VAUGHAN, Ont. — Auto components producer Martinrea stated it has a optimistic long-term outlook because it improved gross sales and earnings in its second quarter, at the same time as semiconductor provide points disrupt the auto business.

The Vaughan, Ont.-based firm reported a web earnings of $23.9 million for the quarter ended June 30, in comparison with a web earnings lack of $146.9 million in the identical quarter final 12 months.

That equates to a web earnings of 30 cents per share, in comparison with a web lack of $1.84 per share within the earlier 12 months.

On an adjusted foundation, Martinrea’s web earnings was $27 million or 34 cents per share, in comparison with an adjusted web lack of $73.1 million or 91 cents per share final 12 months.

The corporate stated its margins have been affected by a heavier new enterprise launch cycle than standard this quarter, and from difficulties round labour availability in some areas.

It stated it has a optimistic long-term outlook on account of sturdy demand and file stock lows for autos.

“Our present launch exercise is predicted to generate future gross sales development in addition to sturdy margins as soon as provide bottlenecks are eliminated, and manufacturing normalizes,” stated Pat D’Eramo, president and chief government officer. “Our future stays shiny, and our workforce continues to handle effectively beneath difficult circumstances.”