Martinrea International Inc. Releases Q3 2013 Results and Announces Dividend
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/07/13 -- 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 third quarter ended September 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 third quarter ended September 30, 2013 ("MDA") dated as of November 7, 2013, the Company's unaudited interim condensed consolidated financial statements for the third quarter ended September 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 .
Highlights
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 net 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 September 30, 2013 to three months ended June 30, 2013 comparison
The Company's consolidated revenues for the third quarter of 2013 decreased by $58.4 million or 7.1% to $767.9 million as compared to $826.3 million for the second quarter of 2013. The total overall decrease in revenues was driven by decreases in the Company's North America and Europe operating segments, partially offset by a quarter-over-quarter increase in revenues in the Rest of the World.
Revenues for the third quarter of 2013 in the Company's North America operating segment decreased by $61.0 million or 9.4% to $590.8 million from $651.8 million for the second quarter of 2013. The decrease was predominantly due to the seasonal softness in production volumes in North American light vehicle platforms and a $9.3 million decrease in tooling revenues, which are typically dependent on the timing of tooling construction and final inspection and acceptance by the customer, partially offset by a $6.7 million quarter-over-quarter benefit from the impact of foreign exchange on the translation of U.S. dollar denominated production revenue. OEM light vehicle production volumes are typically lower during the third quarter of any given year due to the summer shutdowns common to the automotive industry.
Revenues for the third quarter of 2013 in the Company's Europe operating segment, comprised predominantly of the European operations of Martinrea Honsel, decreased by $4.0 million or 2.5% to $156.0 million from $160.0 million during the second quarter of 2013. The decrease was mainly due to the seasonal softness in production volumes in European light vehicle platforms from the customer summer shutdowns common to the automotive industry and a decrease in tooling revenues of approximately $4.3 million, partially offset by a $4.6 million quarter-over-quarter benefit from the impact of foreign exchange on the translation of Euro denominated production revenue. Quarter-over-quarter production volumes in the Company's operating facilities in Germany and Spain exceeded the overall trend in OEM light vehicle production in Europe, which decreased sequentially by 16.9%, as a result of 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 third 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 by $6.5 million or 44.9% to $21.0 million from $14.5 million in the second quarter of 2013. The increase can be attributed to an increase in production volumes in Brazil, the launch of the Company's first product in China for the Ford CD4 program, which began to ramp up at the end of the second quarter, and a quarter-over-quarter increase in tooling revenues of $4.1 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 production revenue which had a negative impact on revenue for the quarter of $1.3 million as compared to the second quarter of 2013.
Overall tooling revenues decreased by $9.5 million from $44.5 million for the second quarter of 2013 to $35.0 million for the third quarter of 2013.
Three months ended September 30, 2013 to three months ended September 30, 2012 comparison
The Company's consolidated revenues for the third quarter of 2013 increased by $70.7 million or 10.1% to $767.9 million as compared to $697.2 million for the third quarter of 2012. Revenues across all operating segments increased year-over-year.
Revenues for the third quarter of 2013 in the Company's North America operating segment increased by $30.8 million or 5.5% to $590.8 million from $560.1 million for the third quarter of 2012. Revenues for North America for the third quarter were negatively impacted by an $18.5 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 $49.3 million or 9.4%. The increase was generally due to overall improved North American OEM light vehicle production, the launch of new programs during or subsequent to the third quarter of 2012, including the new GM pick-up (K2XX) and Ford Fusion (CD4) programs, among others, and an $11.6 million year-over-year benefit from the impact of foreign exchange on the translation of U.S. dollar denominated production revenue.
Revenues for the third quarter of 2013 in the Company's Europe operating segment, comprised predominantly of the European operations of Martinrea Honsel, increased by $34.4 million or 28.3% to $156.0 million from $121.6 million for the third quarter of 2012. Revenues for Europe for the third quarter were positively impacted by a $6.1 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 increased by $28.3 million or 24.7%. The increase was due to the launch of new incremental aluminum business with Jaguar LandRover at the end of 2012, a $14.1 million benefit from the impact of foreign exchange on the translation of Euro denominated revenue, and generally higher year-over-year 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 of the Euro zone.
