BUSINESS

Auto parts firm Martinrea International reports profit hit by one-time costs

08/14/2012 05:42 EDT | Updated 10/14/2012 05:12 EDT
TORONTO - Auto parts company Martinrea International Inc. (TSX:MRE) said Tuesday it earned $14.4 million in its latest quarter, down from a year ago, as the company was hit by a number of one-time costs.

The company said the profit amounted to 17 cents per share for the quarter ended June 30 compared with a profit of $15.5 million or 19 cents per share a year ago.

Included in the quarter were $5.2 million in costs related to the departure of Nat Rea as vice-chairman and director, $4.5 million due to an equipment failure at a U.S. factory and nearly $2.5 million in restructuring costs.

Excluding one-time costs for the quarter, Martinrea earned an adjusted profit of $24 million, or 29 cents per share, up from $16.6 million, or 20 cents per share, a year ago.

Sales grew to $762.6 million, up from $474.6 million, boosted by the inclusion of Martinrea Honsel in its results.

Martinrea acquired Honsel AG, a German supplier of aluminum components for the automotive and industrial sectors, last year in a deal valued at $179 million.

Shares in Martinrea, which produces metal parts, assemblies and modules and fluid systems for automakers, closed down six cents at $8.45 on the Toronto Stock Exchange on Tuesday.