TORONTO — Martinrea Worldwide Inc. says its web revenue plunged 35 per cent within the first quarter because it continued to face price inflation, new product launches and manufacturing disruptions.

The Toronto-based auto components producer says it earned $25.2 million or 31 cents per diluted share, in contrast with $38.7 million or 48 cents per share a 12 months earlier, beating expectations.

Excluding one-time gadgets, adjusted web earnings had been $24.8 million or 31 cents per share, down 24 per cent from $32.6 million or 41 cents per share within the first quarter of 2021.

Revenues for the three months ended March 31 elevated about 16 per cent to $1.16 billion from $997.2 million led by North American gross sales rising 22 per cent to $859.7 million.

Martinrea was anticipated to report 11 cents per share in adjusted earnings on $997.3 million of revenues, in line with monetary information agency Refinitiv.

The corporate says the outcomes had been higher than the third and fourth quarters due to a decrease degree of semiconductor-related manufacturing shutdowns and buyer call-offs in the course of the quarter, together with the Chevrolet Equinox and Sierra and Silverado pickup truck platforms.

“We proceed to expertise manufacturing disruptions with some clients, in addition to persistent inflationary price pressures, with rising power costs in Europe being essentially the most pervasive,” said CEO Pat D’Eramo in a information launch.

The corporate can also be experiencing essentially the most new enterprise launch exercise in its historical past.

“These elements proceed to maintain margins under their long-run potential _ primarily based on historical past, and on what we consider our operations can obtain. The excellent news is, we’re off to a very good begin in 2022 as our first quarter efficiency demonstrates.”