Motorcar Parts of America Inc. (MPA) has reported record sales for its fiscal 2017 fourth quarter and year ended March 31 on a reported and adjusted basis.
Net sales for the fiscal 2017 fourth quarter increased 17.4 percent to $114.4 million from $97.4 million for the same period a year earlier. The company said its sales performance for the fiscal 2017 fourth quarter reflects continued strength of its rotating electrical business, as well as contributions from its other product lines – including the company’s emerging brake power boosters, which began shipping in August.
Adjusted net sales for the fiscal 2017 fourth quarter increased 13.8 percent to $114.9 million from $100.9 million a year earlier.
Net income for the fiscal 2017 fourth quarter increased sharply to $9.8 million, or 50 cents per diluted share, from $2.3 million, or 12 cents per share, a year ago.
Net sales for fiscal 2017 increased 14.2 percent to $421.3 million from $369 million a year earlier.
“Our results for fiscal 2017 reflect strong growth and continued momentum into the new fiscal year despite the impact of a mild winter on our sales. As we begin a new fiscal year, we are well-positioned within a $116 billon aftermarket hard parts industry – supported by organic growth, new product line expansion and complementary acquisition opportunities,” said Selwyn Joffe, chairman, president and CEO of Motorcar Parts of America. “We are particularly proud to highlight the company’s cash flow performance for the fourth quarter, with net cash provided by operating activities of $15.5 million.
“We anticipate continued growth in all of our product lines, and we are encouraged by the additional opportunities we are seeing. Our double-digit compounded annual sales growth over the past five years highlights the company’s success and we remain optimistic about the future,” said Joffe.
He noted that despite lower replacement rates in the quarter due to weather, the outlook for non-discretionary automotive parts remains strong, supported by favorable dynamics such as an aging vehicle population, increased miles driven and relatively low fuel prices. “The company is poised for further growth as we harness our distribution relationships and leverage our scale, global footprint and financial strength to deliver growth and profits to shareholders. As always, we thank our entire team for their day-in and day-out commitment to excellence and our company,” he said.
