Martinrea International Inc.: Releases Q2 2013 Results and Announces Dividend
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/07/13 -- Martinrea International Inc. (TSX: MRE), a leader in the production of quality metal parts, assemblies and modules and fluid management systems focused primarily on the automotive sector, announced today the release of its financial results for the second quarter ended June 30, 2013.
Martinrea currently employs over 12,000 skilled and motivated people in 38 plants in Canada, the United States, Mexico, Brazil, Europe, and China. All amounts in this press release are in Canadian dollars, unless otherwise stated; and all tabular amounts are in thousands of Canadian dollars, except earnings per share and number of shares.
Additional information about the Company, including the Company's Management Discussion and Analysis of Operating Results and Financial Position for the second quarter ended June 30, 2013 ("MDA") dated as of August 7, 2013, the Company's unaudited interim condensed consolidated financial statements for the second quarter ended June 30, 2013 (the "unaudited consolidated financial statements") and the Company's Annual Information Form for the financial year ended December 31, 2012, can be found at .
Non-IFRS Measures
The Company prepares its financial statements in accordance with International Financial Reporting Standards ("IFRS"). However, the Company has included certain non-IFRS financial measures and ratios in this Press Release that the Company believes will provide useful information in measuring the financial performance and financial condition of the Company. These measures do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an alternative to the other financial measures determined in accordance with IFRS. Non-IFRS measures referred to in the analysis include "adjusted net earnings" and "adjusted earnings per share on a basic and diluted basis", and are defined in Tables A and B under "Adjustments to Net Income" of this Press Release.
REVENUE
Three months ended June 30, 2013 to three months ended March 31, 2013 comparison
The Company's consolidated revenues for the second quarter of 2013 increased by $57.2 million or 7.4% to $826.3 million as compared to $769.1 million for the first quarter of 2013. The total overall increase in revenues was driven by increases in the Company's North America and Europe operating segments, partially offset by a quarter-over-quarter decrease in revenues in the Rest of the World.
Revenues for the second quarter of 2013 in the Company's North America operating segment increased by $41.3 million or 6.8% to $651.8 million from $610.5 million for the first quarter of 2013. Revenues for North America for the second quarter of 2013 were negatively impacted by an $11.4 million quarter-over-quarter decrease in tooling revenues, which are typically dependent on the timing of tooling construction and final inspection and acceptance by the customer. Excluding tooling revenues, revenues in the North America operating segment increased by $52.7 million or 9.2%, comparing favourably with overall North American OEM light vehicle production for the second quarter of 2013, which increased sequentially by 4.4%. The quarter-over-quarter increase in revenues in the Company's North America operating segment exceeded the overall increase in North American OEM light vehicle production due generally to a favourable sales mix, including the ramp up of the new Ford Fusion program, which launched in Mexico and reached full production volumes in the second quarter of 2013, and higher volumes on various Chrysler platforms. Production revenues for the second quarter of 2013 were also positively impacted by $11.3 million representing the quarter-over-quarter impact of foreign exchange on the translation of U.S. dollar denominated revenue.
Revenues for the second quarter of 2013 in the Company's Europe operating segment, comprised predominantly of the European operations of Martinrea Honsel, increased by $18.1 million or 12.8% to $160.0 million from $141.8 million for the first quarter of 2013. Revenues for Europe for the second quarter of 2013 were positively impacted by a $7.7 million increase in tooling revenues, which are typically dependent on the timing of tooling construction and final inspection and acceptance by the customer. Excluding tooling revenues, revenues for the Europe operating segment increased by $10.4 million or 7.9%. The increase was due to the continued ramp-up of new incremental aluminum business with Jaguar LandRover during the quarter, a $0.5 million benefit from the impact of foreign exchange on the translation of Euro denominated revenue, and generally higher quarter-over-quarter production volumes in Germany and Spain, which exceeded the overall trend in OEM light vehicle and engine production in Europe due to the Company's high concentration of business in Europe geared to the luxury vehicle segment reliant on export outside the Euro zone.
Revenues for the second quarter of 2013 in the Company's Rest of World operating segment, currently comprised of the Brazilian operations of Martinrea Honsel and a new facility in China in its early stages, decreased by $2.3 million to $14.5 million from $16.8 million in the first quarter of 2013. The decrease can be attributed to a quarter-over-quarter decline in tooling revenues of $2.5 million partially offset by a $0.3 million benefit from the impact of foreign exchange on the translation of Brazilian Real denominated revenue. Excluding these items, revenues in the Rest of World operating segment remained relatively flat quarter-over-quarter.
