Thursday, October 30th4.6°C
23696
23004

Martinrea looking for new CEO, reports higher adjusted earnings

TORONTO - Canadian autoparts manufacturer Martinrea International Inc. (TSX:MRE) is looking for a new president and chief executive officer to replace Nick Orlando, who will remain in the position for now.

The announcement came as Martinrea reported financial results for 2013, including a $51.4 million net loss or 60 cents per diluted share for the three months ended Dec. 31.

The quarter's loss included a $29.9-million writedown of the assets of an operation in Hopkinsville, Ky., $10.5 million in external costs related to the plant and a $23.3 million writedown of a tax asset.

After excluding those items, Martinrea had $14 million of adjusted earnings, or 17 cents per diluted share — four cents below the general estimate compiled by Thomson Reuters.

Orlando, who has been Martinrea's CEO since March 2011, acknowledged that the fourth quarter was "a disappointment from a financial point of view."

However, he also said many of Martinrea's divisions had good results and noted that some of its costs had been driven up as it prepares to do new work for automakers such as Chrysler, Nissan and General Motors.

The company said it has launched a search for a new president and chief executive, and the date for a hand-off from Orlando hasn't been determined. It said he'll remain as a consultant after he steps aside.

Martinrea also announced Monday that a special committee of its board has concluded its review of earlier public disclosures.

The review was launched after Nat Rea, a co-founder and former executive of Martinrea, alleged in September that certain members of management had breached duties to the company that could have affected previous financial reports.

Martinrea has said the claims are without merit and maintained that position on Monday's announcements. However, the board says it discovered unrelated errors with the accuracy of results from one of its Canadian factories — originally announced in December.

The company says it its latest financial report that it had a net loss of $7.05 million in the fourth quarter of 2012 and adjusted earnings of $12.2 million or 15 cents per share.

Martinrea originally announced on March 20, 2013, that it had a net loss of $6.6 million and adjusted net earnings of $12.6 million for the fourth quarter of 2012.

Revenue in the three months ended Dec. 31, 2013 was $858.6 million, up from $705.6 million in the fourth quarter of 2012, the same as originally announced on March 20, 2013.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14527.57-96.68
S&P CDNX781.07-6.95
DJIA16974.31-31.44
Nasdaq4549.226-15.068
S&P 5001982.30-2.75
CDN Dollar0.8951+0.001
Gold1204.80-20.10
Oil81.21-0.75
Lumber324.90-2.10
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.10-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.15+0.02
Cantex0.06-0.01
Anavex Life Sciences0.18-0.012
Metalex Ventures0.035-0.005
Russel Metals32.57+0.45
Copper Mountain Mining2.02-0.08
Colorado Resources0.1350.00
ReliaBrand Inc0.012-0.004
Sunrise Resources Ltd0.025+0.005
Mission Ready Services0.37-0.03

 





FEATURED Property
2030504615 DOUGALL RD SOUTH
5 bedrooms 3 baths
$379,500
more details
image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


23091