Motorcar Parts of America Q1 sales $149M (+56% YoY); net income $861k vs loss

MOTORCAR PARTS OF AMERICA INC

2022-Q1 EPS reported $0.04 revenue$149,034,000

Record first quarter sales of $149.0M, up 56.3% from $95.4M YoY; net income $861k ($0.04 diluted EPS) vs net loss $3.0M ($0.16).
Gross profit $23.6M (15.8% margin) vs $13.4M (14.0%); impacted by $5.3M pre-tax COVID-19 and supply chain costs.
Net cash used in operations $4.7M; net debt $97.6M vs $88.9M at March 31, reflecting working capital for sales growth.
CEO highlights brake caliper program success, D&V subsidiary momentum in EV market, and strong demand for aftermarket parts.

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