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Shiloh Industries posts profit for 2018 fiscal year as auto industry supplier looks to global growth

The company sharpened its focus on products that minimize vehicle weight and vibration as well as completing acquisitions in Europe
A photo of a Shiloh product
Auto industry supplier Shiloh reported yearly EBITDA that met its projections

Shiloh Industries Inc (NASDAQ:SHLO) said Thursday that the auto industry supplier ended its 2018 fiscal year in the black despite a challenging fourth quarter as it sharpens its focus on products that reduce vehicle weight and vibration and completed acquisitions in Europe.

The Valley City, Ohio-based company said in a press release that net revenue for the 12 months ended October 31 increased 9.4% to $1.1 billion. The company posted net income of $11.5 million, or $0.49 per share on a diluted basis, after a loss of $697,000, or $0.04 per share, a year earlier.

READ: Shiloh grows Q3 earnings on higher sales, margins

The company had adjusted earnings before interest, tax, depreciation and amortization of $74.1 million, meeting its projection.

"We generated solid results for fiscal year 2018 that demonstrate the progress we have made on our strategy to position Shiloh as a technology leader with the ability to provide market-leading lightweighting and value-added solutions," CEO Ramzi Hermiz said in a statement. “We were able to deliver on our adjusted EBITDA during a challenging year for the industry.”

For the fourth quarter ended October 31, Shiloh reported net revenue of $300 million, up almost 14% from $264 million a year earlier. The net loss widened to $8.5 million, or $0.36 per diluted share, from $926,000, or $0.04 per share.

The stock fell 19% to $5.80 in Thursday’s Nasdaq trading.

Contact Dennis Fitzgerald at [email protected]

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