Auto parts maker Martinrea outperforms Q1 estimates
Q2 looks even stronger: estimating adjusted earnings of between 49 and 53 cents per share.
TORONTO — Martinrea International Inc. says its first quarter got 2017 off to a good start and the second quarter’s earnings look even stronger.
The Toronto-based auto parts manufacturer says its net income was $43.6 million or 50 cents per share, up about 33% from last year.
Adjusted earnings was 45 cents per share, one cent better than a consensus estimate compiled by Thomson Reuters.
Revenue was $1 billion, down $39 million from last year, but above analyst estimates of $991 million.
The company says sales were down in the first quarter because of lower volumes for the Chevrolet Malibu, Ford Fusion and other vehicles late in their product life and programs that ended after last year’s first quarter.
Martinrea says it’s estimating adjusted earnings of between 49 and 53 cents per share for the second quarter, and between $920 million and $960 million of sales excluding tooling sales.
Analysts have called for Martinrea to have 49 cents per share of adjusted earnings and $1 billion of revenue in the second quarter.News from © Canadian Press Enterprises Inc. 2016