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Shiloh income, sales rise as outlook improves

Keywords: Tags  Shiloh Industries, automotive steel blanks, earnings, Ramzi Hermiz, Thomas Dugan, new business, Chrysler, Nissan Motor Corinna Petry

CHICAGO — Automotive steel blanks producer Shiloh Industries Inc., which is under new management and has been acquiring companies and locations, recorded net income of nearly $2.6 million in its fiscal first quarter ended Jan. 31, up 62.5 percent from $1.6 million in the year-ago period.

The Valley City, Ohio-based metal stamper, welder and parts manufacturer posted revenues of $145.4 million—up 9.8 percent from $132.4 million a year earlier—reflecting a 6.8-percent uptick in North American light vehicle output as well as new-business wins, the company said.

"Shiloh’s improved profitability is being driven by increased revenue as a result of higher volume in the North American vehicle-production levels, new sales activities and our continued focus on operating efficiency improvements and effective cost management," president and chief executive officer Ramzi Hermiz said during a March 1 earnings call.

The company expects "reasonable demand from the market" moving forward, particularly from automakers and their Tier I suppliers looking to lighten vehicles, reduce noise and cut overall costs, said Hermiz, who was named to his position in September.

First-quarter vehicle production from the Detroit Three was up 4.4 percent, treasurer and vice president of finance Thomas Dugan said on the call, while output from other domestic carmakers jumped 19.3 percent, he said.

Shiloh has won new business with Auburn, Mich.-based Chrysler Group LLC and Yokohama, Japan-based Nissan Motor Co. Ltd., among other companies, the manufacturer added.

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