Overall tooling revenues decreased by $6.2 million from $50.7 million for the first quarter of 2013 to $44.5 million for the second quarter of 2013.
Three months ended June 30, 2013 to three months ended June 30, 2012 comparison
The Company's consolidated revenues for the second quarter of 2013 increased by $63.7 million or 8.4% to $826.3 million as compared to $762.6 million for the second quarter of 2012. Revenues across all operating segments increased year-over-year.
Revenues for the second quarter of 2013 in the Company's North America operating segment increased by $48.6 million or 8.1% to $651.8 million from $603.2 million for the second quarter of 2012. Revenues for North America for the second quarter of 2013 were negatively impacted by a $26.9 million quarter-over-quarter decrease in tooling revenues, which are typically dependent on the timing of tooling construction and final inspection and acceptance by the customer. Excluding tooling revenues, revenues in the North America operating segment increased by $75.5 million or 13.8%. The increase was generally due to overall improved North American OEM light vehicle production, the launch of new programs during or subsequent to the second quarter 2012, including the Ford Escape and Fusion programs, among others, and the impact of foreign exchange on the translation of U.S. dollar denominated revenue, which had a positive impact on production revenue for the second quarter of 2013 of $9.6 million as compared to the second quarter of 2012.
Revenues for the second quarter of 2013 in the Company's Europe operating segment, comprised predominantly of the European operations of Martinrea Honsel, increased by $14.8 million or 10.2% to $160.0 million from $145.2 million for the second quarter of 2012. The increase was due to the launch of new incremental aluminum business with Jaguar LandRover at the end of 2012, an $8.4 million year-over-year increase in tooling revenues, a $2.5 million benefit from the impact of foreign exchange on the translation of Euro denominated revenue, and year-over-year increased production revenues in the Company's plant in Slovakia which continues to ramp-up and launch its backlog of business.
Revenues for the second quarter of 2013 in the Company's Rest of World operating segment currently comprised of the Brazilian operations of Martinrea Honsel and a new facility in China in its early stages, increased $0.3 million to $14.5 million from $14.2 million in the second quarter of 2012. The increase can be attributed to an increase in OEM light and medium-heavy vehicle production in Brazil and a slight year-over-year increase in tooling revenues of $0.1 million. The increase in revenues in the Rest of World operating segment would have been higher had it not been for the translation of Brazilian Real denominated revenue which had a negative impact on revenue for the quarter of $0.6 million as compared to the second quarter of 2012.
Overall tooling revenues decreased by $18.4 million from $62.9 million for the second quarter of 2012 to $44.5 million for the second quarter of 2013.
Six months ended June 30, 2013 to six months ended June 30, 2012 comparison
The Company's revenues for the six months ended June 30, 2013 increased by $97.2 million or 6.5% to $1,595.4 million as compared to $1,498.2 million for the six months ended June 30, 2012. Revenues increased year-over-year across all operating segments.
Revenues for the six months ended June 30, 2013 in the Company's North America operating segment increased by $90.8 million or 7.7% to $1,262.3 million from $1,171.6 million for the six months ended June 30, 2012. Revenues for North America for the six months ended June 30, 2013 were negatively impacted by a $37.6 million year-over-year decrease in tooling revenues, which are typically dependent on the timing of tooling construction and final inspection and acceptance by the customer. Excluding tooling revenues, revenues in the North America operating segment increased by $128.4 million or 12.0%. The increase was generally due to overall improved North American OEM light vehicle production, the launch of new programs during 2012, including the Ford Escape and Fusion programs, among others, and a $3.5 million benefit from the impact of foreign exchange on the translation of U.S. dollar denominated revenue.
Revenues for the six months ended June 30, 2013 in the Company's Europe operating segment, comprised predominately of the European operations of Martinrea Honsel, increased by $3.3 million or 1.1%, to $301.8 million from $298.5 million for the six months ended June 30, 2012. Revenues for Europe for the six months ended June 30, 2013 were positively impacted by a $15.0 million year-over-year increase in tooling revenues, which are typically dependent on the timing of tooling construction and final inspection and acceptance by the customer. Excluding tooling revenues, revenues in the Europe operating segment decreased by $11.7 million or 4.1%. The decrease was generally due to a year-over-year decline in overall OEM light and medium-heavy vehicle production in Europe, partially offset by a $2.0 million benefit from the impact of foreign exchange on the translation of Euro denominated revenue, the launch of new incremental aluminum business with Jaguar LandRover at the end of 2012 and year-over-year increased production revenues in the Company's plant in Slovakia which continues to ramp up and launch its backlog of business.
