SOUTHFIELD, Mich., May 5, 2016 /PRNewswire/ -- Metaldyne
Performance Group Inc. (NYSE: MPG), a leading provider of
highly-engineered components for use in powertrain and
safety-critical platforms for the global light, commercial and
industrial vehicle markets, today reported the following financial
results for its first quarter ended April 3,
2016.
First Quarter Financial Highlights:
- Net sales of $739.5 million,
compared to $765.2 million in Q1
2015
- Gross profit was $136.5 million
for the quarter, an increase of 6% from Q1 2015
- Net income attributable to stockholders was $24.9 million resulting in Diluted EPS of
$0.36
- Adjusted Net Income Attributable to Stockholders of
$38.0 million resulting in Adjusted
EPS of $0.55
- Adjusted EBITDA of $137.7
million, compared to $132.6
million in Q1 2015, representing a year-over-year increase
of 4%
- Adjusted EBITDA margin increased to 18.6% from 17.3% for the
same quarter last year
- Capital expenditures on an accrual basis were $45.0 million
- Adjusted Free Cash Flow, defined as Adjusted EBITDA less
capital expenditures on an accrual basis, was $92.7 million, an increase of $6.2 million from Q1 2015
- Free Cash Flow, defined as net cash provided by operating
activities less capital expenditures stated on the Company's
condensed consolidated statement of cash flows, was $8.7 million
Recent Treasury Actions:
- Our board of directors authorized a 3% increase in our
quarterly dividend to $0.0925 per
share, payable June 21, 2016 to
stockholders of record on June 7,
2016.
- On February 24, 2016 our board of
directors authorized a $25 million
share repurchase program. As of April 3,
2016 the cumulative shares repurchased totaled 191,645
shares at an average purchase price per share of $15.21
Commenting on the Company's results, George Thanopoulos, Chief Executive Officer of
MPG, stated, "We are extremely pleased with our first quarter
results. Expansion of our margins and continued strong EBITDA
despite certain macro headwinds show the strength in our business.
Our solid cash flow gave us flexibility to increase our dividend,
start our share repurchase program and build cash on the balance
sheet. We are continuing to win new business and focus on fast
growing powertrain applications. We are looking forward to a
successful year in 2016."
Business Outlook:
For fiscal year 2016, MPG maintains guidance as follows:
- Net sales between $2.75 and $2.95
billion
- Adjusted EBITDA between $500 and $540
million
- Capital expenditures between $190 and
$210 million
- Adjusted Free Cash Flow between $310 and
$330 million
- Free Cash Flow ~$125 million
- Income before tax between $131 and $171
million
Conference Call:
The Company will hold a
conference call to discuss its first quarter 2016 results today at
8:00 a.m. ET. A live webcast of the
call may be accessed over the Internet from the Company's Investor
Relations website at investors.mpgdriven.com. Participants should
follow the instructions provided on the website to download and
install the necessary audio applications.
The dial-in phone number for the conference call is:
U.S.
|
1-877-201-0168
|
International
|
1-647-788-4901
|
Conference
ID
|
93963767
|
A live webcast and a replay of the conference call and the first
quarter press release will also be available online at
http://investors.mpgdriven.com.
For those unable to participate in the conference call, a replay
will be available from 11:00 a.m. ET
on May 5th, until
11:59 p.m. ET on May 12th. The replay dial-in phone
number is:
U.S.
|
1-855-859-2056
|
International
|
1-404-537-3406
|
Passcode
|
93963767
|
About MPG:
MPG is a leading provider of highly-engineered components for
use in powertrain and safety-critical platforms for the global
light, commercial and industrial vehicle markets. MPG produces
these components using complex metal-forming manufacturing
technologies and processes for a global customer base of vehicle
OEMs and Tier I suppliers. MPG's metal-forming manufacturing
technologies and processes include aluminum die casting, forging,
iron casting and powder metal forming as well as advanced machining
and assembly. Headquartered in Southfield, Michigan, MPG has a global
footprint spanning 60 locations in 13 countries across North America, South
America, Europe and
Asia with approximately 12,000
employees. For more information, visit www.mpgdriven.com.
