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Marketwired
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Martinrea International Inc. Releases First Quarter 2012: Record Earnings

TORONTO, ONTARIO -- (Marketwire) -- 05/08/12 -- Martinrea International Inc. (TSX: MRE) announced today the release of its financial results for the first quarter ended March 31, 2012.

Martinrea is a leader in the production and development of quality metal parts, assemblies and modules, fluid management systems and complex aluminum products focused primarily on the automotive sector. Martinrea currently employs over 10,000 skilled and motivated people in 37 plants in Canada, the United States, Mexico, Brazil and Europe. All amounts in this Press Release are in Canadian dollars, unless otherwise stated; and all tabular amounts are in thousands of Canadian dollars, except earnings per share and number of shares. Additional information about the Company, including the Company's Management Discussion and Analysis of Operating Results and Financial Position for the quarter ended March 31, 2012 ("MD&A") dated as of May 8, 2012, the Company's unaudited interim consolidated financial statements for the quarter ended March 31, 2012 (the "unaudited consolidated interim financial statements") and the Company's Annual Information Form for the year ended December 31, 2011, can be found at www.sedar.com.

Non-IFRS Measures

The Company now reports its financial results in accordance with International Financial Reporting Standards ("IFRS"). However, the Company has included certain non-IFRS financial measures and ratios in this Press Release that the Company believes will provide useful information in measuring the financial performance and financial condition of the Company. These measures do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similarly titled measures presented by other publicly traded companies, nor should they be construed as an alternative to the other financial measures determined in accordance with IFRS. Non-IFRS measures referred to in the analysis include "adjusted net earnings", and "adjusted earnings per share on a basic and diluted basis" and are defined in the Tables A and B under "Adjustments to Net Income" of this Press Release.

Results of Operations

REVENUE

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                   Three months ended Three months ended
                       March 31, 2012     March 31, 2011   Change  % Change
----------------------------------------------------------------------------
North America      $          568,366 $          430,433  137,933      32.0%
Europe                        153,281                748  152,533         -
Rest of World                  14,007                  -   14,007         -
----------------------------------------------------------------------------
Revenue            $          735,654 $          431,181  304,473      70.6%
----------------------------------------------------------------------------
----------------------------------------------------------------------------

First Quarter 2012 to First Quarter 2011 comparison

The Company's revenues for the first quarter of 2012 increased by $304.5 million or 70.6% to $735.7 million as compared to $431.2 million for the first quarter of 2011. The increase was partially due to $191.3 million in incremental revenue resulting from the inclusion of Martinrea Honsel in the consolidated financial results of the Company effective July 29, 2011, which caused sales in both the Company's Europe and Rest of World operating segments to increase significantly year-over-year. Included in the $137.9 million increase in revenue generated in North America was $24.0 million related to the operations of the Company's plant in Queretaro, Mexico which formed part of the Honsel acquisition. The remainder of the increase in revenue in North America was due to improved production volumes in North American light vehicle platforms, an increase in tooling revenue relating to upcoming new programs which is typically dependent on the timing of tooling construction and final inspection and acceptance by the customer, and the impact of exchange rates on the translation of U.S. dollar denominated revenue, which had a positive impact on revenue for the first quarter of 2012 of $5.1 million as compared to the first quarter of 2011.

Overall tooling revenue increased by $40.1 million from $11.8 million for the first quarter of 2011 to $51.9 million for the first quarter of 2012, $5.5 million of which was generated by Martinrea Honsel.

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                  Three months ended  Three months ended
                      March 31, 2012   December 31, 2011  Change  % Change
----------------------------------------------------------------------------
North America    $           568,366 $           542,262  26,104       4.8%
Europe                       153,281             150,838   2,443       1.6%
Rest of World                 14,007              21,727  (7,720)    (35.5%)
----------------------------------------------------------------------------
Revenue          $           735,654 $           714,827  20,827       2.9%
----------------------------------------------------------------------------
----------------------------------------------------------------------------

First Quarter 2012 to Fourth Quarter 2011 comparison

The Company's revenues for the first quarter of 2012 increased by $20.8 million or 2.9% to $735.7 million as compared to $714.8 million for the fourth quarter of 2011. The increase was primarily due to an increase in tooling revenue in North America and slightly improved quarter-over-quarter production volumes in both the North America and Europe operating segments, offset by a decrease in production volumes in Brazil which resulted in revenue in the Rest of World operating segment to decrease by $7.7 million, and the translation of Euro denominated revenue, which negatively impacted revenue for the first quarter of 2012 by approximately $7.4 million.

Overall tooling revenue increased by $22.0 million from $29.9 million for the fourth quarter of 2011 to $51.9 million for the first quarter of 2012.

