Aftermarket Reports Improved Earnings

Autoparts Report, Nov 5, 2002

Aftermarket Technology Corp. posted higher third-quarter earnings, and affirmed its earnings forecast for the full year. Third-quarter income from continuing operations increased to $12.1 million, or 49 cents per diluted share, from $9.2 million, or 44 cents per share, in the same period of the prior year.

Aftermarket said the increase was primarily due to revenue growth, improved profitability in the logistics and drivetrain remanufacturing segments, and reduced interest expense. Net sales increased to $110.6 million in the third quarter, up from $100.4 million a year earlier.

Including discontinued operations and extraordinary items, net income was $13.7 million, or 56 cents per share. That compared with $6.6 million or 32 cents per share a year earlier.

Aftermarket expects fourth-quarter earnings per share of 53 cents. It maintained a full-year target of $1.90 per share.