Shiloh Industries bullish on auto market
Aug 24, 2012 | 02:14 PM
| Corinna Petry
Tags
Shiloh Industries,
steel processing,
automotive market,
Ted Zampetis,
earnings,
corinna petry
CHICAGO — Steel sheet processor and automotive blanks manufacturer Shiloh Industries Inc. recorded strong improvements in sales and earnings thanks to a recovery in light vehicle production volumes this year, especially among Japanese automakers.
The top executive of the Valley City, Ohio-based company believes that vehicle production volumes will be sustained in the second half of the calendar year.
Shiloh posted net income of nearly $2.42 million in its fiscal third quarter, up 42.9 percent from the same period last year on sales that grew 10.8 percent to more than $142 million. Net income for the nine-month period ended July 31 jumped 75.3 percent to $9.9 million on sales that improved 16.9 percent from a year earlier to $437.2 million.....
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