Motorcar Parts of America Reports Record Fiscal Third Quarter Results

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[{"type":"text","content":"\n- Record Sales and Gross Profit with Strong Cash Flow Generation -\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nMotorcar Parts of America, Inc. (Nasdaq: MPAA) today reported results for its fiscal 2025 third quarter and nine-month period ended December 31, 2024, with a continued favorable full-year outlook supported by record third quarter sales and gross profit, and the ongoing benefits of strategic initiatives to further enhance profitability.\n\n\nKey highlights for the fiscal third quarter.\n\n\n\nNet sales increased 8.3 percent to a fiscal third quarter record $186.2 million.\n\n\n\nGross profit increased 49.4 percent to a record $44.9 million.\n\n\n\nNet income for the quarter was $2.3 million.\n\n\n\nGenerated cash from operating activities of $34.4 million and reduced net bank debt by $30.3 million.\n\n\n\nRepurchased 268,130 shares for $2.1 million.\n\n\n\nNon-cash items reduced net income by $5.0 million and gross profit by $3.4 million for the quarter, as detailed in the exhibits.\n\n\n\nFiscal 2025 Third Quarter Results\n\n\nNet sales for the fiscal 2025 third quarter increased 8.3 percent to a third quarter record $186.2 million from $171.9 million in the prior year.\n\n\nGross profit for the fiscal 2025 third quarter increased 49.4 percent to a record $44.9 million from $30.0 million a year earlier. Gross margin for the fiscal 2025 third quarter was 24.1 percent compared with 17.5 percent a year earlier. Gross margin for the fiscal 2025 third quarter was impacted by $3.4 million, or 1.8 percent, of non-cash expenses, as detailed in Exhibit 3.\n\n\nInterest expense for the fiscal third quarter decreased by $3.9 million to $14.4 million from $18.3 million a year ago, impacted by lower average outstanding balances under the company’s credit facility and lower interest rates.\n\n\nNet income for the fiscal 2025 third quarter was $2.3 million, or $0.11 per diluted share, including the impact of non-cash expenses of $5.0 million, or $0.24 per diluted share, as detailed in Exhibit 1. Net loss for the prior year was $47.2 million, or $2.40 per share, including the impact of non-cash expenses of $40.4 million, or $2.06 per share, and cash expenses of $1.4 million, or $0.07 per share, as detailed in Exhibit 1.\n\n\n“We achieved solid results for the quarter and continue to benefit from strategic initiatives designed to enhance ou...

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