News

Martinrea swings to profit of $11.9M in Q4; quarterly sales a record at $941.8M

TORONTO – Martinrea International Inc. (TSX:MRE) swung to a profit in the fourth quarter from a big year-earlier loss as the automotive parts producer reported record sales revenue in the both the final quarter of 2014 and for the full year.

Toronto-based Martinrea says net income attributable to shareholders in the three months ended Dec. 31 was $11.9 million or 14 cents a diluted share, reversing the previous year’s loss of $51.4 million or 61 cents per share.

Sales revenue was $941.8 million, up 9.9 per cent from $858.6 million in the 2013 quarter.

Adjusted income was $22.8 million or 27 cents per share, also a record and up from $14.1 million or 17 cents in the year-earlier quarter.

For the full year, Martinrea reported net income of $89.4 million or 83 cents per diluted, compared with $37.93 million or 20 cents per share in 2013.

Sales totalled $3.598 billion, also a record and up 11.7 per cent from $3.221 billion.

Martinrea employs more than 14,000 people at 44 operating divisions in Canada, the United States, Mexico, Brazil, Germany, Slovakia, Spain and China.