Q4 2024 Motorcar Parts of America Inc Earnings Call Transcript
Key Points
- Strong sales performance with a 5.1% increase in net sales to $717.7 million.
- Gross profit increased by 16.3% to $132.6 million, with gross margin improving by 1.8 percentage points to 18.5%.
- Generated $39.2 million in positive cash from operating activities and reduced net debt by $32.5 million.
- Significant progress in the brake caliper business, now among the top three suppliers in the category.
- New facility in Malaysia expected to enhance competitive position and support manufacturing.
- Industry softness in the second half of the fiscal year, particularly impacting wheel hub sales.
- Higher interest expenses, primarily due to increased market interest rates and accounts receivable discount programs.
- Net loss for fiscal 2024 of $49.2 million, significantly higher than the net loss of $4.2 million in the previous year.
- Operating expenses increased to $22.6 million from $12.4 million in the prior year period.
- Challenges in the brake business due to slower-than-expected acceleration, partly attributed to reduced tire sales.
Thank you for standing by. My name is Ellie, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Motorcar parts of America, Inc., fiscal 2024 year-end conference call and webcast. (Operator Instructions)
I'd now like to hand over the conference to Gary Maier, Vice President of Corporate Communications and Investor Relations. You may now begin.
Thank you, Ellie, and thanks, everyone, for joining us this morning. Before I turn the call over to Selwyn Joffe, Chairman, President and Chief Executive Officer, and David Lee, the Company's Chief Financial Officer. I'd like to remind everyone of the Safe Harbor statement included in today's press release. The Private Securities Litigation Reform Act of 1995 provides a Safe Harbor for certain forward-looking statements, including statements made during today's conference call. Such forward-looking statements are based on the company's current
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