Revenues for the third quarter of 2013 in the Company's Rest of World operating segment, currently comprised of the Brazilian operations of Martinrea Honsel and a start-up facility in China in its early stages, increased by $5.5 million to $21.0 million from $15.6 million in the third quarter of 2012. The increase can be attributed to the launch of the Company's first product in China for the Ford CD4 program, which began to ramp up at the end of the second quarter, and a year-over-year increase in tooling revenues of $4.0 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 production revenue which had a negative impact on revenue for the third quarter of $0.9 million as compared to the third quarter of 2012.
Overall tooling revenues decreased by $8.4 million from $43.4 million for the third quarter of 2012 to $35.0 million for the third quarter of 2013.
Nine months ended September 30, 2013 to nine months ended September 30, 2012 comparison
The Company's revenues for the nine months ended September 30, 2013 increased by $167.9 million or 7.6% to $2,363.3 million as compared to $2,195.4 million for the nine months ended September 30, 2012. Revenues increased year-over-year across all operating segments.
Revenues for the nine months ended September 30, 2013 in the Company's North America operating segment increased by $121.5 million or 7.0% to $1,853.2 million from $1,731.6 million for the nine months ended September 30, 2012. Revenues in North America for the nine months ended September 30, 2013 were negatively impacted by a $56.1 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 $177.6 million or 11.1%. The increase was generally due to overall improved OEM North American light vehicle production, the launch of new programs during or subsequent to 2012, including the Ford Escape and Fusion programs, among others, and a $15.6 million year-over-year benefit from the impact of foreign exchange on the translation of U.S. dollar denominated production revenue.
Revenues for the nine months ended September 30, 2013 in the Company's Europe operating segment, comprised predominately of the European operations of Martinrea Honsel, increased by $37.7 million or 9.0% to $457.8 million from $420.0 million for the nine months ended September 30, 2012. Revenues for Europe for the nine months ended September 30, 2013 were positively impacted by a $21.0 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 increased by $16.7 million or 4.2%. The increase was generally due to a $14.1 million benefit from the impact of foreign exchange on the translation of Euro denominated production 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, partially offset by a year-over-year decline in overall OEM light and medium-heavy vehicle production in Europe.
Revenues for the nine months ended September 30, 2013 in the Company's Rest of World operating segment increased by $8.6 million or 19.6% to $52.3 million from $43.7 million for the nine months ended September 30, 2012. The increase can be attributed to an increase in production volumes in Brazil, the launch of the Company's first product in China for the Ford CD4 program, which began to ramp up at the end of the second quarter of 2013, and a year-over-year increase in tooling revenues of $6.4 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 production revenue which had a negative impact on revenue for the nine months ended September 30, 2013 of $3.4 million as compared to the nine months ended September 30, 2012.
Overall tooling revenues decreased by $28.7 million from $158.8 million for the nine months ended September 30, 2012 to $130.1 million for the nine months ended September 30, 2013.
GROSS MARGIN
Three months ended September 30, 2013 to three months ended June 30, 2013 comparison
Gross margin percentage for the third quarter of 2013 remained relatively consistent quarter-over-quarter at 10.9% for the third quarter of 2013, compared to 11.0% for the second quarter of 2013. OEM light vehicle production volumes are typically lower during the summer months due to the July and August shutdowns common to the automotive industry generally resulting in lower absorption of overhead costs and corresponding margins during the third quarter of any given year. The impact of the lower production volumes on the Company's 2013 third quarter gross margin percentage was offset by ongoing productivity and efficiency improvements at various facilities across all of the Company's operating segments. Operational inefficiencies and program specific launch costs (related to certain upcoming new programs set to launch and ramp up over the next few months including the BMW X5, Ford Transit, Ford 2.3L aluminum engine block, Chrysler 200, the Lincoln version of the Ford Escape, GM CTS and changes to the GM Malibu platform) impacted the gross margin for the quarter; and will do so for the remainder of 2013; however, they are expected to subside over time. Progress continues to be made in improving efficiencies and in the reduction of manufacturing costs.