Overall North American OEM vehicle production for the first quarter of 2012 increased by approximately 14% as compared to the fourth quarter of 2011. The increase in revenue in the Company's North American operating segment for the first quarter of 2012 over the fourth quarter of 2011 lagged behind overall North American vehicle production due generally to sales mix. The Company experienced quarter-over-quarter increases in revenues on the following customer platforms: GM Theta; GMT 800/900; Chrysler LX/LY; GM Global Delta; Chrysler RS/RT; Nissan FFL; Chrysler DR/DS; and GM Zeta. Increases on the above platforms were offset by the roll off of one-time business with Ford to manufacture fuel straps for the F-150 and decreases on the following platforms: Ford CD1-3; GM Sigma; Global Epsilon; Ford C1; Ford P2/D3; Ford U222-U228; and the Orion bus frame.

GROSS MARGIN

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                Three months ended   Three months ended
                    March 31, 2012       March 31, 2011    Change  % Change
----------------------------------------------------------------------------
Gross margin   $            80,309  $            42,438    37,871      89.2%
% of revenue                  10.9%                 9.8%
----------------------------------------------------------------------------
----------------------------------------------------------------------------

First Quarter 2012 to First Quarter 2011 comparison

The gross margin percentage for the first quarter of 2012 of 10.9% increased by 1.1% as compared to the gross margin percentage for the first quarter of 2011 of 9.8%. The Company's gross margin for the first quarter of 2012 was positively impacted by the addition of the acquired operations of Martinrea Honsel. Excluding the operations of Honsel and tooling revenue, which increased significantly year-over-year and typically earns low or no margins for the Company, Martinrea's gross margin percentage for the first quarter of 2012 would have been 11.8%, an increase over 10.1% realized in the first quarter of 2011. This increase was primarily due to increased gross margin as a result of higher light vehicle production volumes and productivity and efficiency improvements at certain North American operating facilities. Martinrea's gross margin for the first quarter of 2012, excluding the operations of Martinrea Honsel, would have been higher if not for $1.2 million of pre-operating costs at the Company's new facility in Silao, Mexico and launch activity at the Company's Shelbyville, Kentucky facility where the Company is currently ramping up for a significant program launch for Ford's C520 program, which negatively impacted gross margin for the quarter by approximately $1.7 million.

The Company's Shelbyville facility, approximating one million square feet, represents about 20% of the Company's square footage in North America and had a revenue run rate of about $50 million per year in the first quarter of 2012. A total of approximately $200 million in anticipated annualized business related to Ford's C520 program is in the process of being launched at this facility. The new work will greatly expand throughput and capacity utilization at Shelbyville, and is expected to turn a very large plant with negative gross margin and earnings and current ramp up costs into a positive gross margin and earnings contributor by the third quarter of 2012. This Ford C520 business consists of approximately $100 million in value added internally produced components and $100 million in components purchased from other suppliers that will be integrated with internally produced components to produce finished welded assemblies. The gross margins on components purchased from other suppliers are typically lower than for value added work, although return on capital is higher. After the launch of the Ford C520 program in Shelbyville, approximately 25% of Martinrea's business excluding Martinrea Honsel will involve integrator or assembly work.

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                        Three months       Three months
                     ended March 31,     ended December
                                2012           31, 2011    Change  % Change
----------------------------------------------------------------------------
Gross margin       $          80,309  $          78,703     1,606       2.0%
% of revenue                    10.9%              11.0%
----------------------------------------------------------------------------
----------------------------------------------------------------------------

First Quarter 2012 to Fourth Quarter 2011 comparison

Gross margin percentage for the first quarter of 2012 of 10.9% decreased slightly by 0.1% as compared to the gross margin percentage for the fourth quarter of 2011 of 11.0%. Excluding tooling revenue, which increased significantly quarter-over quarter and typically earns no or low margins for the Company, gross margin percentage for the first quarter of 2012 increased by 0.3% to 11.8% from 11.5% for the fourth quarter of 2011. This increase was primarily due to productivity and efficiency improvements at certain North American facilities. The increase in gross margin percentage for the first quarter of 2012 would have been higher if not for pre-operating costs at the Company's new facility in Silao, Mexico which increased by $0.4 million quarter-over-quarter, launch activity at the Company's Shelbyville, Kentucky facility, where the Company is currently ramping up for a significant program launch for Ford's C520 program, which increased by $0.3 million quarter-over-quarter, and a decline in gross margin percentage in Brazil where the Company experienced a significant drop in sales volume as previously noted.

ADJUSTMENTS TO NET INCOME
(ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY)

Adjusted net earnings excludes certain unusual and other items, as set out in the following tables and described in the notes thereto. Management uses adjusted earnings as a measurement of operating performance of the Company and believes that, in conjunction with IFRS measures, it provides useful information about the financial performance and condition of the Company.