Cautionary Note Regarding Forward-Looking Statements:
This press release and any related statements contain certain
"forward-looking statements" about MPG's financial results and
estimates and business prospects within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by words such as "expects," "intends,"
"anticipates," "plans," "projects," "believes," "seeks," "targets,"
"forecasts," "estimates," "will" or other words of similar meaning
and include, but are not limited to, statements regarding the
outlook for the Company's future business, prospects and financial
performance; the industry outlook, our backlog and our 2016
financial guidance. Forward-looking statements are based on
management's current expectations and assumptions, which are
subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. Actual outcomes and
results may differ materially due to global political, economic,
business, competitive, market, regulatory, and other factors and
risks, among them being: volatility in the global economy impacting
demand for new vehicles and our products; a decline in vehicle
production levels, particularly with respect to platforms for which
we are a significant supplier, or the financial distress of any of
our major customers; cyclicality and seasonality in the light
vehicle, industrial and commercial vehicle markets; our significant
competition; our dependence on large-volume customers for current
and future sales; a reduction in outsourcing by our customers, the
loss or discontinuation of material production or programs, or a
failure to secure sufficient alternative programs; our failure to
offset continuing pressure from our customers to reduce our prices;
our inability to realize all of the sales expected from awarded
business or fully recover pre-production costs; our failure to
increase production capacity or over-expanding our production in
times of overcapacity; our reliance on key machinery and tooling to
manufacture components for powertrain and safety-critical systems
that cannot be easily replicated; program launch difficulties; a
disruption in our supply or delivery chain which causes one or more
of our customers to halt production; the damage to or termination
of our relationships with key third-party suppliers; work stoppages
or production limitations at one or more of our customer's
facilities; a catastrophic loss of one of our key manufacturing
facilities; failure to protect our know-how and intellectual
property; the disruption or harm to our business as a result of any
acquisitions or joint ventures we make; a significant increase in
the prices of raw materials and commodities we use; our failure to
maintain our cost structure; the incurrence of significant costs if
we close any of our manufacturing facilities; potential significant
costs at our facility in Sandusky,
Ohio; the incurrence of significant costs, liabilities, and
obligations as a result of environmental requirements and other
regulatory risks; extensive and growing governmental regulations;
the incurrence of material costs related to legal proceedings; our
inability to recruit and retain key personnel; any failure to
maintain satisfactory labor relations; pension and other
postretirement benefit obligations; risks related to our global
operations; competitive threats posed by global operations and
entering new markets; foreign exchange rate fluctuations; our
substantial indebtedness; our inability, or the inability of our
customers or our suppliers, to obtain and maintain sufficient debt
financing, including working capital lines; our exposure to a
number of different tax uncertainties; the mix of profits and
losses in various jurisdictions adversely affecting our tax
rate.
For the reasons described above, we caution you against relying
on any forward-looking statements, which should also be read in
conjunction with the other cautionary statements that are included
elsewhere in this press release and in our public filings,
including under the heading "Risk Factors" in our filings that we
make from time to time with the Securities and Exchange Commission.
You should not consider any list of such factors to be an
exhaustive statement of all the risks, uncertainties, or
potentially inaccurate assumptions that could cause our current
expectations or beliefs to change. Further, any forward-looking
statement speaks only as of the date on which it is made, and we
undertake no obligation to update or revise any forward-looking
statement to reflect events or circumstances after the date on
which the statement is made or to reflect the occurrence of
unanticipated events, except as otherwise may be required by
law.
Non-GAAP Financial Measures
Adjusted EPS
We define Adjusted EPS as Adjusted Net Income Attributable to
Stockholders, defined as net income attributable to stockholders
before the after-tax impact of (i) gains and losses on foreign
currency transactions, including the re-measurement of the
Company's Euro denominated term loan (the "Euro Term Loan"), (ii)
specific non-recurring items, and (iii) other adjustments, divided
by the weighted average number of shares outstanding for the period
on a diluted basis.
For a reconciliation of Adjusted EPS to diluted EPS, the most
directly comparable measure determined under U.S. generally
accepted accounting principles ("GAAP"), see "RECONCILIATION OF
ADJUSTED EPS TO US GAAP DILUTED EPS".
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss) before interest
expense, provision for (benefit from) income taxes and depreciation
and amortization, with further adjustments to reflect the additions
and eliminations of certain income statement items, including (i)
gains and losses on foreign currency and fixed assets and debt
transaction expenses, (ii) stock-based compensation and other
non-cash charges, (iii) sponsor management fees and other income
and expense items that we consider to be not indicative of our
ongoing operations, (iv) specified non-recurring items, and (v)
other adjustments.
