Motorcar Parts of America (MPA) has reported results for its fiscal 2017 first quarter, reflecting record profitability. At the end of the quarter, the company also announced the launch of its new brake power booster product line and the acquisition of a turbocharger business.
Net sales for the fiscal 2017 first quarter were $85.4 million compared with $85.8 million for the same period a year earlier. The company said its sales performance for the fiscal 2017 first quarter reflects continued strength of its rotating electrical and wheel hub business, as well as increased contributions from the company’s emerging master cylinder product line – partially offset by certain customer allowances and return accruals related to new business.
Adjusted net sales for the fiscal 2017 first quarter were $93.8 million, compared with $86.6 million a year earlier. Net income for the fiscal 2017 first quarter was $7.5 million, or 39 cents per diluted share, compared with net income of $1.9 million, or 10 cents per diluted share, a year ago. Adjusted net income for the fiscal 2017 first quarter was $10.1 million, or 52 cents per diluted share, compared with $8.4 million, or 44 cents per diluted share, in the same period a year earlier.
Gross profit for the fiscal 2017 first quarter was $20.4 million, compared with $26 million a year earlier. Gross profit as a percentage of sales for the fiscal 2017 first quarter was 23.9 percent, compared with 30.3 percent a year earlier, primarily due to customer allowances related to new business. Adjusted gross profit for the fiscal first quarter was $30.3 million, compared with $26.8 million a year ago. Adjusted gross profit as a percentage of sales for the three months was 32.3 percent, compared with 30.9 percent a year earlier.
“Results for the quarter 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 CEO of Motorcar Parts of America. “Our position within the aftermarket industry continues to grow – which we expect will be enhanced by our new brake power booster product line and our future turbocharger launch, as well as additional opportunities to introduce other complementary non-discretionary parts. As always, we thank our entire team for their daily commitment to excellence, customer service and our company.”
