TORONTO – Martinrea International Inc. says it posted net income of $25.5 million for the quarter ending June 30, up from $24 million for the same quarter last year.
The auto parts maker says adjusted net income was also $25.5 million, or 32 cents per share, while adjusted net income last year was $27 million, or 34 cents per share.
The Toronto-based company says its total sales were $1.11 billion, up 26% from a year ago.
Analysts had expected adjusted earnings of 30 cents a share and revenue of $1.07 billion, according to financial markets data firm Eikon.
The company’s chief executive, Pat D’Eramo, said the outlook is improving with better results expected in the second half of the year as supply chain disruptions ease.
The company reaffirmed its 2023 outlook for production sales of between $4.6 billion and $4.8 billion.
This report from The Canadian Press was first published on August 8, 2022.
Companies in this story: (TSX:MRE)
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