We believe Adjusted EBITDA is used by investors as a
supplemental measure to evaluate the overall operating performance
of companies in our industry. Management uses Adjusted EBITDA (i)
as a measurement to compare our operating performance on a
consistent basis, (ii) to calculate incentive compensation for our
employees, (iii) for planning purposes, including the preparation
of our internal annual operating budget, (iv) to evaluate the
performance and effectiveness of our operational strategies and (v)
to assess compliance with various metrics associated with our
agreements governing our indebtedness. Accordingly, we believe that
Adjusted EBITDA provides useful information to investors and others
in understanding and evaluating our operating performance in the
same manner as our management.
For a reconciliation of Adjusted EBITDA to income before tax,
the most directly comparable measure determined under U.S.
generally accepted accounting principles ("GAAP"), see
"RECONCILIATION OF US GAAP INCOME BEFORE TAX TO ADJUSTED EBITDA AND
ADJUSTED FREE CASH FLOW".
Adjusted Free Cash Flow
We define Adjusted Free Cash Flow as Adjusted EBITDA less
capital expenditures. Capital expenditures are on an accrual basis
of accounting and can be calculated by taking the capital
expenditures found in the investing section of our condensed
consolidated statements of cash flows and adjusting for the change
in the period of the capital expenditures in accounts payables
found in the supplemental cash flow information on our condensed
consolidated statements of cash flows. We present Adjusted Free
Cash Flow because our management considers it to be a useful,
supplemental indicator of our performance. When measured over time,
Adjusted Free Cash Flow provides supplemental information to
investors concerning our results of operations and our ability to
generate cash flows to satisfy mandatory debt service requirements
and make other non-discretionary expenditures.
For a reconciliation of Adjusted Free Cash Flow to income before
tax, the most directly comparable GAAP measure, see "RECONCILIATION
OF US GAAP INCOME BEFORE TAX TO ADJUSTED EBITDA AND ADJUSTED FREE
CASH FLOW".
Free Cash Flow
We define Free Cash Flow as net cash provided by operating
activities, as stated on the Company's condensed consolidated
statement of cash flows, less capital expenditures, as stated on
the Company's condensed consolidated statement of cash flows.
Contacts
Investor Relations
David Gann
Vice President of Investor Relations and Communications
investors@mpgdriven.com
248-727-1829
METALDYNE
PERFORMANCE GROUP INC.
|
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In millions
except per share data)
|
|
|
|
April
3,
2016
|
|
|
December 31,
2015
|
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
172.9
|
|
|
|
168.2
|
|
Receivables,
net:
|
|
|
|
|
|
|
|
|
Trade
|
|
|
359.0
|
|
|
|
309.1
|
|
Other
|
|
|
34.2
|
|
|
|
35.4
|
|
Total receivables,
net
|
|
|
393.2
|
|
|
|
344.5
|
|
Inventories
|
|
|
185.5
|
|
|
|
186.8
|
|
Prepaid
expenses
|
|
