage of additional opportunities for growth. Customers around the world are looking increasingly to our solutions to reduce weight, improve fuel economy and enhance the performance of their products."
Shiloh to Host Conference Call Today at 9 a.m. EDT
Shiloh Industries will host a conference call Monday, March 9th at 09:00 Eastern Time to discuss the company''s 2015 first-quarter financial results. To join the conference, dial +1-888-572-7034 approximately five minutes prior to the start time and request the Shiloh Industries first quarter conference call. Details may also be found on the company''s website: .
For inquiries, please contact Thomas Dugan, Vice President, Finance and Treasurer at: .
Shiloh Industries Inc. (NASDAQ: SHLO), is a leading global supplier of lightweighting and noise, vibration and harshness solutions to the automotive, commercial vehicle and industrial markets, capable of delivering solutions in aluminum, magnesium, steel and high-strength steel alloys for original equipment manufacturers and suppliers. The company offers the broadest portfolio of lightweighting solutions in the industry through the ™, ™ and ™ brands. Shiloh designs and manufactures components in body, chassis and powertrain systems with expertise in precision blanks, ™ acoustic laminates, aluminum and steel laser welded blanks, complex stampings, modular assemblies, aluminum and magnesium die casting, as well as precision machined components. Shiloh has nearly 3,300 dedicated employees with operations, sales and technical centers throughout Asia, Europe and North America.
Forward-Looking Statements
Certain statements made by Shiloh Industries, Inc. (the "Company") in this release and other periodic oral and written statements, including filings with the Securities and Exchange Commission, regarding the Company''s operating performance, events or developments that the Company believes or expects to occur in the future, including those that discuss strategies, goals, outlook or other non-historical matters, or which relate to future sales, earnings expectations, cost savings, awarded sales, volume growth, earnings or general belief in the Company''s expectations of future operating results are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are made on the basis of management''s assumptions and expectations. As a result, there can be no guarantee or assurance that these assumptions and expectations will in fact occur. The forward-looking statements are subject to risks and uncertainties that may cause actual results to materially differ from those contained in the statements. Some, but not all, of the risks include the ability of the Company to accomplish its strategic objectives; the ability to obtain future sales; changes in worldwide economic and political conditions, including adverse effects from terrorism or related hostilities; costs related to legal and administrative matters; the Company''s ability to realize cost savings expected to offset price concessions; the Company''s ability to successfully integrate acquired businesses, including businesses located outside of the United States; risks associated with doing business internationally, including economic, political and social instability, foreign currency exposure and the lack of acceptance of our products; inefficiencies related to production and product launches that are greater than anticipated; changes in technology and technological risks; increased fuel and utility costs; work stoppages and strikes at the Company''s facilities and that of the Company''s customers or suppliers; the Company''s dependence on the automotive and heavy truck industries, which are highly cyclical; the dependence of the automotive industry on consumer spending, which is subject to the impact of domestic and international economic conditions, including increased energy costs affecting car and light truck production, and regulations and policies regarding international trade; financial and business downturns of the Company''s customers or vendors, including any production cutbacks or bankruptcies; increases in the price of, or limitations on the availability of, steel, aluminum or magnesium, the Company''s primary raw materials, or decreases in the price of scrap steel; the successful launch and consumer acceptance of new vehicles for which the Company supplies parts; the occurrence of any event or condition that may be deemed a material adverse effect under the Company''s outstanding indebtedness or a decrease in customer demand which could cause a covenant default under the Company''s outstanding indebtedness; pension plan funding requirements; and other factors, uncertainties, challenges and risks detailed in the Company''s other public filings with the Securities and Exchange Commission. Any or all of these risks and uncertainties could cause actual results to differ materially from those reflected in the forward-looking statements. These forward-looking statements reflect management''s analysis only as of the date of this release.
The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. In addition to the disclosures contained herein, readers should carefully review risks and uncertainties contained in other documents the Company files from time to time with the Securities and Exchange Commission.
Thomas M. Dugan
Vice President of Finance
and Treasurer
Shiloh Industries, Inc.
+1 (330) 558-2600
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Datum: 09.03.2015 - 06:05 Uhr
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