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Mar 31, 2021
MPA Q4 2021 Earnings Report
MPA achieved record sales and strong profitability for the fourth quarter.
Key Takeaways
Motorcar Parts of America reported record sales for the quarter and fiscal year with strong profitability, despite the impact of the COVID-19 pandemic. Net sales increased by 11.5 percent to a record $168.1 million, and net income was $835,000, or $0.04 per diluted share, compared to a net loss of $8.2 million, or $0.43 per share, in the same quarter last year.
Net sales for the fiscal 2021 fourth quarter increased 11.5 percent to a record $168.1 million from $150.7 million.
Net income for the fiscal 2021 fourth quarter was $835,000, or $0.04 per diluted share, compared with a net loss of $8.2 million, or $0.43 per share, a year ago.
Gross profit for the fiscal 2021 fourth quarter was $32.1 million compared with $36.6 million a year earlier.
Net cash used in operating activities was $16.4 million for the fiscal 2021 fourth quarter.
MPA
MPA
Forward Guidance
Given the ongoing global pandemic and near-term related considerations, the company believes it is still not prudent at this time to provide specific annual sales and gross margin guidance. However, the company is encouraged by continued strong customer demand for its aftermarket parts and is guardedly optimistic about near and long-term opportunities.
Positive Outlook
- Continuing to execute strategic plans for growth and profitability.
- Strong customer demand for aftermarket parts.
- Resilient industry and company performance.
- Long-term opportunities as an essential supplier in the hard parts industry.
- Evolving provider to the fast-growing electric vehicle and aerospace markets.
Challenges Ahead
- Ongoing global pandemic.
- Near-term related considerations.
- Not prudent to provide specific annual sales guidance.
- Not prudent to provide specific gross margin guidance.
- Unspecified risks and uncertainties as detailed in the company's Form 10-K and Forms 10-Q.