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Martinrea International Inc T.MRE

Alternate Symbol(s):  MRETF

Martinrea International Inc. is a Canada-based diversified and global automotive supplier engaged in the design, development and manufacturing of highly engineered, value-added lightweight structures and propulsion systems. The Company’s offerings include a range of products, assemblies and systems for small and large cars, crossovers, pickups and sport utility vehicles. The Company's operations are segmented on a geographic basis between North America, Europe and Rest of the World. The Company's solutions include lightweight structures, propulsion systems, flexible manufacturing, and graphene technology. Its lightweight structure products include complex assemblies and exterior trim. Its flexible manufacturing products include bus frame assemblies and front vertical corner modules. Its graphene products include graphene and nylon coated brake lines and electric vehicle batteries enhanced with graphene. It operates in around 59 countries, such as Canada, the United States and Mexico.


TSX:MRE - Post by User

Post by zack50on May 06, 2021 8:53pm
284 Views
Post# 33149527

From Globe & Mail...

From Globe & Mail...

Martinrea International Inc. rebounded from a tough end to 2020 with net income surging 34.5 per cent in the first quarter on higher revenues.

The auto parts manufacturer says it earned $38.7 million or 48 cents per share, compared with $29 million or 36 cents per share a year earlier.

The adjusted profit was $32.6 million or 41 cents per share, up from $30.1 million or 38 cents per share in the first quarter of 2020.

Revenues for the three months ended March 31 increased 14.3 per cent to $997.2 million from $872.7 million in the prior year.

Martinrea was expected to report an adjusted profit of 39 cents per share on $953.7 million of revenues, according to financial markets data firm Refinitiv.

Chief executive Pat D’Eramo says the company is managing through a substantial amount of new business launches as well as the semiconductor shortage that will continue to impact results in the near term.

“First-quarter results were impacted by some short-term headwinds, including the industry-wide shortage of semiconductors, a temporary lag in the pricing pass-through of higher aluminum costs, and an emerging third wave of COVID-19 which is presenting additional short-term challenges in some locations,” he stated.

D’Eramo said the longer-term outlook is “very solid” as U.S. auto sales have been near record levels in recent months and vehicle inventories are at their lowest levels in decades, especially on SUVs and CUVs that Martinrea supplies.

“We believe this sets the stage for a prolonged period of strong production growth once supply chain pressures ease.”

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