Shares of manufacturer of automotive parts, Motorcar Parts of America (NASDAQ: MPAA) surged in morning trading at the time of publishing after the company swung to a profit in Q4 with earnings of $0.07 per share versus a loss of $0.02 per share a year back. The company’s net sales surged 18.8% year-over-year in fiscal Q4 to a record $194.7 million, surpassing consensus estimates of $187.7 million.
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Looking forward, the management expects net sales for FY24 to be between $720 million to $740 million, indicating a year-over-year growth between 5.4% and 8.3%. Operating income in FY24 is likely to be in the range of $60 million to $65 million, “before the non-cash foreign exchange impact of lease liabilities and forward contracts, the non-cash impact of revaluation of cores on customers’ shelves, and supply chain disruptions.”
Today’s price surge aside, MPAA stock has declined by more than 60% in the past year.