Automotive aftermarket parts manufacturer and distributor Motorcar Parts of America posted a net loss in the first three months of the year, amid global supply chain constraints hounding the industry.
- The company reported a net loss of $332,000 in the quarter ending March, reversing the $835,000 net income in the same quarter last year. Diluted net loss per share stood at $0.02 versus the income per share of $0.04 in 2021.
- Net sales for the quarter fell to $163.916 million from $168.127 million, while the cost of goods sold increased to $138.148 million from $136 million. Gross profit slipped to $25.768 million from $32.107 million.
- Chairman, President, and Chief Executive Officer Selwyn Joffe said the company anticipates accelerating momentum for its emerging brake-related products and remains confident in long-term demand.
- The company expects net sales for the fiscal year ending March 31, 2023, between $680 million and $700 million, reflecting an annual growth between 4.6% and 7.6%. Net sales growth is seen between 6.8% and 9.9%.
Operating income for the coming fiscal year is expected to fall between $57 million and $61 million.
MPAA is down 6.47%, while BAP.AX is down 0.67%.
Source: Motorcar Parts of America