Rebounding auto industry boosts Shiloh Industries' second-quarter sales, profit

Published: Tuesday, May 25, 2010, 2:37 PM     Updated: Tuesday, May 25, 2010, 2:40 PM

Robert Schoenberger, The Plain Dealer
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VALLEY CITY, Ohio -- Dramatic increases in car production pushed revenue and profit up sharply at Shiloh Industries in its second quarter.

For the three months that ended April 30, Shiloh (Nasdaq: SHLO) reported a profit of $3.1 million, or 19 cents per share. During the second quarter a year ago, the Medina County manufacturer of special-order metal pieces that automakers stamp into car parts lost $9.1 million, or 38 cents per share.

For the quarter, sales rose 89 percent to $118 million from $62.2 million a year ago.

The auto industry's rebound has helped the company. "We continue to benefit from the improved production volumes from all our customers" while maintaining cost cuts from last year, Theodore Zampetis, president and chief executive, said in a written statement.

For the first half of its fiscal year, Shiloh earned $2.6 million, or 15 cents per share. In last year's first six months, the company lost $12.4 million, or 76 cents per share.

First-half sales were $216.7 million, up 72 percent from the $125.3 million a year ago.