Martinrea swings to profit of $11.9M in Q4
Quarterly sales a record at $941.8 million.
TORONTO — Martinrea International Inc. swung to a profit in the fourth quarter from a big year-earlier loss as the automotive parts producer reported record sales revenue in the both the final quarter of 2014 and for the full year.
Toronto-based Martinrea says net income attributable to shareholders in the three months ended Dec. 31 was $11.9 million or 14 cents a diluted share, reversing the previous year’s loss of $51.4 million or 61 cents per share.
Sales revenue was $941.8 million, up 9.9% from $858.6 million in the 2013 quarter.
Adjusted income was $22.8 million or 27 cents per share, also a record and up from $14.1 million or 17 cents in the year-earlier quarter.
For the full year, Martinrea reported net income of $89.4 million or 83 cents per diluted, compared with $37.93 million or 20 cents per share in 2013.
Sales totalled $3.598 billion, also a record and up 11.7% from $3.221 billion.
Martinrea employs more than 14,000 people at 44 operating divisions in Canada, the US, Mexico, Brazil, Germany, Slovakia, Spain and China.
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