|
16.1
|
|
|
|
15.0
|
|
Other
assets
|
|
|
17.9
|
|
|
|
21.5
|
|
Total current
assets
|
|
|
785.6
|
|
|
|
736.0
|
|
Property and
equipment, net
|
|
|
798.5
|
|
|
|
786.0
|
|
Goodwill
|
|
|
907.7
|
|
|
|
907.7
|
|
Amortizable
intangible assets, net
|
|
|
691.5
|
|
|
|
708.9
|
|
Deferred income
taxes
|
|
|
4.3
|
|
|
|
1.7
|
|
Other
assets
|
|
|
16.6
|
|
|
|
17.3
|
|
Total
assets
|
|
$
|
3,204.2
|
|
|
|
3,157.6
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
254.0
|
|
|
|
248.9
|
|
Accrued
compensation
|
|
|
45.0
|
|
|
|
55.2
|
|
Accrued
liabilities
|
|
|
93.7
|
|
|
|
66.8
|
|
Short-term
debt
|
|
|
0.5
|
|
|
|
0.7
|
|
Current maturities,
long-term debt and capital lease obligations
|
|
|
13.5
|
|
|
|
14.5
|
|
Total current
liabilities
|
|
|
406.7
|
|
|
|
386.1
|
|
Long-term debt, less
current maturities
|
|
|
1,835.3
|
|
|
|
1,827.1
|
|
Capital lease
obligations, less current maturities
|
|
|
22.6
|
|
|
|
22.5
|
|
Deferred income
taxes
|
|
|
221.1
|
|
|
|
231.3
|
|
Other long-term
liabilities
|
|
|
52.4
|
|
|
|
51.6
|
|
Total
liabilities
|
|
|
2,538.1
|
|
|
|
2,518.6
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Common Stock: par
$0.001, 400.0 authorized, 68.0 and 67.9 shares issued and
outstanding,
respectively
|
|
|
0.1
|
|
|
|
0.1
|
|
Common stock held in
treasury, at cost: 0.2 and zero shares, respectively
|
|
|
(2.9)
|
|
|
|
—
|
|
Paid-in
capital
|
|
|
860.2
|
|
|
|
856.2
|
|
Deficit
|
|
|
(144.2)
|
|
|
|
(162.9)
|
|
Accumulated other
comprehensive loss
|
|
|
(50.1)
|
|
|
|
(57.3)
|
|
Total equity
attributable to stockholders
|
|
|
663.1
|
|
|
|
636.1
|
|
Noncontrolling
interest
|
|
|
3.0
|
|
|
|
2.9
|
|
Total stockholders'
equity
|
|
|
666.1
|
|
|
|
639.0
|
|
Total liabilities and
stockholders' equity
|
|
$
|
3,204.2
|
|
|
|
3,157.6
|
|
METALDYNE
PERFORMANCE GROUP INC.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(In millions
except per share amounts)
|
|
|
|
Quarter Ended
|
|
|
|
April
3, 2016
|
|
|
March 29, 2015
|
|
Net sales
|
|
$
|
739.5
|
|
|
|
765.2
|
|
Cost of
sales
|
|
|
603.0
|
|
|
|
636.7
|
|
Gross
profit
|
|
|
136.5
|
|
|
|
128.5
|
|
Selling, general and
administrative expenses
|
|
|
60.8
|
|
|
|
56.2
|
|
Operating
income
|
|
|
75.7
|
|
|
|
72.3
|
|
Interest expense,
net
|
|
|
26.5
|
|
|
|
27.6
|
|
Other, net
|
|
|
15.0
|
|
|
|
(5.2)
|
|
Other expense,
net
|
|
|
41.5
|
|
|
|
22.4
|
|
Income before
tax
|
|
|
34.2
|
|
|
|
49.9
|
|
Income tax
expense
|
|
|
9.2
|
|
|
|
17.3
|
|
Net income
|
|
|
25.0
|
|
|
|
32.6
|
|
Income attributable
to noncontrolling interest
|
|
|
0.1
|
|
|
|
0.2
|
|
Net income
attributable to stockholders
|
|
$
|
24.9
|
|
|
|
32.4
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - Basic
|
|
|
68.0
|
|
|
|
67.1
|
|
Weighted average
shares outstanding - Diluted
|
|
|
69.4
|
|
|
|
68.6
|
|
|
|
|
|
|
|
|
|
|
Cash dividends
declared per share
|
|
$
|
0.09
|
|
|
|
0.09
|
|
Net income per share
attributable to stockholders
|
|
|
|
|
|
|
|
|
Basic
|
|
|
0.37
|
|
|
|
0.48
|
|
Diluted
|
|
|
0.36
|
|
|
|
0.47
|
|
METALDYNE
PERFORMANCE GROUP INC.
