The
That equates to a net earnings of
On an adjusted basis,
The company said its margins were affected by a heavier new business launch cycle than usual this quarter, and from difficulties around labour availability in some regions.
It said it has a positive long-term outlook due to strong demand and record inventory lows for vehicles.
"Our current launch activity is expected to generate future sales growth as well as strong margins once supply bottlenecks are removed, and production normalizes," said Pat D’Eramo, president and chief executive officer. "Our future remains bright, and our team continues to manage well under challenging circumstances."
This report by
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