Motorcar Parts of America skids on revenue forecast cut

Motorcar Parts of America

10/02/2020 16:17

** Auto part maker's shares  MPAA.N  down as much as 15% at
$16.58 after co cuts fiscal 2020 sales forecast
    ** Company now expects 2020 adjusted net sales of about $539
mln, compared with prior outlook of between $552 mln and $562
mln  urn:newsml:reuters.com:*:nBwvF6HGa  urn:newsml:reuters.com:*:nGNX4RJjmr
    ** MPAA expects GAAP net sales of $534 mln for 2020
    ** MPAA blames industry sales softness and deferral of
certain product orders late in the third quarter for guiding a
sales forecast trim
    ** MPAA reports lower-than-expected Q3 sales; posts rev of
$125.6 mln vs Street estimates of $139.1 mln, according to
Refinitiv IBES
    ** MPAA shares have gained 32.3% in 2019

 (Reporting by Arjun Remesh)
 ((Arjun.Remesh@thomsonreuters.com;))