Martinrea International Inc.
TSX : MRE

Martinrea International Inc.

March 03, 2015 08:30 ET

Martinrea International Inc. Holds Information Meeting With Analysts/Summarizes Financial Highlights and Will Announce Year End Audited Results on March 19, 2015

TORONTO, ONTARIO--(Marketwired - March 3, 2015) - Martinrea International Inc. ("Martinrea" or the "Company") (TSX:MRE)announced its information meeting today for analysts to update them and the investment community on the Company's strategy, results, business awards and prospects. Presentations were made by Rob Wildeboer, Executive Chairman, Pat D'Eramo, President and Chief Executive Officer and Fred Di Tosto, Chief Financial Officer as well as Martinrea's business unit leaders.

At the meeting, the Company summarized its renewed vision as follows: Martinrea's vision for the future is to be the best, preferred and most valued automotive supplier in the world in the products and services we provide our customers. In order to achieve the vision, the Company outlined its strategy, based on the four pillars of building a high performance culture, operational excellence, superior financial management and customer satisfaction.

The Company indicated that unaudited revenues for its fourth quarter of 2014, excluding tooling revenues, were approximately $862 million, above the range of previously announced sales guidance. Adjusted unaudited earnings per share, on a basic and diluted basis, was $0.27, after adjusting for unusual items representing the cost of the CEO search and approximately $3.5 million in restructuring costs for the right-sizing of two Canadian operating facilities, within previously announced earnings guidance. For 2014, unaudited revenues, excluding tooling revenues, totaled approximately $3.35 billion, and adjusted earnings per share was $0.99 ($0.98 on a diluted basis). All these numbers are records for the respective period.

The Company indicated that 2014 was a very good year for the business, building its footprint, growing its operations and achieving record adjusted financial results. Continued improvement is anticipated in 2015. Although the Company's first quarter is not complete, it is expected to generate revenues for the quarter, excluding tooling revenues, in the range of $860 to $900 million, and generate earnings per share in the range of 31 to 35 cents per share, one of the best quarters in the Company's history from a financial point of view.

The Company also disclosed new business won since its last release in November, 2014, totaling approximately $185 million in incremental annualized business, including approximately $175 million of metal forming work on the next generation GM Equinox starting in 2017 and $10 million of takeover metal forming work in 2015 for one of the Company's key customers.

Rob Wildeboer, Martinrea's Executive Chairman, stated: "We are pleased to report that 2014 was a record year for us, in terms of revenues, adjusted profits and parts produced, and 2015 is off to a very good start. We are very bullish about our future, and intend to execute on our vision. For many years we have been building a footprint for serving our customers with quality products and services; meaningful opportunity, job satisfaction and job security to our people through competitiveness and prudent growth; superior long term investment returns to our stakeholders; and positive contributions to our communities as good corporate citizens."

Pat D'Eramo, Martinrea's President and CEO, stated: "Our strategy going forward is based upon four key pillars: having a high performance culture, operational excellence, superior financial management and customer satisfaction. We are very focused on executing on that strategy, and we are already making progress. I am especially pleased with the new business awards we just announced, as it demonstrates the faith our customers have in us to deliver top quality product to them and the ability to grow this business prudently over time. We are also seeing significant opportunities to serve our customers. We have great people here, and we are executing better as a team every day."

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 provides 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".

Conference Call Details

The Company also announced that it will report its audited financial results for the year ended December 31, 2014, after close of business on March 19, 2015.

A conference call to discuss those results will be held on Friday, March 20, 2015 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 (800) 408-3053 (conference id 9430257#). The rebroadcast will be available until April 3, 2015.

About Martinrea International Inc.

Martinrea International Inc. (TSX:MRE) is a leader in the production of quality steel and aluminum metal parts, assemblies and modules and fluid management systems focused primarily on the automotive sector. Operating 44 plants in North America, South America, Europe and Asia, the Company is a Tier One supplier, serving vehicle manufacturers, automotive suppliers and other industrial sectors worldwide. For more information visit our website at http://www.martinrea.com.

Special Note Regarding Forward-Looking Statements:

This Press Release contains forward-looking statements within the meaning of applicable Canadian securities laws, including statements as to expectations around revenues and earnings for the fourth quarter of 2014 and 2015 and new business awards, 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 risk factors discussed in detail in the Company's Annual Information Form dated March 30, 2014 and other public filings which can be found at www.sedar.com. 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.

The common shares of Martinrea trade on The Toronto Stock Exchange under the symbol "MRE".

Contact Information

  • Martinrea International Inc.
    Fred Di Tosto
    Chief Financial Officer
    (416) 749-0314
    (289) 982-3001 (FAX)