The Quebec company Uni-Select recorded an increase in net income for the second quarter of 2022 compared to a net loss in the same period last year.
The automotive products distribution company reported net income of $22.8 million or 46 cents per share for the quarter ended June 30. This is therefore a jump of $43 million compared to the second quarter of 2021, which posted a loss.
According to the company, this performance is attributable to the growth in sales and discounts as well as improved operating performance.
Consolidated sales were up 6.7% for this quarter of the fiscal year, reaching $444.3 million.
“We are pleased with our second quarter performance, as well as the significant improvement in sales and adjusted EBITDA compared to the prior year. These results are explained by a higher level of rebates granted by suppliers and sustained operational improvements in our three business units,” Brian McManus, Executive President and Chief Executive Officer of Uni-Select, said in a press release on Friday. .
“While we do face some headwinds in the second half of the year, notably due to the unfavorable impact of currency translation and the impact of inflation on labor and operating costs, we expect higher financial results in the second half of 2022 compared to 2021, although to a lesser extent than those seen in the first and second quarters” , he added.
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