CHICAGO -- Parts maker Tower Automotive Inc. on Thursday posted a quarterly loss, compared with a profit a year earlier, as restructuring costs and an asset writedown hurt results.
Tower reported a fourth-quarter net loss of $25 million, or 43 cents a share, compared with year-ago net income of $17 million, or 29 cents a share.
Special items of about $25.2 million, or 44 cents a share, reduced earnings in the latest quarter, Tower said. A $27.4 million writedown of a joint venture investment and after-tax restructuring charges of $6.9 million were partially offset by a one-time $9.1 million gain at another joint venture.
Analysts had expected Tower to post a loss of 13 cents a share, with loss estimates ranging from 10 cents to 15 cents, according to Reuters Research, a unit of Reuters Group Plc.
The maker of auto body structures and other components said fourth-quarter revenue rose to $717 million from $682 million.
On Tuesday, Novi, Michigan, US-based Tower said customer DaimlerChrysler AG will move its Dodge Ram light-truck frame assembly business to Monterrey, Mexico, from a Tower plant in Milwaukee, Wisconsin, in mid-2005. The frames will be produced by Metalsa S. de R.L., in which Tower has a 40 percent equity interest.
For 2004, Tower forecast earnings per share in a range of 25 cents to 40 cents on revenue of about $3.2 billion, up from $2.8 billion in 2003.
It predicted a first-quarter loss of between 3 cents and 7 cents a share on revenue of $760 million to $770 million.