UPDATE: Motorcar Parts of America Shares Gain After FQ2 Earnings

Shares of Motorcar Parts of America

jumped more than 5% in pre-market trading after the company reported fiscal second-quarter earnings. The Torrance, California-based company posted a quarterly profit of $1.5 million, or $0.09 per share, versus a year-ago profit of $2.2 million, or $0.15 per share. Excluding one-time items, the company's earnings surged to $0.60 per share from $0.36 per share. Its revenue rose 7.1% to $70.8 million from $66.2 million in the period. On an adjusted basis before accounting for customer allowances associated with new business gains, the company's net sales gained 21.7% to $81.4 million. However, analysts were expecting earnings of $0.35 per share on revenue of $73.1 million. Gross profit as a percentage of sales narrowed to 26.0% from 29.8%, while adjusted gross profit as a percentage of sales widened to 35.0% from 31.0%. "The first half of fiscal 2015 bodes well for the year, as we continue to experience strong interest in our new product introductions and solid growth in rotating electrical. An aging vehicle population, lower fuel costs and positive operating synergies support our growth potential. Our team is passionate about building shareholder value through superior product quality and exemplary customer service levels," said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America. Motorcar Parts of America shares gained 5.53% to $30.89 in pre-market trading.