March 15, 2011 / 10:10 PM / in 7 years

UPDATE 1-Martinrea earnings up on higher production volumes

* Q4 adjusted EPS C$0.17 vs Q4 adjusted C$0.10

* Revenue rises 24 pct to C$494.4 mln

VANCOUVER, March 15 (Reuters) - Auto parts maker Martinrea International Inc (MRE.TO) posted a rise in quarterly profit on Tuesday as an ongoing recovery in auto sector boosted vehicle production volumes.

The company posted net earnings of C$5.1 million ($5.2 million) for the three months to end-December compared with a loss of C$5.4 million in the same period a year ago.

Adjusted for a number of unusual items, including cutbacks to Martinrea’s manufacturing facilities, the company posted net adjusted earnings of C$13.9 million, or 17 Canadian cents a share. That compared with net adjusted earnings of C$8 million, or 10 Canadian cents a share, a year earlier.

Revenue rose 24 percent to C$494.4 million, partly due to improved production volumes of light vehicles in North America.

Analysts on average had expected an adjusted profit of 14 Canadian cents a share, on revenue of C$413 million, according to Thomson Reuters I/B/E/S.

$1=$0.98 Canadian Reporting by Nicole Mordant; editing by Rob Wilson

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