Shiloh Industries Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended October 31, 2017; Provides Earnings Guidance for the Year 2018
For the full year, the company reported net revenues of $1,041,986,000 against $1,065,834,000 a year ago. Operating income was $23,714,000 against $18,470,000 a year ago. Income before income taxes was $6,423,000 against loss of $1,483,000 a year ago. Net loss was $697,000 against income of $3,669,000 a year ago. Diluted loss per share was $0.04 against earnings of $0.21 a year ago. Net cash provided by operating activities was $76,315,000 against $69,361,000 a year ago. Capital expenditures were $48,395,000 against $28,324,000 a year ago. Adjusted EBITDA was $75,649,000 against $63,307,000 a year ago. EBITDA was $63,155,000 against $54,225,000 a year ago. Adjusted basic earnings per share (non-GAAP) were $0.53 against $0.59 a year ago.
For the year 2018, the company anticipated continued gross margin expansion approaching 12%. Some of this gross margin improvement will be reinvested in engineering and IP infrastructure to support transformation and long-term growth beyond 2018. Therefore, the company expects adjusted EBITDA to be in the range of $73 million to $76 million on a modest decline in revenue, representing a margin range of 7.4% to 7.8% compared to the 7.3% in fiscal 2017. The company expects capital equipment investment to remain in the range of 4.5% to 5% of revenue.