UPDATE: Motorcar Parts of America Tops Q3 Expectations

reported better-than-expected earnings ofr the fiscal third quarter. The Torrance, California-based company posted a quarterly profit of $2.9 million, or $0.16 per share, up from $1.1 million, or $0.07 per share, in the year-ago period. Excluding items, the company's adjusted earnings rose to $0.43 per share from $0.38 per share. Its revenue surged 28.1% to $84 million from $65.6 million. However, analysts were expecting earnings of $0.35 per share on revenue of $74 million. Gross profit as a percentage of sales narrowed to 29.1% from 33.4%, while adjusted gross profit margin shrank to 29.7% from 33.4%. "Results for the quarter, while strong, were impacted by expenses related to the ramp up for new business that commenced in the current fourth quarter. We are well-positioned across expanding product lines, supported by new business wins, an aging vehicle population, lower fuel costs and positive operating synergies, as we complete our fiscal year and begin another," said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America. Motorcar Parts of America shares gained 4.90% to close at $27.41 on Friday.