Martinrea International ends strong 2018 with record fourth-quarter profits

TORONTO – Martinrea International Inc. ends a strong year by posting record fourth-quarter profits.

The Toronto-based auto parts manufacturer says its net earnings for the three months ended Dec. 31 increased 16.8 per cent to $37.8 million, from $32.4 million a year earlier.

Excluding one-time items, adjusted profits rose slightly to $43.8 million or 51 cents per diluted share, one cent above the 2017 quarter.

Sales grew to $926.2 million from $878.6 million in the fourth quarter of the prior year.

Martinrea was expected to earn 51 cents per share in adjusted profits on $889.1 million of revenues, according to analysts polled by Thomson Reuters Eikon.

For the full year, the company earned $185.9 million, up from $159.5 million. Adjusted profits rose to $193.2 million or $2.22 per diluted share, compared with $165.5 million or $1.91 per share in 2017. Revenues decreased to $3.66 billion from $3.69 billion.

Companies in this story:(TSX:MRE)