Revenues for the six months ended June 30, 2013 in the Company's Rest of World operating segment increased by $3.1 million or 11.1% to $31.3 million from $28.2 million for the six months ended June 30, 2012. The increase can be attributed to an increase in OEM light and medium-heavy vehicle production in Brazil and a year-over-year increase in tooling revenues of $2.3 million. The increase in revenues in the Rest of World operating segment would have been higher had it not been for the translation of Brazilian Real denominated revenue which had a negative impact on revenue for the six months ended June 30, 2013 of $2.7 million as compared to the six month period ended June 30, 2012.
Overall tooling revenues decreased by $20.3 million from $115.4 million for the six months ended June 30, 2012 to $95.1 million for the six months ended June 30, 2013.
GROSS MARGIN
Three months ended June 30, 2013 to three months ended March 31, 2013 comparison
Gross margin percentage for the second quarter of 2013 of 11.0% increased as a percentage of revenue by 1.2% as compared to the gross margin percentage for the first quarter of 2013 of 9.8%.
The quarter-over-quarter increase in gross margin percentage can be attributed to higher capacity utilization from increased quarter-over-quarter production volumes in North America and Europe and ongoing productivity and efficiency improvements at certain operating facilities, including a reduction in launch costs and other launch-related operational expenses stemming from the significant ramp up of new program launches during the second half of 2012 and improving productivity and efficiency in Germany. Operational expenses at several of the Company's operating facilities impacted the gross margin for the quarter; however, progress continues to be made in improving efficiencies.
The Company's gross margin percentage for the second quarter of 2013 also continued to be positively impacted by new program launches, including the Ford Fusion program which successfully launched in Mexico at the end of 2012 and continued to ramp up during the first six months of 2013. Gross margin is expected to continue to be positively impacted by incremental new work as the Company works through the launch of a significant backlog of new business over the next twenty-four months including the following programs: the next wave of Ford CD4 in China, Europe and North America, Ford Transit, Ford 2.3L aluminum engine block, GM K2XX (pick-ups and SUVs), GM Omega Aluminum engine cradle, GM 31XX (small pick-ups), Chrysler 200, Jaguar LandRover aluminum swivel bearing, Nissan aluminum I4 engine block, Daimler aluminum transmission casing and engine cradles for the VW Golf and BMW X5.
Three months ended June 30, 2013 to three months ended June 30, 2012 comparison
The gross margin percentage for the second quarter of 2013 of 11.0% increased as a percentage of revenue by 1.0% as compared to the gross margin percentage for the second quarter of 2012 of 10.0%. Excluding the unusual and other items recorded as cost of sales during the second quarter of 2012 in Table A under "Adjustments to Net Income", which included the impact of a major equipment failure at one of the Company's facilities in the U.S., gross margin percentage for the second quarter of 2013 increased as a percentage of revenue by 0.4% to 11.0% from 10.6% for the second quarter of 2012.
The increase in gross margin as a percentage of revenue was generally due to:
These factors were partially offset by:
Six months ended June 30, 2013 to six months ended June 30, 2012 comparison
Gross margin percentage for the six months ended June 30, 2013 of 10.5% increased as a percentage of revenue by 0.1% as compared to 10.4% for the six months ended June 30, 2012. Excluding the unusual and other items recorded as cost of sales during the six months ended June 30, 2012 in Table B under "Adjustments to Net Income", which included the impact of a major equipment failure at one of the Company's facilities in the U.S., gross margin percentage for the six months ended June 30, 2013 decreased as a percentage of revenue by 0.2% to 10.5% from 10.7% for the six months ended June 30, 2012.
The decrease in adjusted gross margin as a percentage of revenue was generally due to:
These factors were partially offset by:
ADJUSTMENTS TO NET INCOME
(ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY)
Adjusted net earnings excludes certain unusual and other items, as set out in the following tables and described in the notes thereto. Management uses adjusted net earnings as a measurement of operating performance of the Company and believes that, in conjunction with IFRS measures, it provides useful information about the financial performance and condition of the Company.
No unusual and other items were incurred during the first six months of 2013.
