Motorcar Parts of America Inc. slightly increased its fiscal second quarter earnings as the auto industry continues to slowly recover from the recession. Its profit exceeded Wall Street expectations, although revenue was less than expected.
The Los Angeles remanufacturer of car and truck alternators and starters on Monday reported net income of $3.5 million (29 cents per share), compared with $3.44 million (28 cents) a year earlier. Results in the year-ago period were boosted by a 7 cent per share gain related to the company's acquisition of assets of Reliance Automotive in August 2009.
Revenue rose 4 percent to $40.9 million.
Analysts surveyed by Thomson Reuters on average expected the company to report per-share earnings of 26 cents on revenue of $41.1 million.
“The company's fiscal second quarter results reflect continued solid growth in our business and strong operating performance, supported by positive automotive aftermarket dynamics and strong industry momentum,” Chief Executive Selwyn Joffe said in a statement.
Shares were up 8 cents, or less than a percent, to $11.35 in midday trading on the Nasdaq.
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