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Martinrea International Q1 profit climbs YOY

Martinrea International Inc. said its normalized net income for the first quarter amounted to 28 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 33 cents per share.

EPS climbed year over year from 13 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$24.4 million, an increase from C$10.9 million in the year-earlier period.

The normalized profit margin climbed to 2.7% from 1.3% in the year-earlier period.

Total revenue rose 6.1% year over year to C$917.5 million from C$864.5 million, and total operating expenses increased 5.9% from the prior-year period to C$874.4 million from C$825.6 million.

Reported net income increased 81.4% from the prior-year period to C$30.8 million, or 36 cents per share, from C$17.0 million, or 20 cents per share.