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Tower International announces $100M share buyback

Jun. 20, 2016 7:46 AM ETTower International, Inc. (TOWR) StockBy: Niloofer Shaikh, SA News Editor2 Comments
  • Tower International (NYSE:TOWR) board authorizes to repurchase up to $100M of the company's issued and outstanding common stock from time to time in the open market. The time period for the buyback is open-ended.
  • "In view of the Company's previously disclosed strong earnings and cash-flow outlook, in combination with a decline in our stock price to a point significantly below our view of intrinsic value, we believe stock repurchase represents a prudent and appropriate way to opportunistically deploy capital in a highly accretive and low-risk manner," said President and CEO Mark Malcolm.
  • The company plans to release Q2 results in late July. Currently, revenue estimated to be slightly lower than prior guidance for Q2 and FY2016.  Earnings are expected to exceed Q2 guidance based on favorable calendarization and other factors; FY2016 earnings and cash flow are expected to be consistent with prior guidance.
  • Press Release

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