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.”