Motorcar Parts Of America Results Surpass Estimates; Stock Up 12%

(RTTNews) - Auto parts maker Motorcar Parts of America Inc (MPAA) on Monday reported second-quarter net earnings of $1.9 million or $0.10 per share compared with $3.9 million or $0.25 per share last year.

Excluding items, adjusted earnings for the quarter were up at $0.44 per share compared with $0.30 per share a year ago.

Revenues for the quarter surged 36.3 percent to $85.8 million from $63 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.36 per share on revenues of $79.01 million for the quarter. Analysts' estimates typically exclude special items.

Results reflect sales gains across all product lines, and the company is poised for continued growth, said CEO Selwyn Joffe.

Gross margin for the quarter improved to 30.3 percent from 28.3 percent a year earlier.

MPAA is trading at $33.83, up $3.69 or 12.24%, on the Nasdaq.