Martinrea revenue hits record $859.5M in Q3; profit down
CFO Fred Di Tosto said revenue, excluding tooling revenue, was at low end of company guidance at about $785 million
TORONTO—Auto parts maker Martinrea International Inc. reported a decline in third-quarter net earnings, but said revenues of $859.5 million were a record for the period.
Martinrea, which makes parts, assemblies and modules, and fluid management systems focused on the auto industry, said net earnings attributable to shareholders in the three months ended Sept. 30 were $19.4 million or 23 cents per share.
That was down from $20.9 million or 25 cents in the comparable year-earlier period.
Revenue rose to $859.5 million from $767.9 million.
Chief financial offer Fred Di Tosto said revenue, excluding tooling revenue, was about $785 million, at the low end of company guidance.
“While still a record third quarter for us, revenues were impacted by lower production volumes on certain key vehicle platforms for the company in North America due to unplanned customer downtime,” he said.
Meanwhile, executive chairman Rob Wildeboer said the current quarter is shaping up to be “the best fourth quarter in our history.”
Revenues for the quarter, excluding tooling revenues, should be in the range of $825- to $845 million, while adjusted earnings per share will be in the range of 24 to 28 cents per share, although sales mix and some pre-operating costs from expansion programs are expected to affect results, he added.
Martinrea employs about 14,000 workers at 40 operating divisions in Canada, the United States, Mexico, Brazil, Germany, Slovakia, Spain and China.