The Company's gross margin percentage for the third quarter of 2013 also continued to be positively impacted by new program launches, including the recently launched new GM pick-up (K2XX) program. Gross margin is expected to continue to be positively impacted by incremental new business as the Company continues to work through the launch of a significant backlog of business over the next 36 months including the following awarded programs in addition to the programs referred to above: the next wave of Ford CD4 in Europe and North America, GM Omega aluminum engine cradle, GM 31XX (small pick-up), GM E2XX (Malibu) Jaguar LandRover aluminum swivel bearing, Nissan aluminum I4 engine block, Daimler aluminum transmission casing, incremental machining business on Chrysler's Pentastar aluminum engine block and engine cradle for the VW Golf.
Three months ended September 30, 2013 to three months ended September 30, 2012 comparison
The gross margin percentage for the third quarter of 2013 of 10.9% increased as a percentage of revenue by 2.5% as compared to the gross margin percentage for the third quarter of 2012 of 8.4%. Excluding the unusual and other items recorded as cost of sales 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. in 2012, gross margin percentage for the third quarter of 2013 increased as a percentage of revenue by 1.9% to 10.9% from 9.0% for the third quarter of 2012.
The increase in gross margin as a percentage of revenue was generally due to:
These factors were partially offset by:
Nine months ended September 30, 2013 to nine months ended September 30, 2012 comparison
Gross margin percentage for the nine months ended September 30, 2013 of 10.6% increased as a percentage of revenue by 0.8% as compared to 9.8% for the nine months ended September 30, 2012. Excluding the unusual and other items recorded as cost of sales during the nine months ended September 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. in 2012, gross margin percentage for the nine months ended September 30, 2013 increased as a percentage of revenue by 0.4% to 10.6% from 10.2% for the nine months ended September 30, 2012.
The increase 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 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.
(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, $2.5 million of employee related severance was recognized during the nine months ended September 30, 2012, of which $1.7 million was recognized during the third quarter of 2012. No such restructuring costs were incurred during the nine months ended September 30, 2013. However, additional employee related severance associated with the Martinrea Honsel operations may be incurred during the remainder of 2013 and 2014.
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 $3.5 million for the nine months ended September 30, 2012, of which $0.6 million was incurred in the third 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 nine months ended September 30, 2012 totaled $2.1 million, of which $1.2 million was incurred in the third quarter of 2012, consisting of 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 a 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 and $4.0 million for the third quarter of 2012, were non-recurring in nature and had a significant impact on the performance of the facility during the months of June, July and part of August 2012.
(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 September 30, 2013 to three months ended June 30, 2013 comparison
Net earnings for the third quarter of 2013 decreased to $21.0 million or $0.25 per share, on a basic and diluted basis, from $27.5 million or $0.33 per share, on a basic and diluted basis, for the second quarter of 2013. There were no unusual or other items incurred during the first nine months of 2013.
The quarter-over-quarter decrease in net earnings was predominantly attributed to the seasonal softness in OEM light vehicle production volumes during the summer months. Overall OEM light vehicle production volumes are typically lower during the third quarter of any given year due to July and August shutdowns common to the automotive industry. The impact of the lower production volumes on the Company's third quarter earnings was offset by ongoing productivity and efficiency improvements at various facilities across all of the Company's operating segments, including Martinrea Honsel. The contribution of Martinrea Honsel to net earnings increased from $0.06 per share in the second quarter of 2013 to $0.07 per share in the third quarter of 2013. The Company continues to focus on improving the productivity and efficiency of the Martinrea Honsel German operations to make it cost competitive for future growth.
