Business
Motorcar Parts of America Reports Fiscal 2022 Third Quarter Results
Record net sales up 32 percent for the quarter and 31 percent for nine months LOS ANGELES--(BUSINESS WIRE)-- Motorcar Parts of America, Inc. (Nasdaq: MPAA)
About this update from Motorcar Parts Of America, Inc.
[{"type":"text","content":"\nRecord net sales up 32 percent for the quarter and 31 percent for nine months\n\n LOS ANGELES--(BUSINESS WIRE)--\nMotorcar Parts of America, Inc. (Nasdaq: MPAA) today reported results for its fiscal 2022 third quarter ended December 31, 2021.\n\nFiscal Third Quarter Highlights\n\n\nRecord net sales of $161.8 million versus $122.6 million a year earlier, reflecting strong organic growth and favorable industry dynamics.\n\n\nNet income of $3.1 million, or $0.16 per diluted share, compared with $8.5 million, or $0.44 per diluted share a year ago. Net income for the fiscal third quarter of 2022 was impacted by $4.8 million of non-cash items, or $0.25 per diluted share, and $3.7 million, or $0.19 per diluted share, due to transitory cost pressures related to supply chain disruptions.\n\n\nEBITDA of $11.9 million, which was impacted by $6.4 million of non-cash items and $4.9 million of transitory cost pressures related to the aforementioned supply chain disruptions. EBITDA in the prior-year period was $18.8 million.\n\n\n“We delivered record net sales for the quarter and nine months despite continued global supply chain constraints. This is indicative of the strategic success of our organic growth initiatives and sustainable industry tailwinds from an aging car fleet, driving continuously greater demand for parts replacement. We achieved growth across all product categories and increased momentum in our emerging brake caliper business,” said Selwyn Joffe, chairman, president, and chief executive officer.\n\n“While industry dynamics remain positive, we continue to operate in a challenging supply chain environment. We have taken concrete measures to mitigate increases in freight rates, inflationary costs, and wage increases by implementing freight surcharges and price increases. We expect these initiatives to be in effect in the fiscal first quarter ending June 30, 2022. In addition to these measures, we have resumed production in Malaysia -- allowing for elimination of the temporary higher tariff expenses incurred during recent months due to necessary outsourcing of production to countries subject to higher import tariffs. Lastly, we are focused on the safety and well-being of our employees. It is a testament of our employees’ commitment that more than 93 percent globally have been vaccinated, helping mitigate operational risk,” Joff...