Motorcar Parts of America Reports Record Sales

By Staff Writer June 15, 2022

With strong demand for aftermarket parts and the completion of a build-out program for the company’s brake-related manufacturing operations, Motorcar Parts of America reported results for its fourth quarter and 2022 fiscal year ended March 31.

Net sales reached a record $650.3 million, an increase of $109.5 million, or 20.3 percent year-over-year. Gross 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.

Net 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.

EBITDA 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.

“We reported record sales for fiscal 2022, despite continued global supply chain constraints and fluctuations from historical customer order patterns during the fiscal fourth quarter,” said Selwyn Joffe, chairman, president, and chief executive officer.

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Last modified on Wednesday, 15 June 2022 12:36