Motorcar Parts of America Inc
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Motorcar Parts of America Inc
Motorcar Parts of America, Inc. engages in manufacturing, remanufacturing, and distribution of automotive parts. The company is headquartered in Torrance, California and currently employs 5,700 full-time employees. The replacement parts are sold to automotive retail chain stores and warehouse distributors throughout North America and to automobile manufacturers for both their aftermarket programs and warranty replacement programs, including Original Equipment Supplier (OES). The firm's products include rotating electrical products such as alternators and starters; wheel hub assemblies and bearings; brake-related products, which include brake calipers, brake boosters, brake rotors, brake pads, and brake master cylinders, and other products, which include turbochargers and test solutions and diagnostic equipment used for electric vehicle powertrain development. Its test solutions and diagnostic equipment serves automotive component and powertrain testing market.
Motorcar Parts of America, Inc. engages in manufacturing, remanufacturing, and distribution of automotive parts. The company is headquartered in Torrance, California and currently employs 5,700 full-time employees. The replacement parts are sold to automotive retail chain stores and warehouse distributors throughout North America and to automobile manufacturers for both their aftermarket programs and warranty replacement programs, including Original Equipment Supplier (OES). The firm's products include rotating electrical products such as alternators and starters; wheel hub assemblies and bearings; brake-related products, which include brake calipers, brake boosters, brake rotors, brake pads, and brake master cylinders, and other products, which include turbochargers and test solutions and diagnostic equipment used for electric vehicle powertrain development. Its test solutions and diagnostic equipment serves automotive component and powertrain testing market.
Sales Growth: Net sales rose 6.4% to $221.5 million for the quarter, aided by core revenue recognition and offset by a customer purchase delay.
Cash Generation: Operating cash flow was strong at $21.9 million for the quarter, and $31.9 million for the first half, supporting share repurchases and debt reduction.
Profitability Improvement: Gross profit hit a record $42.7 million, while operating income jumped 30.8% to $16.4 million.
Margin Pressure: Gross margin dipped slightly to 19.3% due to noncash and onetime expenses, but adjusted margins improved slightly.
Debt & Liquidity: Net bank debt dropped by $17.7 million to $56.7 million, with liquidity at $161 million.
Guidance Confirmed: Management reaffirmed full-year guidance and expects deferred customer sales to be recouped in the second half.
Share Repurchases: The company bought back 90,114 shares for $1.4 million during the quarter.
Industry Tailwinds: The aging vehicle fleet and higher new car prices are expected to support continued aftermarket parts demand.
