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Motorcar Parts of America swings to loss in fiscal Q2

Motorcar Parts of America Inc. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 8 cents per share, compared with the S&P Capital IQ consensus estimate of 55 cents per share.

The per-share result swung to a loss from the prior-year profit of 11 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $1.4 million, compared with income of $1.8 million in the prior-year period.

The normalized profit margin dropped to negative 1.4% from 2.6% in the year-earlier period.

Total revenue rose 29.4% on an annual basis to $91.7 million from $70.8 million, and total operating expenses rose 41.4% year over year to $91.3 million from $64.6 million.

Reported net income totaled a loss of $1.5 million, or a loss of 8 cents per share, compared to income of $1.5 million, or 9 cents per share, in the prior-year period.