Motorcar Parts posts Q1 net loss $1.4M; revenue down 2.6% YoY; reaffirms FY outlook

MOTORCAR PARTS OF AMERICA INC

2024-Q1 EPS reported -$0.07 revenue$159,705,000

Net loss $1.4M ($0.07/share) vs $175K loss a year ago; interest expense rose $4.8M to $11.7M.
Revenue $159.7M, down 2.6% from $164.0M; gross margin fell to 16.6% from 18.5% due to product mix and inflation.
Full-year outlook reaffirmed; expects strong operating cash flow for FY and positive reversal in Q2 after Q1 cash use of $20.5M.
Paid down $11.25M term loan after quarter end; price increases expected to be realized throughout Q2 to enhance margins.

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 0.95

MOTORCAR PARTS OF AMERICA INC reported fiscal 2024 first quarter ended June 30, 2023 results: revenue Net sales for the fiscal 2024 first quarter were $159.7 million, net income Net loss for the fiscal 2024 first quarter was $1.4 million, EPS $0.07 per share. Guidance reaffirmed.

Period: fiscal 2024 first quarter ended June 30, 2023
Revenue: Net sales for the fiscal 2024 first quarter were $159.7 million
Net income: Net loss for the fiscal 2024 first quarter was $1.4 million
EPS: $0.07 per share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Net sales for the fiscal 2024 first quarter were $159.7 million compared with $164.0 million in the prior year – primarily reflecting timing of orders. The company noted that the fiscal second quarter is off to an excellent start based on record sales for a July month. Net loss for the fiscal 2024 first quarter was $1.4 million, or $0.07 per share, compared with a net loss of $175,000, or $0.01 per share, a year ago – impacted by sharply higher interest rates not yet fully absorbed by price increases and product mix.

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Source: SEC EDGAR

accession 0001140361-23-038697

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