OREANDA-NEWS. February 29, 2016.  Metaldyne Performance Group Inc. (NYSE: MPG), a leading provider of highly-engineered components for use in powertrain and safety-critical applications for the global light, commercial and industrial vehicle markets, today reported the following financial results for its fourth quarter and full year 2015 results.

Fourth Quarter 2015 Financial Highlights:

  • Net sales were \\$735.3 million compared to \\$762.2 million in the fourth quarter of 2014. Quarterly sales, normalized for metals and FX, were \\$783.8 million resulting in a 2.8% increase.
  • Gross profit increased 1% to \\$119.3 million for the quarter compared to \\$118.0 million the same quarter in 2014.
  • Net income attributable to stockholders for the quarter was \\$20.7 million, resulting in diluted earnings per share of \\$0.29.
  • Adjusted EBITDA for the quarter was \\$123.2 million, or 16.8% of net sales.
  • Adjusted Free Cash Flow, defined as Adjusted EBITDA less capital expenditures, was \\$52.6 million for the quarter, or 7.2% of net sales.
  • A fourth consecutive quarterly dividend declared of \\$0.09 per share for shareholders of record as of April 12th, payable April 26th.

Full Year 2015 Financial Highlights:

  • Net sales increased 12.2% to \\$3,047.3 million, compared to \\$2,717.0 million for the full year in 2014.
  • Gross profit increased 22.0% to \\$516.1 million for 2015, compared to \\$422.9 million in 2014.
  • Net income attributable to stockholders for the period was \\$125.4 million, resulting in diluted earnings per share of \\$1.80.
  • Adjusted EBITDA was \\$538.2 million or 17.7% of net sales, an increase of nearly \\$60 million from 2014.
  • Adjusted Free Cash Flow, defined as Adjusted EBITDA less capital expenditures, was \\$318.6 million or 10.5% of net sales.
  • Record new business awards (based upon peak annual net sales) of \\$727 million.
  • Total net debt reduction of \\$89 million in 2015.
  • 2015 dividends totaling \\$18 million or \\$0.27 per share
  • MPG's board of directors has authorized a share repurchase program of up to \\$25 million.

Commenting on the Company's results,

George Thanopoulos, Chief Executive Officer of MPG, stated,

"We are very pleased with our record results in our first full year as a public company. Our new business wins reflect our belief that by creating MPG we can accelerate long-term profitable growth.

We continued our focus on value creation through a balanced capital allocation by reinvesting in our business, prepaying debt and continuing to pay dividends. In addition, our Board of Directors recently authorized a share repurchase program of up to \\$25 million allowing us to use current valuation levels as an opportunity for value creation.

We are very proud of our accomplishments in 2015 and we remain committed to executing our core value creation and growth strategy in 2016 and beyond."

Business Outlook:
For fiscal 2016, MPG maintains guidance as follows:

  • Net sales \\$2.75 - \\$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