TORONTO — Martinrea International Inc. says it hit record quarterly sales in the third quarter as supply shortages eased and it passed on more inflationary costs to customers.
The auto parts maker says sales of $1.19 billion for the quarter ending Sept. 30 were 41 per cent higher than the same quarter last year.
Net income of $35.9 million, or 45 cents per diluted share for the quarter, was up from a net loss of $17.1 million or 21 cents per share for the same quarter last year.
Adjusted net income was $45.1 million or 56 cents per share, while analysts expected earnings of $32.3 million or 40 cents per share according to financial markets data firm Refinitiv.
Company chief executive Pat D’Eramo says operations improved not only from last year but also from the second quarter as it saw improved production volumes and reduced product launch costs, though it still faces some supply-related disruptions.
D’Eramo says the company continues to make progress in difficult negotiations on raising prices for customers to offset inflationary pressures, but still faces significant energy cost headwinds in Europe.
This report by The Canadian Press was first published Nov. 1, 2022.
Companies in this story: (TSX:MRE)