|
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
millions)
|
|
|
|
Quarter Ended
|
|
|
|
April
3, 2016
|
|
|
March 29, 2015
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
25.0
|
|
|
|
32.6
|
|
Adjustments to
reconcile net income to cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
55.2
|
|
|
|
56.4
|
|
Debt fee
amortization
|
|
|
0.8
|
|
|
|
0.8
|
|
Loss on fixed asset
dispositions
|
|
|
0.3
|
|
|
|
0.2
|
|
Deferred income
taxes
|
|
|
(12.3)
|
|
|
|
(0.3)
|
|
Noncash interest
expense
|
|
|
0.3
|
|
|
|
0.2
|
|
Stock-based
compensation expense
|
|
|
3.7
|
|
|
|
3.3
|
|
Foreign currency
adjustment
|
|
|
11.4
|
|
|
|
0.5
|
|
Other
|
|
|
0.1
|
|
|
|
0.1
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
|
|
|
Receivables,
net
|
|
|
(47.2)
|
|
|
|
(101.0)
|
|
Inventories
|
|
|
1.7
|
|
|
|
7.0
|
|
Accounts payable,
accrued liabilities, and accrued compensation
|
|
|
19.1
|
|
|
|
60.7
|
|
Other,
current
|
|
|
2.8
|
|
|
|
(7.6)
|
|
Other,
non-current
|
|
|
(0.3)
|
|
|
|
(0.3)
|
|
Net cash provided by
operating activities
|
|
|
60.6
|
|
|
|
52.6
|
|
Cash flow from
investing activities:
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
(51.9)
|
|
|
|
(60.7)
|
|
Proceeds from sale of
fixed assets
|
|
|
0.1
|
|
|
|
0.1
|
|
Capitalized patent
costs
|
|
|
(0.1)
|
|
|
|
(0.1)
|
|
Net cash used for
investing activities
|
|
|
(51.9)
|
|
|
|
(60.7)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Cash
dividends
|
|
|
(0.1)
|
|
|
|
—
|
|
Proceeds from stock
issuance
|
|
|
0.8
|
|
|
|
—
|
|
Purchases of treasury
stock
|
|
|
(2.9)
|
|
|
|
—
|
|
Excess tax benefit on
stock-based compensation
|
|
|
0.4
|
|
|
|
—
|
|
Cash settlement of
equity awards
|
|
|
(0.9)
|
|
|
|
—
|
|
Payments on long-term
debt
|
|
|
(3.3)
|
|
|
|
(10.2)
|
|
Other debt,
net
|
|
|
(1.6)
|
|
|
|
(0.5)
|
|
Payment of offering
related costs
|
|
|
—
|
|
|
|
(0.1)
|
|
Net cash used for
financing activities
|
|
|
(7.6)
|
|
|
|
(10.8)
|
|
Effect of exchange
rates on cash
|
|
|
3.6
|
|
|
|
(5.6)
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
$
|
4.7
|
|
|
|
(24.5)
|
|
Cash and cash
equivalents:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period
|
|
|
168.2
|
|
|
|
156.5
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
4.7
|
|
|
|
(24.5)
|
|
Cash and cash
equivalents, end of period
|
|
$
|
172.9
|
|
|
|
132.0
|
|
Supplementary cash
flow information:
|
|
|
|
|
|
|
|
|
Cash paid for income
taxes, net
|
|
$
|
8.4
|
|
|
|
4.9
|
|
Cash paid for
interest
|
|
|
13.8
|
|
|
|
16.0
|
|
Noncash
transactions:
|
|
|
|
|
|
|
|
|
Capital expenditures
in accounts payables
|
|
|
22.6
|
|
|
|
21.6
|
|
Dividends declared,
not yet paid
|
|
|
6.1
|
|
|
|
6.1
|
|
Dividends declared on
restricted stock awards, not yet vested
|
|
|
0.3
|
|
|
|
—
|
|
METALDYNE
PERFORMANCE GROUP INC.
|
RECONCILIATION OF
ADJUSTED EPS
|
TO US GAAP DILUTED
EPS
|
(In millions
except per share amounts)
|
|
|
|
Quarter
Ended
|
|
|
|
April 3,
2016
|
|
|
March 29,
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to stockholders
|
|
$
|
24.9
|
|
|
|
32.4
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - Diluted
|
|
|
69.4
|
|
|
|
68.6
|
|
Net income per
share attributable to stockholders - Diluted
|
|
$
|
0.36
|
|
|
|
0.47
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
Arrive at Adjusted Net Income Attributable to
Stockholders
|
|
|
|
|
|
|
|
|
Loss (gain) on
re-measurement of Euro Term Loan
|
|
$
|
11.0
|
|
|
|
—
|
|
Loss (gain) on foreign
currency transactions - other
|
|
|
3.3
|
|
|
|
(5.0)
|
|
Non-recurring
acquisition related items
|
|
|
1.3
|
|
|
|
(0.3)
|
|
Non-recurring
operational items (1)
|
|
|
2.2
|
|
|
|
0.4
|
|
Tax impact of
adjustments to net income attributable to stockholders
|
|
|
(4.7)
|
|
|
|
1.5
|
|
Adjusted Net
Income Attributable to Stockholders
|
|
$
|
38.0
|
|
|
|
29.0
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - Diluted
|
|
|
69.4
|
|
|
|
68.6
|
|
Adjusted
EPS
|
|
$
|
0.55
|
|
|
|
0.42
|
|
|
|
|
|
|
|
|
|
|
(1) Non-recurring
operational items include charges for disposed operations and
other.
