MRE returns to a Q4 profit as sales climb to a record... 05:21 PM EST, 03/02/2023 (MT Newswires) -- Martinrea International (MRE.TO) on Thursday said it returned to a fourth-quarter profit as sales rose 23% to a record as the shortages that hampered auto production eased.
The auto parts manufacturer said it earned C$46.23 million, or C$0.58 per share, in the period, compared with a loss of C$9.65 million, or C$0.12, in the year-prior quarter.
Revenue rose to C$1.29 billion from C$1.05 billion.
The company said demand for its products improved as the shortage of semiconductors and other items that forced auto manufacturers to slow production eased.
"While the environment has improved, supply chain disruptions continue to impact the production schedules of several customers, inflationary headwinds persist in some areas, and labour conditions remain tight, particularly in the United States. The good news is we continue to expect 2023 to be a strong year for us with better production volumes, margins, and Free Cash Flow," chief executive Pat D'Eramo said in a release.