Why Motorcar Parts Of America Shares Are Trading Lower Today
Portfolio Pulse from Nabaparna Bhattacharya
Motorcar Parts Of America, Inc. (NASDAQ:MPAA) shares are trading lower due to disappointing fourth-quarter results. The company reported net sales of $189.5 million, missing the street view of $198.6 million, and adjusted earnings per share of 6 cents, below the analyst consensus of 16 cents. Gross profit and operating income also declined compared to the previous year. Despite these setbacks, the company remains optimistic about its brake-related product categories and future growth.
June 11, 2024 | 2:56 pm
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Motorcar Parts Of America shares fell 7.88% after the company reported lower-than-expected fourth-quarter net sales and earnings. The company missed both sales and earnings estimates, with net sales of $189.5 million and adjusted earnings per share of 6 cents. Gross profit and operating income also declined year-over-year.
The significant drop in share price is directly linked to the company's disappointing fourth-quarter results, which missed both sales and earnings estimates. This negative financial performance is likely to impact investor sentiment in the short term.
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