|
RECONCILIATION OF
US GAAP INCOME BEFORE TAX TO ADJUSTED
|
EBITDA AND
ADJUSTED FREE CASH FLOW
|
(In
millions)
|
|
|
|
Quarter
Ended
|
|
|
|
April 3,
2016
|
|
|
March 29,
2015
|
|
Income before
tax
|
|
$
|
34.2
|
|
|
|
49.9
|
|
|
|
|
|
|
|
|
|
|
Addbacks to Arrive
at Unadjusted EBITDA
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
26.5
|
|
|
|
27.6
|
|
Depreciation and
amortization
|
|
|
55.2
|
|
|
|
56.4
|
|
Unadjusted
EBITDA
|
|
$
|
115.9
|
|
|
|
133.9
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
Arrive at Adjusted EBITDA
|
|
|
|
|
|
|
|
|
Loss (gain) on foreign
currency
|
|
|
14.3
|
|
|
|
(5.0)
|
|
Loss on fixed
assets
|
|
|
0.3
|
|
|
|
0.2
|
|
Debt transaction
expenses
|
|
|
—
|
|
|
|
0.1
|
|
Stock-based
compensation expense
|
|
|
3.7
|
|
|
|
3.3
|
|
Non-recurring
acquisition related items
|
|
|
1.3
|
|
|
|
(0.3)
|
|
Non-recurring
operational items (1)
|
|
|
2.2
|
|
|
|
0.4
|
|
Adjusted
EBITDA
|
|
$
|
137.7
|
|
|
|
132.6
|
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
45.0
|
|
|
|
46.1
|
|
Adjusted Free Cash
Flow
|
|
$
|
92.7
|
|
|
|
86.5
|
|
|
|
|
|
|
|
|
|
|
(1) Non-recurring
operational items include charges for disposed operations and
other.
|
METALDYNE
PERFORMANCE GROUP INC.
|
RECONCILIATION OF
2016 GUIDANCE
|
INCOME BEFORE TAX
TO ADJUSTED EBITDA AND ADJUSTED FREE CASH FLOW
|
(In
millions)
|
|
|
|
2016
Guidance
|
|
|
2016
Guidance
|
|
|
|
Low End of
Range
|
|
|
High End of
Range
|
|
Income before
tax
|
|
$
|
131.2
|
|
|
|
171.2
|
|
|
|
|
|
|
|
|
|
|
Addbacks to Arrive
at Unadjusted EBITDA
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
104.4
|
|
|
|
104.4
|
|
Depreciation and
amortization
|
|
|
238.4
|
|
|
|
238.4
|
|
Unadjusted
EBITDA
|
|
|
474.0
|
|
|
|
514.0
|
|
|
|
|
|
|
|
|
|
|
Adjustments to
Arrive at Adjusted EBITDA
|
|
|
|
|
|
|
|
|
Stock-based
compensation expense
|
|
|
22.9
|
|
|
|
22.9
|
|
Non-recurring
operational items (1)
|
|
|
3.1
|
|
|
|
3.1
|
|
Adjusted
EBITDA
|
|
$
|
500.0
|
|
|
|
540.0
|
|
Capital
expenditures
|
|
|
(190.0)
|
|
|
|
(210.0)
|
|
Adjusted Free Cash
Flow
|
|
$
|
310.0
|
|
|
|
330.0
|
|
|
|
|
|
|
|
|
|
|
(1) Non-recurring
operational items include charges for disposed operations and
other.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/mpg-reports-2016-first-quarter-results-announces-055-adjusted-eps-and-re-affirms-guidance-for-2016-300263355.html
SOURCE Metaldyne Performance Group Inc.