The Martinrea International Inc. logo is shown in this undated handout photo. THE CANADIAN PRESS/HO, Martinrea International Inc. *MANDATORY CREDIT*
TORONTO – Martinrea International Inc. says it earned $41 million in its second quarter, down from $50 million in the same quarter last year.
Sales for the Toronto-based auto supplier were $1.3 billion, down from $1.4 billion a year earlier.
Net earnings per share worked out to 54 cents, down from 62 cents.
Martinrea says the decrease in sales was driven by its North America and Europe operating segments, but partially offset by operations in the rest of the world.
CEO Pat D’Eramo says the company is seeing supply constraints, inflationary pressures and tight labour markets improving.
He says Martinrea is mitigating the impact of these issues, as well as a “slower-than-expected ramp up in electric vehicle programs,” through commercial negotiations.
This report by The Canadian Press was first published August 6, 2024.
Companies in this story: (TSX:MRE)
