Welcome to our dedicated page for Motorcar Parts of America news (Ticker: MPAA), a resource for investors and traders seeking the latest updates and insights on Motorcar Parts of America stock.
Motorcar Parts of America, Inc. (MPAA) is a prominent manufacturer, remanufacturer, and distributor of automotive aftermarket parts. The company specializes in producing and distributing essential components such as alternators, starters, wheel hub assemblies, and brake master cylinders. These products cater to both imported and domestic passenger vehicles, light trucks, and even heavy-duty applications. Motorcar Parts of America’s extensive range of products is available through automotive retail outlets and the professional repair market across the United States and Canada.
MPAA’s operational infrastructure includes state-of-the-art facilities strategically located in California, Mexico, Malaysia, and China. The company also maintains administrative offices in California, Tennessee, Mexico, Singapore, Malaysia, and Toronto. This global footprint enhances the company’s ability to meet the diverse needs of the automotive aftermarket industry efficiently.
One of the distinguishing features of Motorcar Parts of America is its commitment to sustainability. The company employs a remanufacturing process that is highly efficient, potentially reducing material and energy consumption by up to 91% compared to traditional manufacturing methods. This eco-friendly approach involves reclaiming and reconditioning all non-wearing parts, thereby conserving both energy and raw materials.
Financially, MPAA derives a significant portion of its revenue from the sales of rotating electrical products, supported by a robust market for wheel hub assemblies and brake master cylinders. The company's products are available under its own brands, through private-label services, and as part of warranty replacement programs offered by automobile manufacturers.
Recent achievements include expanding its product lines and enhancing its market presence through strategic partnerships and innovative projects. As a result, Motorcar Parts of America continues to solidify its position as a key player in the automotive aftermarket industry.
Motorcar Parts of America (Nasdaq: MPAA) reported results for its fiscal 2025 first quarter ended June 30, 2024. Net sales increased 6.4% to a record $169.9 million for a first quarter. Gross profit rose 9.8% to $29.2 million, with gross margin improving to 17.2%. However, the company faced challenges, including an $11.1 million non-cash foreign exchange loss and increased interest expenses. Despite these hurdles, MPAA implemented cost-reduction initiatives expected to yield $7 million in annual savings. The company maintains a positive full-year outlook, anticipating improvements in gross margins, profit, and cash flow in upcoming quarters.
Motorcar Parts of America (Nasdaq: MPAA) has announced it will release its fiscal 2025 first quarter results on Thursday, August 8, 2024. The company will host an investor conference call on the same day at 10:00 a.m. Pacific time. Chairman, President, and CEO Selwyn Joffe, along with CFO David Lee, will discuss the company's financial results and operations during the call.
Investors can participate in the call through a live audio web broadcast on the company's website or by calling in. For those unable to attend live, the call will be archived on the company's website, and a telephone playback will be available from August 8, 2024, to August 15, 2024.
Motorcar Parts of America (Nasdaq: MPAA) has filed its proxy statement for the 2024 annual meeting, nominating Anil Shrivastava to stand for election to its board of directors. Shrivastava, managing partner of 325 Capital (one of MPAA's largest shareholders), brings extensive investment experience to the board. F. Jack Liebau, Jr. was previously nominated in June. Current directors Rudolph J. Borneo and Jamy P. Rankin will retire at the 2024 annual meeting.
Chairman Selwyn H. Joffe expressed excitement about Shrivastava's nomination, highlighting his knowledge of MPAA's business and commitment to collaboration. Shrivastava stated his enthusiasm for MPAA's potential to create significant shareholder value. The board changes reflect shareholder input and the company's commitment to regular refreshment. The 2024 annual meeting is scheduled for September 5, 2024.
Motorcar Parts of America (MPAA) has expanded its product coverage with over 150 new part numbers, covering an additional 49 million vehicles in operation. The expansion includes starters, alternators, brake calipers, brake pads, power brake boosters, brake rotors, and wheel hubs. These new parts are offered through the company's QB, Quality-Built, Quality-Built Black Series, and Pure Energy brands, which cater to the professional installer market.
Jamie Cook, senior vice president of sales and marketing, emphasized the company's commitment to proactively developing, cataloging, and distributing products to meet market demand. The new part introductions highlight the growing traction of Quality-Built and Pure Energy products in the professional market.
Motorcar Parts of America (Nasdaq: MPAA) reported its fiscal 2024 fourth quarter and year-end results, highlighting a 5.1% increase in net sales to $717.7 million and a 16.3% rise in gross profit to $132.6 million. Operating income grew by 26.5% to $46.1 million, and the company generated $39.2 million in cash from operations. Despite a slight decline in quarterly net sales and gross profit due to industry softness, the company anticipates robust growth in fiscal 2025, projecting sales between $746 million and $766 million. Higher market interest rates increased fiscal 2024 interest expenses to $60 million, contributing to a net loss of $49.2 million. The company reduced net bank debt by $32.5 million.
Motorcar Parts of America (Nasdaq:MPAA) announced significant progress in its brake-related product offerings, highlighting its strategic growth initiatives. The company has appointed industry veteran Dan Lelchuk as director of business development for brake products. Lelchuk, who has served as president and CEO of Centric Parts, brings extensive experience in brake-related executive roles. Selwyn Joffe, CEO of MPAA, emphasized the company's strong reputation as a supplier of non-discretionary aftermarket parts and its capacity to meet increasing customer demand. Lelchuk expressed enthusiasm about joining the team and praised the state-of-the-art facilities in Mexico.
Motorcar Parts of America (Nasdaq:MPAA) announced its scheduled participation in the 24th Annual Oppenheimer Consumer Growth & E-Commerce Conference. The presentation will occur on June 12, 2024, at 1:30 p.m. Eastern time and will be conducted in a virtual format. During the event, company representatives will engage in a fireside chat. The live audio webcast of the discussion will be accessible through the company's website and will be archived for 30 days.
Motorcar Parts of America (Nasdaq: MPAA) will release its fiscal 2024 fourth quarter and year-end financial results on June 11, 2024. The company has scheduled an investor conference call at 10:00 a.m. Pacific time that day, led by CEO Selwyn Joffe and CFO David Lee, to discuss the results and operations. The call will be accessible via a live audio webcast on the company’s investor relations page or by phone. An archived version of the call will be available on the company’s website, and a telephone playback will be available from 1:00 p.m. Pacific time on June 11 through 8:59 p.m. Pacific time on June 18, 2024.
Motorcar Parts of America (Nasdaq: MPAA) will preside over the Nasdaq Closing Bell ceremony on May 22, 2024, at 4:00 p.m. Eastern time at the Nasdaq MarketSite in New York City. The ceremony celebrates the company's 30-year history on Nasdaq and its leadership in the automotive aftermarket industry. Selwyn Joffe, chairman, president, and CEO, will lead the ceremony, which can be viewed online from 3:45 p.m. Eastern time. Upcoming corporate events include the Jefferies Automotive Conference on May 23, 2024, in New York, a fiscal 2024 year-end conference call the week of June 10, and Oppenheimer's 24th Annual Consumer Growth and E-Commerce Conference (virtual) on June 12, 2024.
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