Motorcar 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.”