(1) Employee Related Severance and Other Restructuring Costs
As part of the acquisition of Honsel, a certain level of restructuring was planned in order to be cost competitive over the long term, in particular at the Company's German facilities in Meschede and Soest. The restructuring efforts commenced immediately after the closing of the acquisition on July 29, 2011. In connection with these restructuring activities, $0.8 million of employee related severance was recognized during the six months ended June 30, 2012, of which $0.2 million was recognized during the second quarter of 2012. No such restructuring costs were incurred during the first six months of 2013. However, additional employee related severance associated with the Martinrea Honsel operations may be incurred during the remainder of 2013.
In addition, during the fourth quarter of 2011, the Company began the process of closing one of its small operating facilities in Mexico. The existing business and equipment of this facility was moved to other Company facilities in Mexico including a new facility the Company opened in Silao, Mexico in 2011. Restructuring costs relating to this closure amounted to $2.9 million for the six months ended June 30, 2012, of which $1.4 million was incurred in the second quarter of 2012, consisting primarily of employee related severance and the dismantling and transporting of PP&E between Company facilities. The closure of this facility was completed during the fourth quarter of 2012. As such, no further costs related to this closure are expected to be incurred.
Costs associated with other restructuring activities incurred during the second quarter of 2012 totaled $0.9 million for employee related severance relating to the right sizing of certain other manufacturing facilities.
(2) Executive separation agreement
On June 29, 2012, the Company announced that Nat Rea stepped down as Vice Chairman and Director of Martinrea, as of such date, to pursue other opportunities. As part of the separation agreement and based on the terms of his employment contract, the Company paid Mr. Rea $5.2 million which was expensed during the second quarter of 2012 and included in SG&A expense.
(3) Impact of major equipment failure at an operating facility in the U.S.
During the month of June 2012, a press in one of the Company's U.S. operating facilities experienced a significant failure and was not operational for approximately 23 days. As a consequence and due to the lack of press capacity at the facility, approximately thirty dies were outsourced to external stamping companies which resulted in the following incremental costs:
These incremental costs, which totaled $4.5 million for the second quarter of 2012, were non-recurring in nature and had a significant impact on the performance of the facility during the months of June and July 2012 and part of August.
(4) Transaction costs associated with the acquisition of Honsel
On July 29, 2011, the Company closed the purchase of the operations of Honsel to form the Martinrea Honsel Group. Martinrea joined with Anchorage in the transaction and, consequently, owns 55% of the Martinrea Honsel Group with Anchorage owning the remaining 45%. The Company expensed $0.6 million in transaction and integration costs related to the acquisition during the first quarter of 2012.
NET EARNINGS
(ATTIBUTABLE TO EQUITY HOLDERS OF THE COMPANY)
Three months ended June 30, 2013 to three months ended March 31, 2013 comparison
Net earnings for the second quarter of 2013 increased to $27.5 million or $0.33 per share, on a basic and diluted basis, from $19.9 million or $0.24 per share, on a basic and diluted basis, for the first quarter of 2013. There were no unusual or other items incurred during the first six months of 2013.
The increase in net earnings can be predominantly attributed to increased quarter-over-quarter production volumes in North America and Europe and ongoing productivity and efficiency improvements at certain operating facilities, including a reduction in launch costs and other launch-related operational expenses stemming from the significant ramp up of new program launches during the second half of 2012, partially offset by quarter-over-quarter increases in SG&A and depreciation expense, as previously discussed. The contribution of Martinrea Honsel to net earnings increased from $0.04 per share in the first quarter of 2013 to $0.06 per share in the second quarter of 2013, due mainly to the increased production volumes and ongoing productivity and efficiency improvements at certain operating locations, in particular in Germany. The Company continues to focus on improving the productivity and efficiency of the German operations to make it cost competitive for future growth.
Three months ended June 30, 2013 to three months ended June 30, 2012 comparison
Net earnings for the second quarter of 2013 of $27.5 million increased by $13.1 million from $14.4 million for the second quarter of 2012, before adjustments. Excluding unusual and other items incurred during the second quarter of 2012 as explained in Table A under "Adjustments to Net Income", the net earnings for the second quarter of 2013 increased to $27.5 million or $0.33 per share, on a basic and diluted basis, in comparison to adjusted net earnings of $24.0 million or $0.29 per share, on a basic and diluted basis, for the second quarter of 2012.
