Motorcar Parts of America surges on Q4 profit vs year-ago loss

Motorcar Parts of America

13/06/2023 16:42

** Shares of automotive parts maker Motorcar Parts of
America  MPAA.O  rise as much as ~28% to $6.77 
    ** Posts Q4 net income of $1.5 mln, or $0.07 per diluted
share, vs net loss of $322,000, or $0.02/shr, last year
    ** Co reports an 18.8% increase in quarterly net sales to
$194.7 mln on resurgent demand in spring and summer and higher
pricing
    ** Co forecasts fiscal 2024 net sales to be between $720 mln
and $740 mln compared to annual sales of $683.1 mln in 2023     
    ** With inflation-weary consumers continuing to shun big
ticket purchases such as new cars, MPAA says it expects to see
higher sales volumes for its automotive parts, including
brake-related product lines as well as benefits from price
increases
    ** Up to last close, stock had fallen ~56% YTD

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))