MPG reports 2016 second quarter results; increases free cash flow guidance, announces upsizing of share repurchase program and voluntary debt reduction plan
Treasury Actions Authorized by Our Board of Directors on August 3, 2016:
Declared a dividend of $0.0925 per share of common stock outstanding, payable on September 20, 2016 to stockholders of record as ofSeptember 6, 2016.
Authorized an additional $10 million for a total of $35 million authorized for our share repurchase program. As of July 3, 2016, cumulative shares repurchased totaled 946,256 shares at an average purchase price per share of $15.54.
Authorized a voluntary debt reduction plan of $10 million.
Commenting on the Company’s results, George Thanopoulos, Chief Executive Officer of MPG, stated, “We are extremely pleased with our second quarter and year to date results, highlighted by our strong cash flow. We continue to deliver strong operating results and margins despite certain macro headwinds and the planned attrition of our non-core wheel bearing business. We attribute these great results to our relentless focus on cost reductions and cash flow. Our solid cash flow gave us flexibility to increase our share repurchase program and authorize a voluntary debt reduction plan. We also see continued momentum in our new business wins centered on our core products. Our results and new business wins are aligned with our short and long-term value creation model.”
Business Outlook:
For fiscal year 2016, MPG maintains guidance as follows:
Net sales between $2.75 and $2.95 billion
Income before tax between $131 and $171 million
Adjusted EBITDA between $500 and $540 million
Capital expenditures between $190 and $210 million
Net cash provided by operating activities between $335 and $355 million
Adjusted Free Cash Flow between $310 and $330 million
For fiscal year 2016, MPG increased guidance as follows:
Increase Free Cash Flow from ~$125 million to ~$145 million
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