Operational inefficiencies and program specific launch costs (related to certain upcoming new programs set to launch and ramp up over the next few months including the BMW X5, Ford Transit, Ford 2.3L aluminum engine block, Chrysler 200, the Lincoln version of the Ford Escape, GM CTS and changes to the GM Malibu platform) impacted the earnings for the quarter; and will do so for the remainder of 2013; however, they are expected to subside over time. Progress continues to be made in improving efficiencies and in the reduction of manufacturing costs.
Three months ended September 30, 2013 to three months ended September 30, 2012 comparison
Net earnings for the third quarter of 2013 of $21.0 million increased by $13.0 million from $8.0 million for the third quarter of 2012, before adjustments. Excluding unusual and other items incurred during the third quarter of 2012 as explained in Table A under "Adjustments to Net Income", the net earnings for the third quarter of 2013 increased to $21.0 million or $0.25 per share, on a basic and diluted basis, in comparison to adjusted net earnings of $13.8 million or $0.17 per share, on a basic and diluted basis, for the third quarter of 2012.
Net earnings for the third quarter of 2013, as compared to adjusted net earnings for the third quarter of 2012, were positively impacted by the following:
These factors were partially offset by:
The contribution of Martinrea Honsel to net earnings for the third quarter of 2013 increased to $0.07 per share from $0.02 per share in the third quarter of 2012 due mainly to the addition of new incremental aluminum business with Jaguar LandRover, generally higher production volumes in Europe and ongoing productivity and efficiency improvements at certain facilities, in particular in Germany.
Nine months ended September 30, 2013 to nine months ended September 30, 2012 comparison
Net earnings for the nine months ended September 30, 2013 of $68.4 million increased by $23.0 million from $45.4 million for the nine months ended September 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 nine months ended September 30, 2013 increased to $68.4 million or $0.81 per share, on a basic basis and diluted basis, in comparison to adjusted net earnings of $62.6 million or $0.75 per share, on a basic basis and diluted basis, for the nine months ended September 30, 2012.
Net earnings for the nine months ended September 30, 2013, as compared to adjusted net earnings for the nine months ended September 30, 2012, were positively impacted by the following:
These factors were partially offset by:
The contribution of Martinrea Honsel to net earnings for the nine months ended September 30, 2013 increased to $0.17 per share from $0.07 per share for the nine months ended September 30, 2012 due mainly to the addition of new incremental aluminum business with Jaguar LandRover, generally higher production volumes and ongoing productivity and efficiency improvements at certain facilities, in particular in Germany.
CAPITAL EXPENDITURES
Three months ended September 30, 2013 to three months ended June 30, 2013 comparison
Capital expenditures increased by $6.2 million to $46.0 million in the third quarter of 2013 from $39.8 million in the second quarter of 2013. Capital expenditures incurred in the third quarter 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 September 30, 2013 to three months ended September 30, 2012 comparison
Capital expenditures decreased by $8.5 million to $46.0 million in the third quarter of 2013 from $54.5 million in the third 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 third quarter of 2013 was for manufacturing equipment for programs launching over the next 24 months.
Nine months ended September 30, 2013 to nine months ended September 30, 2012 comparison
Capital expenditures remained relatively consistent year-over-year at $142.5 million for the nine months ended September 30, 2013, compared to $141.8 million for the nine months ended September 30, 2012.
