Motorcar Parts of America, Inc. (MPAA) has reported a 327.17 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $9.81 million, or $0.50 a share in the quarter, compared with $2.30 million, or $0.12 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $11.29 million, or $0.58 a share compared with $9.54 million or $0.50 a share, a year ago. Revenue during the quarter grew 17.41 percent to $114.41 million from $97.44 million in the previous year period. Gross margin for the quarter expanded 279 basis points over the previous year period to 27.64 percent. Total expenses were 84.80 percent of quarterly revenues, down from 90.11 percent for the same period last year. This has led to an improvement of 531 basis points in operating margin to 15.20 percent.
Operating income for the quarter was $17.39 million, compared with $9.63 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $23.23 million compared with $19.05 million in the prior year period. At the same time, adjusted EBITDA margin improved 75 basis points in the quarter to 20.30 percent from 19.55 percent in the last year period.
"Our results for fiscal 2017 reflect strong growth and continued momentum into the new fiscal year despite the impact of a mild winter on our sales. As we begin a new fiscal year, we are well-positioned within a $116 billon aftermarket hard parts industry supported by organic growth, new product line expansion and complementary acquisition opportunities," said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America.
Debt moves up marginally
Motorcar Parts of America, Inc. has witnessed an increase in total debt over the last one year. It stood at $31 million as on Mar. 31, 2017, up 3.17 percent or $0.95 million from $30.05 million on Mar. 31, 2016. Interest coverage ratio improved to 4.66 for the quarter from 3.60 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
