Martinrea International Inc. (MRE.TO: Quote) reported an increase in fourth-quarter profit, helped by a 44.6% rise in revenue in the same quarter.
Net earnings attributable to equity holders of the company was rose to C$18.5 million or C$0.22 per share from C$15.6 million or C$0.18 per share last year.
Excluding items, adjusted earnings for the quarter were C$19.9 million or C$0.24 per share, compared with C$14.7 million or C$0.17 per share in the prior year quarter. On average, six Wall Street analysts expected earnings of C$0.23 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter increased 44.6% to C$714.83 million from C$494.42 million last year, while three analysts had consensus revenue estimate of C$678.97 million for the quarter.
The increase was partially due to $49.8 million in incremental revenue generated by Martinrea Honsel during the fourth quarter of 2011, which included three full months of revenue as compared to only two months during the third quarter of 2011.
by RTT Staff Writer
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