Consumer auto parts maker Westwood AutoParts reported a 3% decline in fourth-quarter earnings on Tuesday, citing higher sales declines among customers and fewer new orders.
In its fourth-consecutive quarterly earnings report, Westwood also said its stock was trading at a discount to peers.
It reported revenue of $5.3 billion in the quarter and net income of $1.9 billion, a decline of 15% year over year.
“We were able to keep our brand on the air and we continued to grow our sales, but unfortunately, our customers had a tough time with the change in the marketplace,” CEO Michael J. Johnson said in a statement.
“The fact that we were able in the fourth quarter to maintain our growth, but also grow our margins, is a testament to the quality of our products and service, and to our continued ability to innovate and keep our customers on our side.”
Westwood said that its net income fell short of expectations.
The company posted a net loss of $7.2 billion in 2017.
Sales at the company rose 4% year-over-year, while profit fell 15%.
The company reported quarterly revenue of more than $4 billion, up slightly from the year-earlier period.
In the fourth- quarter, Westside said it had more than 2,000 employees.
Johnson also said the company’s stock price would continue to increase, “because we believe our ability to keep customers is important to our future success.”
Read more: http://www.axios.com/articles/2017/08/23/westwood-auto-parts-seeks-buyback-after-sales-decline-3/