Motorcar Parts of America Edges Up Pre-Market as Fiscal Q4 Results Top Street Expectations

Motorcar Parts of America (MPAA) shares edged higher in Monday’s pre-market session, 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.

MPAA was up 1.6% at $24.20 in recent pre-market trading. The stock has a 52-week range of $6.82 to $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.”

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Jason Tolbert is a stock analyst with The Downtown Leader. If you have a great story idea for Jason Tolbert, you can write at [Jason.Tolbert@downtownleader.com ].

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