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Motorcar Parts of America reports developments in automotive aftermarket replacement parts and diagnostic testing equipment. The company remanufactures, manufactures and distributes alternators, starters, wheel bearings and hub assemblies, brake calipers, brake pads, brake rotors, brake master cylinders, brake power boosters, turbochargers and related test equipment for imported and domestic passenger vehicles, light trucks and heavy-duty applications.
News commonly covers quarterly results, customer ordering trends, gross profit, cash generation, bank debt, liquidity, share repurchases, new business commitments, demand tied to aging vehicles and miles driven, and growth in Mexico and Latin America. Updates also reference the company's electric-vehicle subsidiary, which designs testing solutions for electric powertrain components, charging systems, and automotive and aerospace electrification applications.
Motorcar Parts of America, Inc. (MPAA) will announce its fiscal 2022 fourth quarter and year-end financial results on June 14, 2022. An investor conference call featuring CEO Selwyn Joffe and CFO David Lee is scheduled for 10:00 a.m. Pacific time on the same day. Investors can access the call via a live audio Web broadcast or by calling provided numbers. The conference call will also be archived for later access. The company specializes in the remanufacturing and distribution of automotive aftermarket parts across North America and beyond.
Motorcar Parts of America, Inc. (NASDAQ:MPAA) will participate in a fireside chat on June 15, 2022, at 9:45 a.m. Eastern time during the 22nd Annual Oppenheimer Consumer Growth & E-Commerce Conference. This event will be held virtually, and a live audio webcast will be accessible at www.motorcarparts.com for 30 days following the presentation. The company specializes in remanufacturing and distributing a variety of automotive aftermarket parts.
Motorcar Parts of America (Nasdaq: MPAA) has launched a new line of brake pads and rotors under its Quality-Built brand, targeting the professional installer market. This launch is supported by multi-year business commitments exceeding $100 million from various partners and initial inventory for production. The environmentally friendly brake pads feature an exclusive formula and the rotors provide OE-style coverage for passenger vehicles and light trucks. The CEO, Selwyn Joffe, expressed optimism for future growth across the company’s aftermarket product categories.
Motorcar Parts of America (MPAA) announced that its subsidiary, D&V Electronics, has secured an order for an automated inverter test system from Taiwan’s Automotive Research & Testing Center (ARTC). This system will aid in the development of electric vehicles and technologies. The traction inverter is vital for converting direct current from batteries to alternating power for electric motors. The company anticipates growing demand for its testing technologies as the electric vehicle market expands.
Motorcar Parts of America (MPAA) announced that its subsidiary, D&V Electronics, received an order for an electric motor emulator from a major Chinese automotive company. This emulator is a vital part of a Power Hardware-In-the-Loop (p-HIL) test system, designed to validate drivetrain components. While financial terms remain undisclosed, this order reflects ongoing success for D&V's EV technology and positions them favorably within the electrification movement in the automotive sector.
Motorcar Parts of America, Inc. (MPAA) reported record net sales of $161.8 million for the fiscal 2022 third quarter, up 32% from the previous year. Net income decreased to $3.1 million or $0.16 per diluted share, impacted by $4.8 million in non-cash items and $3.7 million from supply chain disruptions. Despite challenges, gross profit rose 34.4% to $32.6 million. The company implemented measures to mitigate rising costs and resumed production in Malaysia. Net sales for the nine-month period increased 31% year-over-year, totaling $486.4 million.
Motorcar Parts of America (MPAA) will announce its fiscal 2022 third-quarter results on February 9, 2022. The announcement will be followed by an investor conference call at 10:00 a.m. PT hosted by CEO Selwyn Joffe and CFO David Lee. Investors can join through a live audio Web broadcast or by phone. A replay will be available after the call until February 16, 2022. MPAA specializes in remanufacturing and distributing automotive aftermarket parts and operates in the US, Canada, and Mexico.
Motorcar Parts of America (Nasdaq: MPAA) has appointed Patricia (Tribby) W. Warfield to its board of directors, enhancing board diversity and corporate governance. With 11 directors, 10 are now independent. Warfield brings vast experience from her roles at APC Automotive Technologies and Kaman Corporation, along with significant international exposure during her time at Gates Corporation. Her insight is expected to support the company's growth in automotive aftermarket products amid favorable market conditions.
Motorcar Parts of America (NASDAQ: MPAA) announced a realignment in its sales approach for the Canadian market. Niall Davidson, vice president of sales for Dixie Electric, will now oversee all automotive product lines in Canada. This strategic move aims to improve customer service and support growth initiatives, bolstered by a broader range of non-discretionary products launched since Davidson joined the company in 2019. The company specializes in remanufacturing and distributing aftermarket automotive parts across North America, with a global presence.
Motorcar Parts of America (Nasdaq: MPAA) reported record net sales for the fiscal 2022 second quarter, increasing 13.5% to $175.5 million, with a six-month increase of 29.8% to $324.6 million. However, net income for the first half decreased to $4.5 million from $12.2 million year-over-year, largely due to non-cash foreign exchange impacts. Gross margins fell to 20.5% versus 25.7% last year, impacted by higher COVID-related costs. The company continues to see strong demand for aftermarket parts despite ongoing supply chain challenges.