The Quebec company Uni-Select experienced an increase in its net income for the third quarter of 2022 compared to the same period last year.
The automotive products distribution company recorded net income of $22.4 million or 20 cents per common share for the period ended September 30. This is therefore a good of $10.5 million compared to the third quarter of 2021.
Consolidated sales grew by $26.6 million to reach $452.7 million for this third quarter, which corresponds to an increase of 6.2%.
“We are pleased with our third quarter results, as they reflect the continued efforts of our teams to significantly improve our operations to grow the Company,” Brian McManus, Executive Chairman and Chief Executive Officer, said Friday in a statement. of Uni-Select.
“Despite the impact of currency translation and ongoing labor and inflation challenges, we are focused on operational excellence and cost management, so we expect a slight improvement in results in the fourth quarter of 2022 compared to the corresponding period of the previous year,” he added.
Uni-Select also concluded during this quarter the acquisition of Maslack, which is considered to be the most important since their transformation began in the second quarter of 2021.