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.
Executive chairman Rob Wildeboer said the company is pleased with the USMCA trade agreement involving Canada, the U.S. and Mexico, especially the automotive provisions that will support a continued strong North American automotive industry and supply base.
"We were very well-positioned to benefit from NAFTA, and we remain very well-positioned to benefit from the USMCA," he said in a news release.
"We are also supportive of the eventual removal of the steel and aluminum tariffs imposed by the three member countries of the USMCA on each other, which are hurting some of our customers and suppliers, and which have a relatively modest impact on our profitability, and we will continue to advocate accordingly."
Companies in this story:(TSX:MRE)