March 23, 2010 / 10:36 PM / 8 years ago

UPDATE 1-Martinrea posts narrower Q4 loss

* Q4 net loss C$5.4 mln vs C$286.5 mln

* Q4 adj EPS C$0.10 VS est C$0.14

* Q4 rev up 10 pct to C$396 mln

* Says expects gross margins to improve in Q1

March 23 (Reuters) - Canadian auto parts maker Martinrea International Inc (MRE.TO) posted a narrower fourth quarter loss on lower charges, and said it expected gross margins to improve in the first quarter.

The company posted a net loss of C$5.4 million, compared with a net loss of C$286.5 million a year ago. It took charges of C$17.8 million in the latest quarter, compared with pretax charges of C$311.9 million in the year-ago quarter.

Excluding items, the company earned 10 Canadian cents a share.

Revenue for the quarter rose 11 percent to C$396 million, mainly on increased production volumes.

Analysts on average had expected a profit of 14 Canadian cents a share, on revenue of C$354.38 million, according to Thomson Reuters I/B/E/S.

Shares of the Toronto-based Martinrea closed at C$9.45 Tuesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Gopakumar Warrier)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below