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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 amounted to 29 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 33 cents per share.

EPS increased year over year from 13 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$25.1 million, a gain from C$11.4 million in the prior-year period.

The normalized profit margin increased to 2.4% from 1.2% in the year-earlier period.

Total revenue increased 9.7% year over year to C$1.04 billion from C$943.8 million, and total operating expenses grew 7.6% on an annual basis to C$990.1 million from C$920.3 million.

Reported net income rose from the prior-year period to C$27.7 million, or 32 cents per share, from C$11.9 million, or 14 cents per share.

For the year, the company's normalized net income totaled C$1.14 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of C$1.37.

EPS rose 78.5% from 64 cents in the prior year.

Normalized net income was C$98.8 million, a rise of 80.3% from C$54.8 million in the prior year.

Full-year total revenue rose 7.5% on an annual basis to C$3.87 billion from C$3.60 billion, and total operating expenses increased 6.6% year over year to C$3.69 billion from C$3.46 billion.

The company said reported net income rose 50.9% on an annual basis to C$107.1 million, or C$1.24 per share, in the full year, from C$71.0 million, or 83 cents per share.