Motorcar Parts Of America Reports Record Fiscal 2017 Second Quarter Results

Motorcar Parts Of America Reports Record Fiscal 2017 2nd Quarter Results

Net sales for the fiscal 2017 second quarter were $108.8 million compared with $91.7 million for the same period a year earlier.

Motorcar parts - LogoMotorcar Parts of America Inc. (MPA) has reported results for its fiscal 2017 second quarter – reflecting record profitability on both a reported and adjusted basis.

Net sales for the fiscal 2017 second quarter were $108.8 million compared with $91.7 million for the same period a year earlier. MPA said the company’s sales performance for the fiscal 2017 second quarter reflects continued strength of its rotating electrical and wheel hub business, as well as contributions from its other product lines – including the company’s emerging brake power boosters, which commenced sales in August. Sales were partially offset by certain customer allowances and return accruals related to new business.

Adjusted net sales for the fiscal 2017 second quarter were $112.4 million compared with $101.7 million a year earlier.

Net income for the fiscal 2017 second quarter was $9.1 million, or 47 cents per diluted share, compared with a net loss of $1.4 million, or 8 cents per share, a year ago.

Adjusted net income for the fiscal 2017 second quarter was $12.4 million, or 64 cents per diluted share, compared with $11.8 million, or 62 cents per diluted share, in the same period a year earlier.

Gross profit for the fiscal 2017 second quarter was $30.7 million compared with $21.8 million a year earlier. Gross profit as a percentage of net sales for the fiscal 2017 second quarter was 28.2 percent compared with 23.8 percent a year earlier, primarily due to customer allowances related to new business.

Adjusted gross profit for the fiscal 2017 second quarter was $34.5 million compared with $31.4 million a year ago. Adjusted gross profit as a percentage of adjusted net sales for the three months was 30.7 percent compared with 30.9 percent a year earlier.

Net sales for the fiscal 2017 six-month period were $194.2 million compared with $177.5 million a year earlier. Adjusted net sales for the six-month period were $206.2 million compared with $188.4 million last year.

Net income for the six-month period was $16.7 million, or 86 cents per diluted share, compared with $518,000, or 3 cents per diluted share, in fiscal 2016.

Adjusted net income for the first half of fiscal 2017 was $22.5 million, or $1.16 per diluted share, compared with $20.1 million, or $1.07 per diluted share, in fiscal 2016.

Gross profit for the fiscal 2017 six-month period was $51 million compared with $47.8 million a year earlier. Gross profit as a percentage of net sales for the fiscal 2017 first half was 26.3 percent compared with 26.9 percent a year earlier, primarily due to customer allowances related to new business.

Adjusted gross profit for the fiscal 2017 the six-month period was $64.8 million compared with $58.2 million a year ago. Adjusted gross profit as a percentage of adjusted net sales for the six months was 31.4 percent compared with 30.9 percent a year earlier.

“As we commence the second half of fiscal 2017, we are well-positioned within the aftermarket industry. We anticipate solid growth in all of our product lines, and we are encouraged by the numerous additional opportunities we are seeing,” said Selwyn Joffe, chairman, president and CEO of Motorcar Parts of America. “Results for the quarter reflect continued strength of our business – supported by an aging vehicle population, increased miles driven and related factors, all of which continue to contribute to overall growth in the aftermarket industry. As always, we thank our entire team for their day-in and day-out commitment to excellence and our company.”

You May Also Like

Dana Participating in Easter Jeep Safari

The event will take place in Moab, Utah, March 23-31.

Dana to Participate in Easter Jeep Safari 2024

Dana Incorporated will participate in Easter Jeep Safari 2024, held March 23-31 in Moab, Utah. Dana products will be on site and available for demonstrations.

“At Dana, we are committed to rigorously testing and validating our products in the most challenging conditions to guarantee superior quality, durability, and performance,” said Bill Nunnery, senior director, sales and marketing, global aftermarket for Dana. “Easter Jeep Safari features rugged trails that offer us an ideal terrain for product trials. The event also gives us the opportunity to engage with Jeep enthusiasts and understand how we can enhance their off-road experiences through vehicle customizations.”

Advance Auto Parts Reports Q4, Full Year 2023 Results

President and CEO Shane O’Kelly said Advance continues to act with a sense of urgency to “return to profitable growth.”

financial results
AutoZone Reports Q2 Results with Increases in Same Store Sales

During the quarter, AutoZone opened 19 new stores in the U.S., while adding six new stores in Mexico and four in Brazil.

Dana Inc. Reports 2023 Record Sales and Q4 Earnings

For the full-year 2023, Dana reported sales of $10.6 billion, up from $10.2 billion in 2022.

Financial-results
LKQ Corp. Announces Q4, Full Year 2023 Results

President and CEO Dominick Zarcone expressed satisfaction with the company’s results amid macroeconomic challenges.

Other Posts

ZF Aftermarket Releases 80 New Parts

The latest additions expand coverage to more than 5 million vehicles in operation.

ZF Aftermarket Releases 80 New Parts
Schaeffler Highlights ESG Progress in 2023 Sustainability Report

Schaeffler is currently focusing on seven key ESG goals in the implementation of its sustainability strategy.

Schaeffler 2023 Sustainability Report
CMA, DoubleCoin to Showcase Long-Haul Steer Tires at MATS

Company reps will be on-site to answer questions, schedule meetings and coordinate a raffle of outdoor sporting equipment in booth #11140.

tire-distribution-outlook-tire-rack
GB Reman to Host Jackpot Giveaway Winner at Long Beach Grand Prix

Jon Hetzel, owner of Hesski ServiCenter in Levittown, Pennsylvania, will join GB Reman in the company’s hometown next month

GB Reman to Host Jackpot Giveaway Winner at Grand Prix of Long Beach