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Martinrea International Q4 profit climbs YOY

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Martinrea International Q4 profit climbs YOY

Martinrea International Inc. said its fourth-quarter normalized net income came to 30 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 34 cents per share.

EPS increased year over year from 29 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$25.6 million, a gain from C$25.1 million in the year-earlier period.

The normalized profit margin climbed to 2.6% from 2.4% in the year-earlier period.

Total revenue decreased on an annual basis to C$990.4 million from C$1.04 billion, and total operating expenses fell on an annual basis to C$944.2 million from C$990.1 million.

Reported net income rose 12.2% from the prior-year period to C$31.1 million, or 36 cents per share, from C$27.7 million, or 32 cents per share.

For the year, the company's normalized net income totaled C$1.25 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of C$1.49.

EPS rose 9.0% from C$1.14 in the prior year.

Normalized net income was C$107.9 million, an increase of 9.2% from C$98.8 million in the prior year.

Full-year total revenue grew year over year to C$3.97 billion from C$3.87 billion, and total operating expenses grew on an annual basis to C$3.77 billion from C$3.69 billion.

The company said reported net income fell 13.6% year over year to C$92.6 million, or C$1.07 per share, in the full year, from C$107.1 million, or C$1.24 per share.