Motorcar Parts of America Climbs 6% – Fiscal Q4 Results Top Street Expectations

Auto Parts, Consumer Goods, Motorcar Parts of America
Auto Parts, Consumer Goods, Motorcar Parts of America

Motorcar Parts of America (MPAA) is higher after the maker and distributor of automotive-aftermarket parts reported it swung to a fiscal Q4 profit, with its adjusted earnings and well as revenue topping analysts’ expectations, and its CEO predicted continued growth for the new fiscal year.

Shares are up 6.38% at $25.35, with a 52-week range of $6.82 – $29.29.

For the quarter ended March 31, the company posted net income of $3.1 million, or $0.19 per share, compared with a prior-year net loss of $73.7 million, or $5.08 per share. The prior-year period had been negatively impacted by the company’s former discontinued undercar business. Also, per-share results were skewed by a 9.2% increase in the number of shares outstanding.

Excluding one-time items, the company earned $0.43 per share in the latest quarter, up from $0.25 per share a year earlier and above the $0.38 per share mean estimate of three analysts polled by Capital IQ.

Net sales rose 32% to $76.7 million, topping the three analysts’ mean estimate of $69.7 million. Gross profit margin was flat at 31.2% of sales.

For the new fiscal year, CEO Selwyn Joffe said the company expects “solid growth will continue on a year-over-year basis, supported by an aging vehicle population, new product introductions and further opportunities for manufacturing and distribution leverage.”


Please enter your comment!
Please enter your name here