Newspaper article The Canadian Press

Martinrea Misses Expectations despite Earning a Record $36.4 Million Q3

Newspaper article The Canadian Press

Martinrea Misses Expectations despite Earning a Record $36.4 Million Q3

Article excerpt

Martinrea posts record Q3 earnings

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TORONTO - Martinrea International Inc. says it earned a record $36.4 million in the third quarter despite modest tariff effects and foreign exchange losses.

The Toronto-based auto parts manufacturer says it earned 42 cents per share for the period ended Sept. 30. That's unchanged from the prior year when its net income was $36.2 million.

Excluding one-time items, adjusted profits rose for a 16th consecutive quarter, reaching $37.2 million or 43 cents per share, below analyst expectations but up from $36.3 million or 42 cents per share a year earlier.

Total sales grew 1.5 per cent to $851.1 million, from $838.5 million.

Martinrea was expected to earn 45 cents per share on $856.2 million in revenues, according to analysts polled by Thomson Reuters Eikon. …

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