Quebec company Uni-Select reported an increase in net profit for the second quarter of 2022 compared to a net loss in the same period last year.
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The automotive products distributor reported net income of $22.8 million, or 46 cents a share, for the quarter ended June 30. So that’s a jump of $43 million compared to the second quarter of 2021, which posted a loss.
According to the company, this development is due to sales and discount growth as well as improved operational performance.
Consolidated revenue for the fiscal quarter also rose 6.7% to reach $444.3 million.
“We are pleased with our performance in the second quarter and the significant year-over-year improvement in revenue and Adjusted EBITDA. These results are explained by higher levels of rebates granted by suppliers and sustained operational improvements across our three businesses,” said Brian McManus, Uni-Select’s executive president and chief executive officer, in a news release Friday.
“Although we face some headwinds in the second half of the year, including the unfavorable impact of currency translation and the impact of inflation on labor costs and operations, we expect financial results in the second half of 2022 to be higher than in 2021, albeit to a lesser extent than in the first and second quarters,” he added.