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Motorcar Parts of America Inc. (MPAA+3.08%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $186,176,000 from $171,862,000 in the same quarter the previous year. This increase is attributed to strong demand for rotating electrical and brake-related products.
Cost of goods sold for the quarter was $141,294,000, compared to $141,819,000 in the same quarter of the previous year. The company reported a gross profit of $44,882,000, up from $30,043,000 in the previous year.
General and administrative expenses increased to $16,212,000 from $15,198,000, primarily due to foreign currency exchange losses.
Sales and marketing expenses decreased to $5,621,000 from $5,931,000, due to lower trade shows and commissions expense.
Research and development expenses increased to $3,008,000 from $2,539,000, primarily due to increased headcount and consulting services.
Net income for the quarter was $2,291,000, compared to a net loss of $47,214,000 in the previous year. The effective tax rate for the quarter was 32.7%.
Cash provided by operating activities was $36,368,000, while cash used in investing and financing activities was $1,614,000 and $36,796,000, respectively.
Motorcar Parts of America had a working capital of $155,693,000 as of December 31, 2024. The company continues to focus on enhancing operating efficiencies and leveraging its global footprint.
The filing details various financial agreements, including a revolving loan facility and convertible notes. The company also reported a share repurchase program, with $16,159,000 remaining available for repurchase.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Motorcar Parts of America Inc. quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.