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Aug 8, 2022

Martinrea reports net income of $25.5M

Huge demand for vehicles, supply constraints easing boosted company's results: Rob Wildeboer

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Martinrea International Inc. says it had net income of $25.5 million for the quarter ending June 30, up from $24 million for the same quarter last year.

The automotive parts manufacturer says adjusted net income was also $25.5 million, which worked out to 32 cents per share, while adjusted net income last year was $27 million or 34 cents per share.

The Toronto-based company says total sales were $1.11 billion, up 26 per cent from last year.

Analysts had expected adjusted earnings of 30 cents per share and revenue of $1.07 billion according to financial markets data firm Eikon. 

Company chief executive Pat D'Eramo says that the outlook is improving with better results expected in the second half of the year as supply chain-related disruptions ease. 

The company reaffirmed its 2023 outlook for production sales of between $4.6 billion and $4.8 billion.