The Quebec company Uni-Select recorded higher profits for the fourth quarter of its 2021 fiscal year compared to a loss of net income for the same period last year.
For the quarter ended December 31, the automotive products distribution company reported net income of $9 million, compared to a net loss of approximately $5 million. On a per basic share basis, net income was 21 cents, compared to a loss of 12 cents in the 2020 quarter.
Over the same period, consolidated sales also increased, posting an increase of 9.3% compared to the fourth quarter of 2020 and reaching a total of $400.2 million.
The company explained this increase by organic growth of 7.5%, as well as by the favorable fluctuations of the Canadian dollar and the pound sterling.
“We ended the year on a very positive note with sales up almost 10% in 2021 compared to the previous year. […] and a positive net result again,” Brian McManus, executive chairman and chief executive officer of Uni-Select, said in a press release on Friday.
“These results are the result of the successful implementation of operational improvements, significant savings in borrowing costs, and the tireless dedication and effort of all colleagues,” he added.
The company also posted profits throughout its 2021 fiscal year with sales up 9.6% and basic earnings per share up 76 cents from a year earlier.
Mr. McManus predicts a “modest improvement” in sales for the year 2022 due to inflationary pressures and possible supply chain and labor issues.