Net earnings for the second quarter of 2013, as compared to the second quarter of 2012, were positively impacted by overall improved year-over-year production volumes in North America; the launch of new programs during or subsequent to the second quarter of 2012, including the Ford Escape and Fusion programs and new incremental aluminum business with Jaguar LandRover; and ongoing productivity and efficiency improvements at certain operating facilities, including cost savings from the workforce reductions in Germany completed at the end of 2012. The positive impact was partially offset by the following:
The contribution of Martinrea Honsel to net earnings for the second quarter of 2013 increased to $0.06 per share from $0.05 per share in the second quarter of 2012 due mainly to the addition of new incremental aluminum business with Jaguar LandRover and ongoing productivity and efficiency improvements at certain operating locations, in particular in Germany and Brazil.
Six months ended June 30, 2013 to six months ended June 30, 2012 comparison
Net earnings for the six months ended June 30, 2013 of 47.4 million increased by $10.0 million from $37.4 million for the six months ended June 30, 2012, before adjustments. Excluding unusual and other items incurred during 2012 as explained in Table B under "Adjustments to Net Income", the net earnings for the six months ended June 30, 2013 decreased slightly to $47.4 million or $0.57 per share, on a basic basis, and $0.56 per share, on a diluted basis, in comparison to adjusted net earnings of $48.8 million or $0.59 per share, on a basic basis, and $0.58 per share, on a diluted basis, for the six months ended June 30, 2012.
Net earnings for the six months ended June 30, 2013, as compared to the comparative period of 2012, were positively impacted by overall improved year-over-year production volumes in North America and the Rest of the World operating segments; the launch of new programs during or subsequent to 2012, which included the Ford Escape and Fusion program and new incremental aluminum business with Jaguar LandRover; and ongoing productivity and efficiency improvements at certain operating facilities, including cost savings from the workforce reductions in Germany completed at the end of 2012. The positive impact was more than offset by the following:
The contribution of Martinrea Honsel to net earnings decreased from $0.11 per share for the six months ended June 30, 2012 to $0.10 per share for the six months ended June 30, 2013, due mainly to the decrease in year-over-year production volumes in Europe, partially offset by ongoing productivity and efficiency improvements at certain operating locations, in particular in Germany and Brazil.
CAPITAL EXPENDITURES
Three months ended June 30, 2013 to three months ended March 31, 2013 comparison
Capital expenditures decreased by $16.9 million to $39.8 million in the second quarter of 2013 from $56.7 million in the first quarter of 2013. Capital expenditures incurred in both the second and first quarters of 2013 relate mainly to the purchase of new program equipment for newly awarded business currently ramping up and scheduled to launch over the next 24 months.
Three months ended June 30, 2013 to three months ended June 30, 2012 comparison
Capital expenditures decreased by $13.3 million to $39.8 million in the second quarter of 2013 from $53.1 million in the second quarter of 2012. While capital expenditures are made to refurbish or replace assets consumed in the normal course of business and for productivity improvements, a large portion of the investment in the second quarter of 2013 was for manufacturing equipment for programs that will be launching over the next 24 months.
Six months ended June 30, 2013 to six months ended June 30, 2012 comparison
Capital expenditures increased by $9.2 million to $96.5 million for the six months ended June 30, 2013 from $87.3 million for the six months ended June 30, 2012. The increase in capital expenditures incurred in 2013 can be attributed to the purchase of new program equipment in response to newly awarded business scheduled to launch over the next 24 months.
Martinrea also announced that as part of the Company's long-term strategy to maximize shareholder value, its board of directors has approved a quarterly dividend payment in the amount of $0.03 per share ($0.12 on an annualized basis). The quarterly dividend of $0.03 per share will be issued to shareholders of record as of September 30, 2013, and will be paid on October 15, 2013.
The declaration and payment of future dividends will be subject to the Company's cash requirements as well as the satisfaction of statutory tests. In addition, the Board will assess future year's dividend payout levels, from time to time, in light of the Company's financial performance and then current and anticipated business needs at that time.
Nick Orlando, Martinrea's President and Chief Executive Officer, stated: "We are pleased with the second quarter results. Our second quarter showed record revenues and earnings, which are an indication of continuing improvements in our operations in North America and elsewhere. Both Martinrea Classic and Martinrea Honsel operations posted better results than last year and last quarter. The results from Europe are encouraging despite the continued economic slowdown in Europe, but our cost cutting efforts and increasing efficiencies are taking hold. We continue to focus on operational improvements at all of our plants, everywhere, not just those that experienced significant launch activity in the last year, and that continued focus is working for us. We now have 38 plants, including our first plant in China, and we aim to make each one better over time. We also continue to see new business and growth opportunities. We are experiencing significant quoting activity in all our areas of business, that we anticipate will result in new product awards later this year, and we have won some new incremental business since our last quarterly release, totalling $65 million in annual business, as follows: $20 million of fluid management product for GM on its E2XX platform launching in 2015; $25 million in incremental volume for Jaguar Land Rover on the aluminum swivel bearing for our Martinrea Honsel operations in Spain, as previously announced, bringing the annualized revenue on this piece of business up to $65 million; and $20 million in incremental module assembly business with GM launching in 2015."
