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Motorcar Parts Of America, Inc. (NASDAQ:MPAA) shares are trading lower on Tuesday.
The company reported the fourth quarter net sales of $189.5 million compared with $194.7 million in the prior year. Sales missed the street view of $198.6 million.
Gross profit for the fourth quarter was $34.8 million compared with $36.2 million a year earlier. The gross margin for the fourth quarter was 18.4% compared with 18.6% a year earlier.
Operating income for the fourth quarter was $12.2 million compared with $23.7 million in the prior year.
“Our brake-related product categories continue to gain momentum, which will result in gross margin accretion. We remain focused on executing our strategic plans, supported by positive cash flow and neutralizing working capital,” said Selwyn Joffe, chairman, president, and chief executive officer.
The company exits the quarter with cash and equivalents worth $15.8 million.
The company reported adjusted earnings per share of 6 cents, missing the analyst consensus of 16 cents.
FY25 Outlook: Motorcar Parts of America expects net sales to be between $746 million-$766 million (consensus $766.3 million), representing 3.9%-6.7% year-over-year growth.
Price Action: MPAA shares are trading lower by 7.88% to $4.79 at last check Thursday.
Posted In: MPAA