TABLE A

----------------------------------------------------------------------------
                                  For the three      For the three
                                   months ended       months ended
                                 March 31, 2012     March 31, 2011
                              ------------------ -------------------
                                            (a)                (b)  (a)-(b)
                                                                     Change
----------------------------------------------------------------------------

NET EARNINGS (A)                         23,055             14,015    9,040

Add back - Unusual Items:
Employee related severance
 costs (2)                                  846                  -      846
Other restructuring costs (2)             1,318                  -    1,318
Add back - Other Items:
Transaction and integration
 costs associated with the
 Honsel acquisition recorded
 as SG&A (3)                                581                  -      581


----------------------------------------------------------------------------

TOTAL UNUSUAL AND OTHER ITEMS
 BEFORE TAX                               2,745                  -    2,745
Tax impact of above items                  (528)                 -     (528)
Non-controlling interest on
 above items, after tax                    (535)                 -     (535)

----------------------------------------------------------------------------

TOTAL UNUSUAL AND OTHER ITEMS
 AFTER TAX (B)                            1,682                  -    1,682

----------------------------------------------------------------------------

ADJUSTED NET EARNINGS (A + B)            24,737             14,015   10,722
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Number of Shares Outstanding
 - Basic ('000)                          82,907             83,290
Adjusted Basic Earnings Per
 Share                                     0.30               0.17
Number of Shares Outstanding
 - Diluted ('000)                        83,591             84,915
Adjusted Diluted Earnings Per
 Share                                     0.30               0.17

----------------------------------------------------------------------------
TABLE B
----------------------------------------------------------------------------
                                  For the three      For the three
                                   months ended       months ended
                                 March 31, 2012  December 31, 2011    (a-b)
                              --------------------------------------
                                            (a)                (b)   Change
----------------------------------------------------------------------------

NET EARNINGS (A)                         23,055             18,509    4,546

Add back - Unusual Items:
Impairment of property, plant
 and equipment and intangible
 assets (1)                                   -                435     (435)
Employee related severance
 costs (2)                                  846              2,948   (2,102)
Other restructuring costs (2)             1,318                901      417

Add back - Other Items:
Transaction and integration
 costs associated with the
 Honsel acquisition recorded
 as SG&A (3)                                581              1,561     (980)

----------------------------------------------------------------------------

TOTAL UNUSUAL AND OTHER ITEMS
 BEFORE TAX                               2,745              5,845   (3,100)
Tax impact of above items                  (528)            (1,543)   1,015)
Non-controlling interest in
 above items, after tax                    (535)            (2,957)   2,422

----------------------------------------------------------------------------

TOTAL UNUSUAL AND OTHER ITEMS
 AFTER TAX (B)                            1,682              1,345      337
----------------------------------------------------------------------------

ADJUSTED NET EARNINGS (A + B)            24,737             19,854    4,883
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Number of Shares Outstanding
 - Basic ('000)                          82,907             83,183
Adjusted Basic Earnings Per
 Share                                     0.30               0.24
Number of Shares Outstanding
 - Diluted ('000)                        83,591             83,222
Adjusted Diluted Earnings Per
 Share                                     0.30               0.24

----------------------------------------------------------------------------

(1) Impairment of Property, Plant and Equipment ("PP&E") and Intangible Assets

Impairment tests were conducted on PP&E and intangible assets at December 31, 2011. In addition, as required by IFRS, the Company evaluated all previously recorded impairment charges for potential reversal. Based on this analysis, incremental impairment charges were recorded which were partially offset by the reversal of certain previously recorded impairment charges resulting in a net impairment charge of $0.4 million during the three months ended December 31, 2011. The reversal of previously recorded impairment charges under the requirements of IFRS in 2011 was primarily due to the significant improvements in North American vehicle production from 2009 and the benefits from the restructuring activities conducted during 2009 and 2010 which included the relocation of plant and equipment and the corresponding customer business to cost competitive facilities.

(2) Employee Related Severance and Other Restructuring Costs

As part of the acquisition of Honsel, a certain level of restructuring was planned at the Company's German facility in Meschede. The restructuring efforts commenced immediately after the closing of the acquisition and, as a result, $11.4 million of employee related severance was recognized during the year ended December 31, 2011 of which $1.4 million was recognized during the fourth quarter of 2011. An additional $0.6 million of employee related severance was recognized during the first quarter of 2012. The majority of the restructuring costs expected to be incurred at this German facility will be in the nature of employee related severance as the Company rationalizes the overhead cost structure of the facility and improves the efficiency of the operations. The Company anticipates that additional employee related severance will be incurred at the facility during the remainder of 2012.

