Martinrea says Q2 adjusted profit a record despite industry slowdown
TORONTO – Auto parts manufacturer Martinrea International Inc. has reported earnings roughly in line with expectations despite some signs of a slowdown in the industry.
The Toronto-based company says it had net earnings of $28.1 million or 34 cents per share for the quarter ending June 30, compared with earnings of $55.7 million or 64 cents per share last year.
Martinrea says adjusted net earnings came in at $54.6 million, or 66 cents per share for the quarter, compared with $55.5 million 64 cents per share last year, and slightly higher than analyst expectations of 65 cents per share according to financial markets data firm Refinitiv.
Sales came in at $948.5 million for the quarter, up from $921.7 million for the same quarter last year.
The company says it hit a record for second quarter earnings despite the overall market seeing volume headwinds and a number of suppliers seeing reduced margins and earnings.
The auto market has been struggling as China, the world’s largest market, has seen a significant drop in sales in recent months while sales growth has slowed in the U.S.
Companies in this story: (TSX:MRE)
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