TORONTO – Martinrea International Inc. (TSX:MRE) is reporting record third-quarter revenues and net earnings.
The Toronto-based auto parts maker said Thursday that net earnings in the three months ended Sept. 30 were $21 million, or 25 cents per share, up from just under $8 million, or 10 cents per share, in the same 2012 period.
The company, which employs some 12,000 workers at plants in Canada, the United States, Mexico, Brazil, Europe and China, said comprehensive revenue increased by 10 per cent, or $70.7 million, to $767.9 million from the previous year’s $697.2 million.
Revenues in the company’s North America operating segment increased by $30.8 million, or 5.5 per cent, to $590.8 million from $560.1 million for the third quarter of 2012.
The European operating segment, comprised predominantly of the European operations of Martinrea Honsel, increased revenues by $34.4 million, or 28.3 per cent, to $156 million from $121.6 million for the third quarter of 2012.
Revenues for Martinrea’s rest of world operating segment, currently comprised of the Brazilian operations of Martinrea Honsel and a startup facility in China in its early stages, increased by $5.5 million to $21 million from $15.6 million.