Fred Di Tosto, Martinrea's Chief Financial Officer, stated: "Revenues for our second quarter, excluding $45 million in tooling revenues, were approximately $781 million, slightly above our quarterly sales guidance previously provided, and record second quarter revenues for us. In the second quarter of 2013, our earnings per share on a basic and diluted basis was $0.33, within our quarterly earnings guidance, and a nice improvement from the $0.24 in earnings per share generated in the first quarter of 2013. We are again pleased to announce that we did not have any unusual or other items to report in the second quarter. Our Martinrea Honsel operations contributed $0.06 per share to our second quarter earnings, an increase over the first quarter of 2013, where the operations generated $0.04 in earnings per share, and this despite continuing softness in overall European volumes. A number of the efficiencies we have made in Europe, especially in workforce adjustments in Germany, are taking hold. In addition to the 1% quarter-over-quarter increase in gross margin percentage experienced in the first quarter of the year, we saw gross margin for the second quarter increase as a percentage of revenue by 1.2% quarter-over-quarter to 11%. We expect gross margin to continue to improve over time as we improve efficiencies and reduce manufacturing costs."
Rob Wildeboer, Martinrea's Executive Chairman, stated: "The 2013 financial year had a very good first half, and we believe it will be a record year for revenues and earnings for us. Our third quarter is expected to generate record revenues for the quarter (excluding tooling revenues) in the range of $700 to $740 million, and we believe our earnings per share will be in the range of 24 to 28 cents per share, a record third quarter for us from an earnings perspective. As with the first two quarters, we do not expect any significant unusual or other items to report. As a company we remain focused on growing shareholder value over time, by making good decisions to grow our business profitably and prudently over the long term. As noted, last quarter we announced our first dividend, which was well received by our shareholders. Our next dividend of $0.03 per share will be paid to shareholders of record on September 30, 2013 on or about October 15, 2013."
Forward-Looking Information
Special Note Regarding Forward-Looking Statements
This Press Release contains forward-looking statements within the meaning of applicable Canadian securities laws including related to the Company's expectations as to revenue and gross margin percentage and earnings per share (and the expectation as to absence of unusual items, including earnings and revenue guidance), statements as to the growth of the Company and pursuit of its strategies, statements as to the payment of dividends, the launching of new metal forming and fluid systems programs including expectations as to the financial impact of launches and new business awards, and statements as to the progress of operational improvements and the continuation of operational efficiencies, the opportunity to increase volumes, sales, statements regarding the continuation of monitoring, managing and rationalization of expenses (including of Martinrea Honsel), the reduction in certain costs (including the reduction of costs due to operational improvements), the Company's view on the financial viability of its customers, the Company's views on the long term outlook of the automotive industry, and corresponding increased volumes sales and production, statements as to the benefits of the Honsel acquisition and the Company's ability to capitalize on opportunities in the automotive industry, third quarter 2013 revenue and earnings per share estimates and as well as other forward-looking statements. The words "continue", "expect", "anticipate", "estimate", "may", "will", "should", "views", "intend", "believe", "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate in the circumstances. Many factors could cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors, some of which are discussed in detail in the Company's Annual Information Form and other public filings which can be found at :
These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
A conference call to discuss those results will be held on Thursday, August 8, 2013 at 8:00 a.m. (Toronto time) which can be accessed by dialing (416) 340-8410 or toll free (866) 225-2055. Please call 10 minutes prior to the start of the conference call.
If you have any teleconferencing questions, please call Andre La Rosa at (416) 749-0314.
There will also be a rebroadcast of the call available by dialing (905) 694-9451 or toll free (800) 408-3053 (conference id - 4555837#). The rebroadcast will be available until August 22, 2013.
The common shares of Martinrea trade on The Toronto Stock Exchange under the symbol "MRE".
Contacts:
Martinrea International Inc.
Fred Di Tosto
Chief Financial Officer
(416) 749-0314
(289) 982-3001 (FAX)
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