Business
Motorcar Parts of America Reports Strong Fiscal 2022 Second Quarter
Record net sales for the quarter and six-month period Net sales for the quarter up 13.5 percent; 29.8 percent for six months; and 25.1 percent from the
About this update from Motorcar Parts Of America, Inc.
[{"type":"text","content":"\n\nRecord net sales for the quarter and six-month period\n\n\n\nNet sales for the quarter up 13.5 percent; 29.8 percent for six months; and 25.1 percent from the pre-COVID-19 six months\n\n\n\nNet income for first half $4.5 million versus $12.2 million in the prior year, predominantly impacted by non-cash and non-economic foreign exchange items; and $38,000 for the pre-COVID-19 six-month period\n\n\n\nNet income before impacting items for first half $21.8 million versus $15.1 million in the prior year (Exhibits attached); and $14.5 million for the pre-COVID-19 six-month period\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nMotorcar Parts of America, Inc. (Nasdaq: MPAA) today reported results for its fiscal 2022 second quarter ended September 30, 2021 – reflecting record sales for a quarter and six-month period.\n\nNet sales for the fiscal 2022 second quarter increased 13.5 percent to $175.5 million from $154.7 million a year ago, and 16.7 percent from the pre-COVID-19 fiscal second quarter two years ago. Net sales for the three months ended September 30, 2021 included $13.7 million in core revenue compared with $12.8 million in the prior-year second quarter period, due to a realignment of inventory at customer distribution centers with expected future sales benefits as product mix changes.\n\nNet income for the fiscal 2022 second quarter was $3.7 million, or $0.19 per diluted share, compared with $15.2 million, or $0.78 per diluted share, a year ago. Details of items impacting net income totaling $0.49 per diluted share are shown in Exhibit 1.\n\n“Net sales and profitability for the fiscal second quarter benefitted from continued strong demand for non-discretionary aftermarket parts, notwithstanding global supply chain challenges and disruptions that restrained our record sales performance. The company’s ongoing success continues to benefit from our multi-year strategic footprint expansion, with additional efficiencies expected to be realized moving forward,” said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America.\n\nHe emphasized that the company has instituted price increases to mitigate ongoing freight and supply chain cost increases, and that the demand outlook continues to be strong. Joffe noted that the gross margins for the quarter only reflect a small portion of the price increases.\n\n“I...