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Company Description
Motorcar Parts of America is a remanufacturer of alternators and starters for all types of automobiles. Products are sold through auto retailers and professional repair markets.
Net Income Soars Past Expectations
On Feb 7 Motorcar Parts reported fiscal 2011 third-quarter results that showed a 75% jump in net income, to $3.8 million. The top line grew 13%, to $41.3 million.
Earnings per share was $0.30, 7 cents better than the Zacks Consensus Estimate and good enough for the seventh consecutive earnings surprise.
The CEO said the company plans to expand on the record results, particularly through an acquisition of Fenwick Automotive. The deal should go through in early fiscal 2012.
Bullish Estimates Trend
After the news all 3 covering analysts polled by Zacks raised their full-year projections for this year and fiscal 2012. The consensus for 2011 is up 6 cents, to $1.05 and next year's is up 7 cents, to $1.24.
Last year Motorcar Parts earned $0.74, which means the projected annual growth rates are currently 44% and 18%, respectively.
Valuations & Comparisons
Shares of MPAA are trading with attractive valuations here. Its price to sales comes in at 1.1 times, which is better than most in the industry. The same can be said for the company's 13.6x P/E and 1.5x P/B.
Right now the industry is ranked 18th out of 264, and MPAA is the top rated of the 8 companies in the group. Its net profit margin of 7.25% is more than twice the industry average. Motorcar Parts' ROE, ROA and ROI are all in line or better than its peer group norm.
The Chart
Motorcar Parts shares have surged recently, no doubt about that. But in the chart below you can also see just how much the estimates have improved as well. As long as those estimates maintain this momentum MPAA should continue even higher.
Bill Wilton is the Aggressive Growth Stock Strategist for Zacks.com. He is also the Editor in charge of the market-beating Zacks Small Cap Trader service
Read the full Snapshot Report on MPAA