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Martinrea International profit misses consensus by 19.5% in Q2

Martinrea International Inc. said its second-quarter normalized net income amounted to 32 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of 39 cents per share.

EPS increased 53.1% year over year from 21 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$27.4 million, an increase of 54.9% from C$17.7 million in the prior-year period.

The normalized profit margin climbed to 2.8% from 1.9% in the year-earlier period.

Total revenue climbed 5.7% year over year to C$984.0 million from C$930.9 million, and total operating expenses increased 5.2% on an annual basis to C$934.0 million from C$887.4 million.

Reported net income increased 46.1% year over year to C$33.8 million, or 39 cents per share, from C$23.1 million, or 27 cents per share.