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Mar 31, 2023
MPA Q4 2023 Earnings Report
Motorcar Parts of America reported record sales for fiscal 2023 fourth quarter and year.
Key Takeaways
Motorcar Parts of America reported an increase in net sales for the fiscal 2023 fourth quarter to a record $194.7 million, with a net income of $1.5 million, or $0.07 per diluted share.
Net sales for the fiscal 2023 fourth quarter increased 18.8 percent to a record $194.7 million.
Net income for the fiscal 2023 fourth quarter was $1.5 million, or $0.07 per diluted share.
Gross profit for the fiscal 2023 fourth quarter increased by 40.3 percent to $36.2 million.
Fiscal 2023 record sales benefited from the strength of products and customer relationships.
Forward Guidance
Motorcar Parts of America expects net sales for its fiscal year ending March 31, 2024 to be between $720 million to $740 million, representing between 5.4 percent and 8.3 percent year-over-year growth. Operating income is expected to be between $60 million and $65 million, before the non-cash foreign exchange impact of lease liabilities and forward contracts, the non-cash impact of revaluation of cores on customers’ shelves, and supply chain disruptions.
Positive Outlook
- No customer or share losses in Fiscal 2023.
- Ordering activity has resumed related to previous delays by a certain customer.
- New brake-related business is now gaining momentum following certain customer change-over delays.
- Better absorption of overhead costs with greater production and purchasing volume from increasing orders; and new business activity, with margin improvement expected to benefit.
- Management is working with customers to address the impact of a sharply higher interest rate environment and customer vendor financing program costs.
Historical Earnings Impact
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