TSX:MRE - Post Discussion
Post by
Betteryear2 on Nov 04, 2021 6:07pm
Third-Quarter Results, Declares Dividend
TORONTO, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Martinrea International Inc. (TSX : MRE), a diversified and global automotive supplier engaged in the design, development and manufacturing of highly engineered, value-added Lightweight Structures and Propulsion Systems, today announced the release of its financial results for the third quarter ended September 30, 2021 and declared a quarterly cash dividend of $0.05 per share.
HIGHLIGHTS
- Total sales of $848.5 million, down 12.6% year-over-year; production sales of $797.2 million
- Third quarter diluted net loss per share and Adjusted Net Loss per Share(1) of $0.21
- Third quarter Adjusted EBITDA(1) of $44.9 million
- Third quarter results impacted by the global semiconductor shortage and other supply chain issues, sales mix, cost inflation in materials, labour and energy, and costs related to a heavy new business launch cycle
- We remain confident in our longer-term outlook, including our expectation of over $200 million in Free Cash Flow(1) in 2023
- Net-debt-to-Adjusted EBITDA(1) ratio increased to 2.5x, up from approximately 1.8x last quarter
- New business awards of approximately $40 million in annualized sales at mature volumes during the quarter; year-to-date awards now total approximately $210 million
- Quarterly cash dividend of $0.05 declared
https://www.globenewswire.com/news-release/2021/11/04/2328176/0/en/Martinrea-International-Inc-Reports-Third-Quarter-Results-Declares-Dividend-and-Expresses-Confidence-in-2023-Outlook.html
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