TORONTO — Martinrea International Inc. reported a profit of $46.2 million in its latest quarter compared with a loss of nearly $9.7 million a year ago as its revenue rose more than 20 per cent.
Martinrea chief executive Pat D’Eramo says the company expects 2023 to be a strong year with better production volumes, margins and free cash flow compared with 2022.
The auto parts company says the profit amounted to 58 cents per diluted share for the quarter ended Dec. 31 compared with a loss of 12 cents per diluted share in the last three months of 2021.
Sales in the quarter totalled $1.29 billion, up from $1.05 billion a year earlier.
The improvement in sales came as the company's North American segment gained 27.5 per cent compared with a year ago and its European sales in the quarter rose 14.4 per cent compared with a year earlier.
Sales for the rest of the world in the quarter edged up 0.9 per cent compared with the fourth quarter of 2021.
This report by The Canadian Press was first published March 3, 2023.
Companies in this story: (TSX:MRE)
The Canadian Press