Martinrea International sees earnings, sales rise in third quarter

TORONTO — Martinrea International Inc. says net income for the third quarter was $53.7 million, up from $35.9 million a year earlier.

Sales for the quarter were $1.4 billion, up from $1.2 billion during the same quarter last year.

The Toronto-based company says net earnings per share were 68 cents, up from 45 cents last year.

Martinrea president and CEO Pat D'Eramo says the United Auto Workers strikes in the U.S. did not have a significant effect on the company's third-quarter performance.

However, he says the strikes will have somewhat more of an effect on fourth-quarter results.

The company declared a quarterly cash dividend of five cents per share.

This report by The Canadian Press was first published Nov. 8, 2023.

Companies in this story: (TSX:MRE)

The Canadian Press