Business
Motorcar Parts of America Reports 20.3 Percent Sales Increase for Fiscal 2022
— Company Resumes Annual Guidance with Top-Range Sales Target Reaching $700 Million, a year-over-year increase of approximately $50 million — LOS
About this update from Motorcar Parts Of America, Inc.
[{"type":"text","content":"\n— Company Resumes Annual Guidance with Top-Range Sales Target Reaching $700 Million, a year-over-year increase of approximately $50 million —\n\n LOS ANGELES--(BUSINESS WIRE)--\nMotorcar Parts of America, Inc. (Nasdaq: MPAA) today reported results for its fourth quarter and 2022 fiscal year ended March 31, 2022 – reflecting record annual sales with strong demand for non-discretionary aftermarket parts and the completion of a multi-year build-out program for the company’s brake-related manufacturing operations.\n\nFiscal 2022 Highlights\n\n\nNet sales reached a record $650.3 million, an increase of $109.5 million, or 20.3 percent year-over-year.\n\n\nGross profit was $117.9 million, an increase of $8.4 million, or 7.7 percent year-over-year. Gross profit for fiscal 2022 was impacted by $16.6 million of non-cash items and $15.8 million of other items, primarily due to transitory cost pressures from supply chain disruptions.\n\n\nNet income was $7.4 million, or $0.38 per diluted share, compared with $21.5 million, or $1.11 per diluted share a year ago. Net income for fiscal 2022 was impacted by $0.86 per diluted share of non-cash items, and $0.72 per diluted share of other items, primarily due to transitory cost pressures related to supply chain disruptions. Net income for fiscal 2021 was impacted by $0.00 per diluted share of non-cash items, and $0.77 per diluted share of other items, primarily due to transitory costs related to the Mexico expansion.\n\n\nEBITDA (defined below) was $41.6 million, which was impacted by $22.3 million of non-cash items and $18.5 million of other items, primarily due to transitory cost pressures, versus $57.8 million a year earlier, which was impacted by $107,000 of non-cash gains and $19.4 million of other items, primarily due to transitory cost pressures.\n\n\nFiscal 2022 Considerations\n\n\nGlobal supply chain challenges and inflationary costs impacted margins.\n\n\nFuture margin expansion expected from additional price increases and operating efficiencies as the new fiscal year progresses.\n\n\nStrategic inventory investments to support growth and mitigate supply chain logistics impacted cash flow for fiscal year.\n\n\n“We reported record sales for fiscal 2022, despite continued global supply chain constraints and fluctuations from historical customer order patterns during the fiscal fourth quar...