Martinrea Q3 profit drops to $19.4M
Revenues hit a record $859.5M, up from $767.9 million.
auto parts manufacturing
Martinrea International Inc.
TORONTO — Auto parts maker Martinrea International Inc. has reported a decline in third-quarter net earnings, but says revenues of $859.5 million were a record for the period.
Martinarea, which makes parts, assemblies and modules, and fluid management systems focused on the auto industry, says net earnings in the three months ended Sept. 30 were $19.4 million. That was down from $20.9 million in the comparable year-earlier period.
Revenue rose to $859.5 million from $767.9 million.
Chief financial officer Fred Di Tosto said that revenue, excluding tooling revenue, was about $785 million, at the low end of company guidance.
“While still a record third quarter for us, revenues were impacted by lower production volumes on certain key vehicle platforms for the company in North America due to unplanned customer downtime,” he said.
Meanwhile, executive chairman Rob Wildeboer said the current quarter is shaping up to be “the best fourth quarter in our history.”
Revenues for the quarter, excluding tooling revenues, should be in the range of $825 million to $845 million, although sales mix and some pre-operating costs from expansion programs are expected to affect results, he added.
Martinrea employs about 14,000 workers at 40 operating divisions in Canada, the US, Mexico, Brazil, Germany, Slovakia, Spain and China.
© 2014 The Canadian Press