Motorcar Parts of America (MPA) has reported results for its fiscal 2016 fourth quarter and year ended March 31, 2016 – reflecting record sales for the fourth quarter and year, supported by strong growth across all product categories.
Net sales for the fiscal 2016 fourth quarter increased to $97.4 million from $83.9 million for the same period a year earlier. The company said its sales performance for the fiscal 2016 fourth quarter reflects the continued strength of its rotating electrical and wheel hub business, as well as increased contributions from the company’s emerging master cylinder product line.
Adjusted net sales for the fiscal fourth quarter increased to $100.9 million from $90.9 million a year earlier. Net income for the fiscal 2016 fourth quarter was $2.3 million, or 12 cents per diluted share, compared with net income of $3.1 million, or 16 cents per diluted share, a year ago.
Adjusted net income for the fiscal 2016 fourth quarter was $9.5 million, or 50 cents per diluted share, compared with $9.9 million, or 53 cents per diluted share, in the same period a year earlier.
Gross profit for the fiscal 2016 fourth quarter increased to $24.2 million from $20.9 million a year earlier. Gross profit as a percentage of sales for the fiscal 2016 fourth quarter was 24.8 percent compared with 24.9 percent a year earlier.
Adjusted gross profit increased to $29.8 million from $28.2 million a year ago. Adjusted gross profit as a percentage of sales for the three months was 29.6 percent compared with 31.1 percent a year earlier, impacted by product mix and lower metal prices resulting in lower scrap revenue.
Net sales for fiscal 2016 increased to $369 million from $301.7 million for the same period a year earlier. The same period a year earlier included the benefits of recognizing net core revenue of $12.6 million in the third quarter that was previously deferred.
Adjusted net sales for fiscal 2016 increased to $383.3 million from $320.7 million a year earlier.
Net income for fiscal 2016 was $10.6 million, or 55 cents per diluted share, compared with net income of $11.5 million, or 65 cents per diluted share, a year ago.
Adjusted net income for fiscal 2016 was $39.6 million, or $2.08 per diluted share, compared with $32.9 million, or $1.87 per diluted share, in the same period a year earlier.
Gross profit for fiscal 2016 increased to $100.9 million from $81.6 million a year ago. Gross profit as a percentage of sales for the same period was 27.4 percent compared with 27.0 percent a year earlier.
Adjusted gross profit increased to $117.7 million from $101.2 million last year. Adjusted gross profit as a percentage of sales was 30.7 percent compared with 31.5 percent a year earlier, impacted by product mix and lower metal prices resulting in lower scrap revenue.
“Results for fiscal 2016 reflect continued strength across all product lines – 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,” said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America.
Joffe noted that the company achieved solid market share gains in rotating electrical for the year. “Equally important, we realized strong growth from our wheel hub and brake master cylinder product offerings, which impacted product mix and therefore gross margins,” he said.
Joffe also noted that results for the year reflect new investments for innovation, growth and acquisitions, as well as the company’s value-added customer service programs – including customer service, training and quality assurance initiatives.
“These investments position the company for even further success and growth. As always, we thank our entire team for their daily commitment to excellence, customer service and our company,” said Joffe.
