Metaldyne Performance Group (MPG) has reported net sales of $2,791 million for the year end 2016, compared to $3,047 million in 2015. Gross profits were reported at $469.2 million, a decrease of 9% from $516 million in 2015, with a net income of $96.9 million, down from $125.8 million in the previous year.
The company reported a strong cash flow that resulted in net debt reduction of approximately $60 million, achieved through dividend payments, share repurchases and the acquisition of Brilliant Iron Works for $14 million.
Among the year’s financial highlights for MPG was the booking of nearly $700 million of new business awards, surpassing the 2016 target of $400 million.
Commenting on the Company’s results, George Thanopoulos, Chief Executive Officer of MPG, stated, “We are very pleased with our 2016 results which reflect our ability to generate significant cash flow and strong margins. Our cash flow allowed us to reinvest in the business in addition to increasing shareholder value through debt reduction, share repurchases and increased dividends in 2016. These results also reflect our ability to drive value for our customers, who have rewarded us with significant new business awards, doubling our net new business backlog.”
MPG provides highly-engineered components for use in powertrain and suspension applications for the global light, commercial and industrial vehicle markets.