Motorcar Parts posts Q4 net income $1.5M; record sales $194.7M; guides FY24 sales $720-740M

MOTORCAR PARTS OF AMERICA INC

Record Q4 sales $194.7M (+18.8% YoY); net income $1.5M ($0.07 EPS) vs year-ago loss $322k.
Fiscal 2023 record sales $683.1M (+5%); net loss $4.2M ($0.22 per share) vs prior income $7.4M.
FY2024 guidance: sales $720M-$740M (5.4-8.3% growth); operating income $60-65M before non-cash items.
Gross margin improved to 18.6% in Q4 from 15.7% a year ago; price increases partially offset inflation.
Interest expense surged $24M to $39.6M for the year, driven by higher rates on customer financing programs.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MOTORCAR PARTS OF AMERICA INC reported fiscal year ended March 31, 2023 results: revenue $683.1 million, net income $4.2 million, EPS $0.22 per share. Guidance initiated.

Period: fiscal year ended March 31, 2023
Revenue: $683.1 million
Net income: $4.2 million
EPS: $0.22 per share
Guidance: initiated
Result: reported results

Exact text from the filing

improving margins and cash flow supported by multiple product line offerings,” Joffe said. Twelve-Month Results Net sales for fiscal 2023 increased 5.0 percent to a record $683.1 million from $650.3 million in the prior year. Prior-year net sales were positively impacted by $13.3 million in core revenue due to a realignment of inventory at customer distribution

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

MOTORCAR PARTS OF AMERICA INC reported fiscal 2023 fourth quarter ended March 31, 2023 results: revenue $194.7 million, net income $1.5 million, EPS $0.07 per diluted share. Guidance initiated.

Period: fiscal 2023 fourth quarter ended March 31, 2023
Revenue: $194.7 million
Net income: $1.5 million
EPS: $0.07 per diluted share
Guidance: initiated
Result: reported results

Exact text from the filing

rotating electrical and emerging brake-related products. Fiscal 2023 Fourth Quarter Results Net sales for the fiscal 2023 fourth quarter increased 18.8 percent to a record $194.7 million from $163.9 million in the prior year. Fiscal fourth quarter results benefited from increasing product demand for the spring and summer seasons and recently implemented price

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Source: SEC EDGAR

accession 0001140361-23-029426

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