Motorcar Parts of America, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2023
February 09, 2024 at 04:01 pm EST
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Motorcar Parts of America, Inc. reported earnings results for the third quarter and nine months ended December 31, 2023. For the third quarter, the company reported sales was USD 171.86 million compared to USD 151.82 million a year ago. Net loss was USD 47.21 million compared to net income of USD 1.03 million a year ago. Basic loss per share from continuing operations was USD 2.4 compared to basic earnings per share from continuing operations of USD 0.05 a year ago. Diluted loss per share from continuing operations was USD 2.4 compared to diluted earnings per share from continuing operations of USD 0.05 a year ago.
For the nine months, sales was USD 528.21 million compared to USD 488.35 million a year ago. Net loss was USD 50.58 million compared to USD 5.67 million a year ago. Basic loss per share from continuing operations was USD 2.58 compared to USD 0.29 a year ago. Diluted loss per share from continuing operations was USD 2.58 compared to USD 0.29 a year ago.
Motorcar Parts of America, Inc. is a remanufacturer, manufacturer, and distributor of automotive aftermarket parts. Its automotive aftermarket parts include alternators, starters, wheel bearings and hub assemblies, brake calipers, brake pads, brake rotors, brake master cylinders, brake power boosters, turbochargers, and diagnostic testing equipment. Its segments include the Hard Parts segment, which includes light duty rotating electric products, wheel hub products, and brake-related products; the Test Solutions and Diagnostic Equipment segment, which includes applications for combustion engine vehicles, test solutions and diagnostic equipment for the pre- and post-production of electric vehicles, and software emulation of power systems applications for the electrification of all forms of transportation; and the Heavy Duty segment, which includes non-discretionary automotive aftermarket replacement hard parts for heavy-duty truck, industrial, marine, and agricultural applications.