Shares in remanufactured automobile parts maker Motorcar Parts of America Inc shot up nearly 15 percent early Monday after the company posted a fourth-quarter profit ahead of Wall Street estimates.

Motorcar Parts posted fourth quarter net income of $2.7 million (22 cents per share), compared to a net loss of $2.6 million (-32 cents) in the same period a years earlier beating analysts’ expectations of 10 cents per share, according to Reuters Estimates.

Motorcar Parts said the results were helped by a 20 percent decline in operating expenses.

Sales for the Torrance-based company rose 14 percent to $35.9 million, also beating Wall Street’s expectations of $33.4 million.

For fiscal 2009, the company said it expects net sales of about $150 million also ahead of analysts’ expectations of $146 million.

Shares in Motorcar Parts shot up as much a 50 percent in early trading, but settled down and was up 15 percent to $9.07 by mid-day.