Tower Automotive Posts Quarterly Loss
According to Reuters, Tower Automotive Inc. on July 22 posted a quarterly loss, hurt by asset impairment and restructuring charges.
The news agency said Tower had a second-quarter loss of $2 million, or 4 cents a share, compared with a profit of $23 million, or 37 cents a share, a year ago. Revenue fell to $743 million from $751 million.
Reuters added that analysts' earnings consensus estimate was for a profit of 14 cents a share, in a range of 6 cents to 18 cents, according to Reuters Research, a unit of Reuters Group Plc.
Grand Rapids, Mich.,-based Tower, which makes auto body structures among other components, said it recorded a $23.1 million charge in the second quarter for relocating its Ford Ranger frame production line to Ohio from Milwaukee in a move that is expected to save $10 million a year in labor costs, as reported by Reuters.
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