Motorcar Parts Of America Climbs On Improved Q4 Results

(RTTNews) - Shares of Motorcar Parts of America, Inc. (MPAA) are rising more than 13% Tuesday morning after the company turned to profit in the fourth quarter.

Motorcar Parts of America reported a profit of $1.46 million, or $0.07 per share in the fourth quarter, compared with a loss of $322,000, or $0.02 per share, a year ago, driven by increased product demand as well price hike.

Net sales for the quarter increased 18.8% to $194.73 million.

Looking forward, the company expects net sales for its fiscal year ending March 31, 2024 to be between $720 million and $740 million, a 5.4%-8.3% year-over-year growth.

Motorcar Parts of America is a remanufacturer, manufacturer, and distributor of automotive aftermarket parts.

MPAA currently at $5.96, has traded in the range of $4.26 - $19.93 in the last 52 weeks.