Shares of Motorcar Parts of America Inc. rose nearly 15 percent on Monday after the manufacturer and distributor of automotive aftermarket parts reported a better-than-expected fiscal third quarter.
The Torrance company reported net income of $1.1 million (8 cents a share), 33 percent higher than in the same period a year earlier. Revenue rose 29 percent to $65.6 million.
Excluding the impact of stock warrant expenses and a write-off, adjusted profit was 39 cents a share. Analysts surveyed by Capital IQ expected adjusted profit of 26 cents on revenue of $62.7 million.
Chief Executive Selwyn Joffe said the company benefitted both from a continuing trend of drivers replacing their aging vehicles less often and added wear-and-tear on cars due to extreme weather conditions in recent months.
“We’re well positioned in both the do-it-for-me and the do-it-yourself market,” Joffe said during a conference call with analysts.
Shares closed up $3.16, or 14.7 percent, to $24.65 on the Nasdaq.
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