(0.27%) 5 475.09 points
(0.13%) 39 170 points
(0.83%) 17 879 points
(0.13%) $83.49
(-0.04%) $2.48
(0.17%) $2 342.90
(0.53%) $29.77
(0.51%) $993.70
(0.06%) $0.931
(0.16%) $10.66
(0.04%) $0.791
(0.00%) $86.75
FY/2024
Generated By Getagraph.com: 2024-03-31
Motorcar Parts of America [MPAA]
-0.65% $ 6.13
Exchange: NASDAQ Sector: Consumer Cyclical Industry: Auto Parts
Date: June 14, 2024
Ticker: MPAA
Exchange: NASDAQ
Sector: Consumer Cyclical
Industry: Auto Parts
Motorcar Parts of America Inc. (MPAA) reported its Fiscal Year (FY) 2024 financial results, highlighting strong sales performance, increased gross margin, and significant positive cash flow despite industry softness in the latter part of the fiscal year.
The company reported net sales of $717.7M for the fiscal year, marking a 5.1% year-over-year increase. This growth resulted from stronger performance across almost all product categories, excluding wheel hubs.
Gross profit for the fiscal year rose by 16.3% to $132.6M, with a gross margin increase of 1.8 percentage points to 18.5%. Operating income grew significantly by 26.5%, reaching $46.1M.
Despite the positive top-line numbers, MPAA reported a net loss of $49.2M for FY 2024 due to high interest expenses and other non-cash items, including a U.S. federal and state deferred tax asset valuation allowance.
Key Financial Metrics:
MPAA generated approximately $39.2M in cash from operating activities, reducing net bank debt by $32.5M to $114M by the end of FY 2024. The company continues to manage debt effectively, repaying a term loan of $11.25M during the fiscal year. The improvement is attributed mainly to inventory and accounts payable efficiencies.
MPAA has implemented several strategic initiatives to bolster future performance:
The company is focused on augmenting cash flow through neutralized working capital and operational efficiencies, with significant advancements in their brake-related product offerings and diagnostic testing business.
Several operational challenges were highlighted, such as softness in the wheel hub segment due to realignment at a customer level, and increased interest expenses driven by higher market interest rates and receivable collection timings.
Moving forward, MPAA expects to continue revenue growth between 3.9% and 6.7% and margin improvement supported by organic growth and enhanced operational efficiencies. Management remains optimistic about the company’s strategic direction and its efforts to maximize shareholder value.
In a bid to enhance corporate governance, MPAA plans to nominate Jack Liebau, a highly experienced individual in the aftermarket industry, for election to the company's Board of Directors. This is part of an ongoing board refreshment process aimed at introducing new talents that can contribute to the company’s strategic goals.
For further financial details, please refer to the official SEC filing.
Revenues FY - 2024
Revenue | Gross Profit | Operating Expenses | Interest Expense | EBITDA | Net Income | EPS |
---|---|---|---|---|---|---|
$717.68M | $140.02M | $91.03M | $60.04M | $60.61M | $-49.24M | $-2.51 |
Balance FY - 2024
Net Income | Depreciation and Amortization | Stock Based Compensation | Change in Working Capital | Net Cash Provided by Operating Activities | Capital Expenditure | Free Cash Flow |
---|---|---|---|---|---|---|
$-49.24M | $11.62M | $4.70M | $2.40M | $35.20M | $-1.00M | $34.20M |