Nick Orlando, Martinrea's President and Chief Executive Officer, stated: "We are pleased with the third quarter results. Our third quarter showed record revenues and earnings for the quarter, which are an indication of the continuing improvements in our operations in North America and elsewhere. Both Martinrea Classic and Martinrea Honsel operations posted better results than last year. The results from Europe are encouraging despite the economic slowdown in Europe, as our cost cutting efforts and increasing efficiencies continue to take 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 continue to quote new and replacement business. We have won some new incremental business since our last quarterly release, totalling $30 million in annualized business, as follows: $10 million in fuel filler business from GM on its K2XX platform launching in 2014, $10 million of fluid management product for GM on its Alpha platform launching in 2015 and another $10 million in fluid management product on GM's 6.6L DMAX engine launching in 2016. Since quarter end, Chrysler has awarded us additional machining business on the Pentastar engine block commencing in late 2015, resulting in approximately $15 million in incremental annual revenues."
Fred Di Tosto, Martinrea's Chief Financial Officer, stated: "Revenues for our third quarter, excluding $35 million in tooling revenues, were approximately $733 million, within our quarterly sales guidance previously provided, and record third quarter revenues for us. In the third quarter of 2013, our earnings per share on a basic and diluted basis was $0.25, within our quarterly earnings guidance, and a nice improvement from the $0.17 in adjusted earnings per share generated in the third quarter of 2012. We are again pleased to announce that we did not have any unusual or other items to report in the third quarter. Our Martinrea Honsel operations contributed $0.07 per share to our third quarter earnings, an increase over the second quarter of 2013, where the operations generated $0.06 in earnings per share, and third quarter of 2012, where the operations generated $0.02 in earnings per share, and this despite the continuing softness in overall European volumes. A number of the efficiencies we have made in Europe, especially in workforce adjustments and cost cutting measures in Germany, continue to take hold. We saw gross margin for the third quarter as a percentage of revenue of 10.9%, much improved from last year and almost the same as in the second quarter, despite the July and August shutdowns common to the automotive industry. 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 has been very good so far, and we believe it will be a record year for revenues and earnings for us. Our fourth quarter is expected to generate revenues for the quarter (excluding tooling revenues) in the range of $720 to $770 million, and we believe our earnings per share will be in the range of 23 to 28 cents per share, likely a record fourth quarter for us from an earnings perspective. The ranges we are using are slightly broader than normal as there is some uncertainty about December volumes because of customer plant closure schedules as customers adjust inventories and plan for the holiday season. 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. We have just completed our three-year budget review process for Martinrea Honsel and Martinrea Classic, and our budgets for the next three years have been approved by our board, and will be provided to our lenders as always. These budgets are of course not completely definitive and are subject to market forces as well as the type of issues any automotive supplier faces. But they do illustrate for us what the future looks like. It is clear to us that, based on our budget assumptions, we believe that the trendline on revenues, profits, cash flow and earnings per share continues to be positive. Just as 2012 was a record year for us, and as we have stated 2013 will be a record year, we believe the same will occur going forward. Specifically, 2014 should be a record year, and 2015 should be better than that. And, while 2016 is still some years away and we still have the opportunity to add work there, that should be a record year too."
Dividend
A cash dividend of $0.03 per share has been declared by the board of directors payable to shareholders of record on December 31, 2013 on or about January 15, 2014.
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, gross margin percentage and earnings per share and earnings and revenue guidance, including for the fourth quarter, 2013 and the years 2014, 2015 and 2016, the expectation as to absence of unusual items, statements as to the growth of the Company, the pursuit of its strategies and the opportunity to increase volumes and sales, 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, statements as to the progress of operational improvements and the continuation of operational efficiencies, statements regarding the continuation of monitoring, managing and rationalization of expenses and reduction of costs, the Company's views on the long term outlook of the automotive industry, statements as to the Company's ability to capitalize on opportunities in the automotive industry, 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 Friday, November 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 November 22, 2013.
The common shares of Martinrea trade on The Toronto Stock Exchange under the symbol "MRE".
On behalf of the Board:
"Robert Wildeboer" Director
"Suleiman Rashid" Director
See accompanying notes to the interim condensed consolidated financial statements.
Contacts:
Martinrea International Inc.
Fred Di Tosto
Chief Financial Officer
(416) 749-0314
(289) 982-3001 (FAX)
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