Wescast Industries Reports Q2 Earnings
Wescast Industries Inc. (WCS-A.TO), a global automotive parts supplier, last night reported 2011 second quarter sales of $71.4 million and a net loss of $1.1 million. The company said it had booked $61.5 million of average annualized new and replacement business globally in the first six months of 2011 which it expects will "positively impact our results in the future". It reported consolidated sales of $71.4 million, consistent with the $71.1 million reported in the second quarter of 2010, reflecting higher sales generated by the company's European and Asian business units and lower sales in North America. The company reported a second quarter net loss of $1.1 million compared with a net loss of $1.4 million reported in 2010. The net loss per share on a diluted basis was $0.09, compared with a net loss of $0.10 reported in the second quarter of 2010. Included in the net loss for the quarter was share-based payments expense of $1.2 million and expenses of $0.6 million related to a review of strategic alternatives with the objective of enhancing shareholder value. It said the share-based payments expense for the quarter was due mainly to the significant increase in the company's share price during the quarter. The combined negative impact on the diluted net loss per share for the quarter was $0.14.
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