- MPG reported financial results for the first quarter of 2016 with overall strong performance. Net sales were $739.5 million compared to $765.2 million in the prior year period. Adjusted EBITDA increased to $137.7 million from $132.6 million driven by operational improvements despite negative foreign exchange impacts.
- Adjusted EPS increased 31% to $0.55 per share due to higher adjusted EBITDA, lower interest costs, and a reduced tax rate.
- New business awards in Q1 2016 increased approximately 15% year-over-year and MPG expects $400 million in new awards for 2016.
- MPG reiterated its full year 2016 guidance for net sales