MOTORCAR PARTS OF AMERICA Reports FY2024 Q1 Earnings Results for June 30 2023
August 29, 2023
🌥️Earnings Overview
MOTORCAR PARTS OF AMERICA ($NASDAQ:MPAA) released their FY2024 Q1 financial results on August 9 2023, for the period ending June 30 2023. The company experienced a 2.6% decrease in total revenue from the same quarter last year, generating USD 159.7 million. Net income for the quarter was USD -1.4 million, compared to a net loss of USD 0.2 million in the same quarter of the prior year.
Stock Price
MOTORCAR PARTS OF AMERICA, an automotive parts manufacturer, reported their fiscal year 2024 first quarter earnings results on Wednesday, June 30th, 2023. The company’s stock opened at $7.6 and closed at $7.9, representing a 13.9% plunge from its last closing price of $9.1. Analysts attributed the drastic decline in profits and revenue to the prolonged impact of the pandemic on the automotive industry. The company stated that sales of original equipment products had decreased significantly in comparison to the previous year while the aftermarket segment remained relatively stable.
MOTORCAR PARTS OF AMERICA said that they are taking necessary steps to improve efficiency, reduce costs, and strengthen their balance sheet in order to weather these difficult times and prepare for future growth. Despite these efforts, the continued uncertainty in the automotive industry is likely to impact the company’s results in upcoming quarters. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for MPAA. More…
| Total Revenues | Net Income | Net Margin |
| 678.79 | -5.44 | -2.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for MPAA. More…
| Operations | Investing | Financing |
| -41.24 | -2.8 | 45.25 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for MPAA. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.06k | 734.75 | 16.51 |
Key Ratios Snapshot
Some of the financial key ratios for MPAA are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 9.1% | 10.4% | 5.8% |
| FCF Margin | ROE | ROA |
| -6.5% | 7.7% | 2.3% |
Analysis
GoodWhale recently conducted an analysis of MOTORCAR PARTS OF AMERICA’s financials. According to our evaluation, we classified the company as a ‘rhino’, indicating that it has achieved moderate revenue or earnings growth. With regards to MOTORCAR PARTS OF AMERICA’s health score, it was 3/10 due to its low cashflows and debt. This means that the company is less likely to be able to safely ride out any crisis without the risk of bankruptcy. In terms of MOTORCAR PARTS OF AMERICA’s star rating, it was strong in asset, medium in growth, profitability and weak in dividend. These factors may make the company attractive to certain investors who are more risk-averse and are looking for a steady return on their investments. Alternatively, investors who are looking for higher risk and higher rewards may also find the company attractive due to its moderate revenue or earnings growth. More…
Peers
The competition between Motorcar Parts of America Inc and its competitors is fierce. India Motor Parts & Accessories Ltd, Solid Automotive Bhd, and Dorman Products Inc are all major players in the automotive parts and accessories industry. Each company is striving to gain market share and improve their bottom line. Motorcar Parts of America Inc is no different. The company is constantly innovating and expanding its product line in order to stay ahead of the competition.
– India Motor Parts & Accessories Ltd ($BSE:590065)
With a market cap of 9.47B as of 2022, India Motor Parts & Accessories Ltd has a ROE of 3.96%. The company manufactures and sells a variety of motor parts and accessories for cars, trucks, and other vehicles. It has a wide array of products that includes engine parts, suspension parts, electrical parts, and more. The company also provides services such as repairs and maintenance.
– Solid Automotive Bhd ($KLSE:5242)
Solid Automotive Bhd is a leading manufacturer of automotive parts and accessories in Malaysia. The company has a market capitalization of 96.08 million as of 2022 and a return on equity of 4.74%. Solid Automotive is a publicly traded company listed on the Bursa Malaysia Stock Exchange. The company’s products include engine parts, suspension parts, body parts, and electrical parts.
– Dorman Products Inc ($NASDAQ:DORM)
Dorman Products Inc is a leading supplier of original equipment dealer “exclusive” automotive and heavy duty truck parts. With over 150,000 part numbers in stock, Dorman has the automotive and heavy duty aftermarket covered. Dorman’s OE replacement parts are available for all major vehicle systems, including brake, chassis, cooling, drivetrain, electrical, engine, fuel, lighting, steering, suspension, and transmission.
Summary
MOTORCAR PARTS OF AMERICA recently reported their first quarter earnings results for FY2024, ending June 30 2023. Total revenue for the quarter dropped 2.6% year-over-year to USD 159.7 million, while net income for the quarter was reported to be USD -1.4 million compared to -0.2 million a year prior. This led to a decline in the stock price on the same day.
For investors, this is a sign that MOTORCAR PARTS OF AMERICA is struggling to maintain its profitability and may require further cost-cutting measures or strategies to improve their finances. It is important for investors to monitor the company’s performance closely in order to determine if the current declines are an anomaly or part of a longer downward trend.
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