Benzinga | Aug 9, 2021 03:23PM EDT

Motorcar Parts of America Q1 Earnings Tops Estimates

* Motorcar Parts of America Inc (NASDAQ:MPAA) reported first-quarter FY22 sales growth of 56.3% year-on-year, to $149.03 million, beating the analyst consensus of $120.40 million.

* EPS excluding items of $0.43 beat the analyst consensus of $0.23. EPS of $0.04 included $0.39 of total items impacting profit.

* The first quarter benefitted from the opening up of the economy and stimulus payments.

* Gross profit rose 76.1% Y/Y to $23.6 million with a profit margin of 15.8% versus 14.0% a year earlier.

* The operating margin was 3.9%, and operating income for the quarter surged to $5.7 million. EBITDA of $8.9 million rose 203.9% Y/Y.

* The company held $24.9 million in cash and equivalents as of June 30, 2021.

* Net cash used in operating activities for Q1 was $4.7 million, and net debt was $97.6 million on June 30, 2021.

* "Net sales and profitability for the fiscal first quarter benefitted, despite global supply chain-related disruptions, from continued strong demand for non-discretionary aftermarket parts -- enhanced by the success of our multi-year strategic footprint expansion, including brake-related product line growth," said CEO Selwyn Joffe.

* Price action: MPAA shares traded higher by 0.27% at $22.00 on the last check Monday.