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

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.

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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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