Edelbrock Revises Earnings From Sept. 10 Report - aftermarketNews

Edelbrock Revises Earnings From Sept. 10 Report

Edelbrock Corp. has revised its earnings for the quarter, which ended June 30, as previously reported on Sept. 10. The revised results will be reflected in the company's annual report on Form 10-K which was filed yesterday, Sept. 28.

TORRANCE, CA — Edelbrock Corp. has revised its earnings for the quarter, which ended June 30, as previously reported on Sept. 10. The revised results will be reflected in the company’s annual report on Form 10-K which was filed yesterday, Sept. 28.

Subsequent to the issuance of its Sept. 10 press release, the company received documentation from its workers’ compensation carrier and determined that there was a liability of approximately $490,000 relating to its workers’ compensation insurance that is maintained on a retrospective basis. In addition, the company increased its federal and state taxes on income to reflect the non-deductibility of certain going-private transaction costs which increased the company’s effective tax rate from 37.5 percent to 40.6 percent.

The impact of these adjustments resulted in a change to previously reported earnings for the year ended on June 30, from $3,979,000, or 72 cents per diluted share, to $3,494,000, or 63 cents per diluted share, and a change to previously reported earnings for the quarter ended on June 30, from $1,320,000, or 24 cents per diluted share, to $835,000, or 15 cents per diluted share.

_______________________________________

Click here to view the rest of today’s headlines.

You May Also Like

FirstElement Fuel Selected as a Top 40 US GreenTech Co.

Time Magazine, in partnership with Statista, listed FirstElement Fuel 36th out of 250 companies named for reducing environmental impact in its inaugural list of America’s Top GreenTech Companies.

First Element Fuel

FirstElement Fuel Inc. announced it was selected by Time Magazine as America's 36th Top GreenTech Companies of 2024.

"FirstElement Fuel is humbled to be recognized and thankful for the continued support of our partners and investors, including the State of California whose dedication to hydrogen mobility helped us drive unprecedented innovation in this space," said Joel Ewanick, FEF Founder and executive chairman. "We are also incredibly grateful to our dedicated FEF employees who focus every day on making a difference for the planet and keeping the Company on track to achieve its Mission of fostering the widespread adoption of hydrogen vehicles."

Eaton Names Senior Vice President and Controller

Adam Wadecki currently serves as senior vice president of internal audit.

Eaton Names Senior Vice President and Controller
DENSO Announces ‘MobiQ’ for the Automotive Aftermarket

The new brand delivers smart, green mobility solutions, Denso said.

DENSO Announces 'MobiQ' for the Automotive Aftermarket
New Sanctions on Russian Nickel, Copper and Aluminum

Reisman discusses how the sanctions will impact prices paid by those in the automotive industry.

University of the Aftermarket Encouraging Registration for Data Standards Course

This live, two-day educational program is open to anyone who works with the aftermarket standards ACES and PIES, or who would benefit from developing a general knowledge base on them.

Other Posts

CAPA Elects New Members to Board of Directors, Tech Committee

The Certified Automotive Parts Association announced the election of four members to its board of directors and three members to its technical committee.

Sona Comstar Inaugurates Manufacturing Plant in Mexico

The new facility will specialize in producing differential assemblies and reduction gears meticulously designed for BEVs.

Sona Comstar Inaugurates New Manufacturing Plant in Mexico
ZF Cleans Up Metro Park for Earth Day

ZF said the effort was in line with its dedication to sustainability, zero-waste and circularity.

ZF Cleans up Metro Park
UTI, Interstate Batteries Renew Alliance

The Universal Technical Institute announced a five-year renewal of its alliance with Interstate Batteries.

Universal Technical Institute