Shiloh Reports Financial Gain in 2015 First Quarter Results

Shiloh Industries Inc. (NASDAQ:SHLO) announced its 2015 first quarter financial results, which show a $257.1 million sales revenue, an increase of 40.1 percent from Q1 2014.

As quoted in the press release:

Sales revenue for the first quarter of fiscal 2015 increased to $257.1 million, a 40.1 percent improvement compared with first quarter of fiscal 2014. Acceptance of our leading technologies and the recent strategic acquisitions completed in fiscal 2014 have contributed to the increase in sales revenue of $73.5 million; $8.4 million, or 11.4 percent, of which was generated through organic growth. Gross profit improved $2.7 million to $20.5 million, a 15.1 percent improvement compared with $17.8 million for the first quarter of fiscal 2014, and a 10.2 percent sequential improvement from $18.7 million for the fourth quarter of fiscal 2014. Gross margin improved 15.9 percent from 4Q14 to 1Q15. The gross profit improvement was driven by several new product launches, successful productivity initiatives and increased sales revenue through acquisition.

Ramzi Hermiz, president and CEO, commented:

In the first quarter, we continued to invest to better serve growing global demand for our technologies and products. On December 9, 2014, we announced the opening of a strategically located facility in Clarksville, Tennessee to manufacture high-pressure and structural aluminum die castings. In addition, we continue to achieve new business and gain synergistic benefits from our recent Finnveden Metal Structures and Radar Industries acquisitions. Expanded magnesium capabilities have enabled significant new business wins and future opportunities in Europe. Additional stamping capabilities and footprint expansion in the rapidly growing automotive market in Central Mexico have also delivered strong results. Also in the first quarter, we announced our new sales and technical center in Plymouth, Michigan. The Plymouth Technical Center will officially open on March 16 and we are excited about the opportunity for greater collaboration amongst our employees, our customers and our suppliers.

Click here to read the full Shiloh Industries Inc. (NASDAQ:SHLO) press release.