United States. Motorcar Parts of America reported record sales for its fiscal fourth quarter 2023 and full fiscal 2023.
Fourth-quarter net sales rose 18.8% to a record $194.7 million. Full fiscal 2023 net sales increased 5% to a record $683.1 million.
In the fiscal fourth quarter, MPA received a boost "due to increased demand for products for the spring and summer seasons and recently implemented price increases," the company said in a press release.
Fourth-quarter results reflected "strong demand across multiple categories, including the company's rotary electrical products and emerging brake-related products."
MPA reported fourth-quarter net income of $1.5 million, or 7 cents per diluted share, compared with a net loss of $322,000, or $2 cents per share, a year ago.
According to the company, fiscal fourth quarter results were impacted by an income tax expense of $10.4 million, or an effective rate of 87.7%.
MPA attributed a $7.8 million increase in fourth-quarter interest expense to higher market rates, "primarily related to customer vendor financing programs," which accounted for $4.9 million of the increase.
"The company expects to achieve significant annualized price increases throughout the new fiscal year, which will contribute to improved net income," MPA said.
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