Business
Motorcar Parts of America Reports Year-End Results
- Record Sales for the Fiscal Year; Operating Income Up Sharply; Solid Outlook with Strong Cash Flow LOS ANGELES--(BUSINESS WIRE)-- Motorcar Parts of
About this update from Motorcar Parts Of America, Inc.
[{"type":"text","content":"\n- Record Sales for the Fiscal Year; Operating Income Up Sharply; Solid Outlook with Strong Cash Flow\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nMotorcar Parts of America, Inc. (Nasdaq: MPAA) today reported results for its fiscal 2024 fourth quarter and year ended March 31, 2024 – reflecting year-over-year increases in sales, operating income and cash flow from operating activities, despite industry softness in the fourth quarter.\n\n\nKey highlights for the fiscal year.\n\n\n\nNet sales increased 5.1 percent to $717.7 million.\n\n\n\nGross profit increased 16.3 percent to $132.6 million.\n\n\n\nGross margin increased 1.8 percentage points to 18.5 percent.\n\n\n\nOperating income increased 26.5 percent to $46.1 million.\n\n\n\nThe company generated cash from operations of approximately $39.2 million.\n\n\n\nFiscal 2024 Fourth Quarter Results\n\n\nNet sales for the fiscal 2024 fourth quarter were $189.5 million compared with $194.7 million in the prior year, impacted by industry softness. Sales in April and May 2024 indicate a strong start to the new fiscal year.\n\n\nGross profit for the fiscal 2024 fourth quarter was $34.8 million compared with $36.2 million a year earlier. Gross margin for the fiscal 2024 fourth quarter was 18.4 percent compared with 18.6 percent a year earlier. Gross margin for the fiscal 2024 fourth quarter was impacted by $3.7 million, or 2.0 percent, of non-cash items, and approximately $700,000, or 0.4 percent, of non-recurring cash items, as detailed in Exhibit 3.\n\n\nOperating income for the fiscal 2024 fourth quarter was $12.2 million compared with $23.7 million in the prior year, impacted by $5.6 million of less favorable foreign exchange rate related gains associated with lease liabilities and forward contracts compared with the prior year and a $5.1 million employee retention credit benefit in the prior year.\n\n\nInterest expense for the fiscal fourth quarter increased by $2.8 million, or $0.09 per diluted share, to $14.6 million from $11.9 million a year ago, primarily due to higher market interest rates and increased collection of receivables utilizing accounts receivable discount programs on higher sales, partially offset by lower average outstanding balances under the company’s credit facility.\n\n\nNet income for the fiscal 2024 fourth quarter was $1.3 million compared with $1.5 million for the p...