Fiscal Q3 net sales $151.8M (-6.2% YoY); EPS $0.05 vs $0.16; revises FY2023 sales to $672-$680M

MOTORCAR PARTS OF AMERICA INC

2023-Q3 EPS reported -$0.29 revenue$488,347,000

Net sales of $151.8M versus $161.8M prior year; net income $1.0M ($0.05 diluted EPS) versus $3.1M ($0.16).
Gross profit margin fell to 13.8% from 20.1%, impacted by inflation, lower production absorption, and $3.9M non-cash items.
Customer order reductions (~$14M) and new business delays (~$17M) hurt quarter; orders resumed in Q4.
Revised FY2023 sales guidance to $672–$680M; EBITDA $54–$59M; Adjusted EBITDA $75–$80M.
Annualized price increases of $20M and cost-saving initiatives expected to improve margins in FY2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.85

MOTORCAR PARTS OF AMERICA INC updated its fiscal 2023 guidance (lowered).

Period: fiscal 2023
Guidance: lowered
Result: guidance update

Exact text from the filing

MOTORCAR PARTS OF AMERICA REPORTS FISCAL THIRD QUARTER RESULTS - Revises Fiscal 2023 Guidance Despite Strong Fiscal Fourth Quarter Outlook

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Source: SEC EDGAR

accession 0001140361-23-005394

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