In addition, during the fourth quarter of 2011, the Company began the process of closing one of its small operating facilities in Mexico. The existing business and equipment of this facility will be moved to other Company facilities in Mexico including a new facility the Company opened in Silao, Mexico in 2011. Restructuring costs relating to this closure during the fourth quarter of 2011 totaled $2.4 million consisting primarily of employee related severance ($1.5 million) and the dismantling and transporting of PP&E between Company facilities ($0.9 million). An additional $1.5 million of restructuring costs was recognized during the first quarter of 2012 consisting primarily of employee related severance ($0.2 million) and the dismantling and transporting of PP&E between Company facilities ($1.3 million).

At this time, the Company does not expect to incur any further significant restructuring costs with the exception of the settlement of the Windsor pension and OPEB plans which the Company will continue to fund over the next two years, the windup of the Martinrea Fabco Hot Stampings pension plan, the completion of the closure of the small operating facility in Mexico and any restructuring required relating to the acquired assets of Honsel (as discussed above), which, at this point in time, the Company believes will be limited to employee related severance as the Company rationalizes the overhead cost structure and improves the efficiency of the operations in Meschede, Germany.

(3) Transaction and Integration Costs Associated with the Acquisition of Honsel

On July 29, 2011, the Company closed the purchase of the assets of Honsel to form the Martinrea Honsel Group. Martinrea joined with Anchorage in the transaction and, consequently, owns 55% of the Martinrea Honsel Group with Anchorage owning the remaining 45%. The Company expensed $9.7 million in transaction and integration costs related to the acquisition during the year ended December 31, 2011 of which $1.6 million was expensed during the fourth quarter of 2011. An additional $0.6 million of integration costs was expensed during the first quarter of 2012. At this time, the Company does not expect to incur any further significant transaction and integration costs related to the acquired assets of Martinrea Honsel.

NET EARNINGS
(ATTIBUTABLE TO EQUITY HOLDERS OF THE COMPANY)

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                     Three months ended Three months ended
                         March 31, 2012     March 31, 2011  Change % Change
----------------------------------------------------------------------------
Net earnings         $           23,055 $           14,015   9,040     64.5%
Adjusted net
 earnings            $           24,737 $           14,015  10,722     76.6%
Earnings per common
 share
 Basic               $             0.28 $             0.17
 Diluted             $             0.28 $             0.17
Adjusted earnings
 per common share
 Basic               $             0.30 $             0.17
 Diluted             $             0.30 $             0.17
----------------------------------------------------------------------------
----------------------------------------------------------------------------

First Quarter 2012 to First Quarter 2011 comparison

Net earnings for the first quarter of 2012 of $23.1 million increased by $9.0 million from $14.0 million for the first quarter of 2011. Excluding unusual and other items incurred during first quarter of 2012 as explained in Table A under "Adjustments to Net Income", the net earnings for the first quarter of 2012 improved to $24.7 million or $0.30 per share, on a basic and diluted basis, in comparison to adjusted net earnings of $14.0 million or $0.17 per share, on a basic and diluted basis, for the first quarter of 2011.

The net earnings and adjusted net earnings for the first quarter of 2012, as compared to the first quarter of 2011, were positively impacted by the addition of Martinrea Honsel to the consolidated financial results of the Company, an increase in customer production volumes in North America and productivity and efficiency improvements at certain North American facilities. The positive impact was offset by launch activity costs during the quarter predominantly at the Company's Shelbyville, Kentucky facility and pre-operating costs at the Company's new facility in Silao, Mexico.

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                     Three months ended Three months ended
                         March 31, 2012  December 31, 2011  Change % Change
----------------------------------------------------------------------------
Net earnings         $           23,055 $           18,509   4,546     24.6%
Adjusted net
 earnings            $           24,737 $           19,854   4,883     24.6%
Earnings per common
 share
 Basic               $             0.28 $             0.22
 Diluted             $             0.28 $             0.22
Adjusted earnings
 per common share
 Basic               $             0.30 $             0.24
 Diluted             $             0.30 $             0.24
----------------------------------------------------------------------------
----------------------------------------------------------------------------

First Quarter 2012 to Fourth Quarter 2011 comparison

Net earnings for the first quarter of 2012 of $23.1 million increased by $4.5 million from net earnings of $18.5 million for the fourth quarter of 2011. Excluding unusual and other items incurred during these two quarters, as explained in Table B under "Adjustments to Net Income", net earnings for the first quarter of 2012 improved to $24.7 million or $0.30 per share, on a basic and diluted basis, as compared to net earnings of $19.9 million or $0.24 per share, on a basic and diluted basis, for the fourth quarter of 2011. The increase can be attributed to a gross margin expansion in the Company's North American operations resulting from productivity and efficiency improvements at certain operating facilities, slightly higher customer production volumes in both North America and Europe, and a quarter-over-quarter decrease in SG&A expense as previously noted. Overall earnings during the first quarter of 2012 were negatively impacted by a decrease in light vehicle production volumes in Brazil which resulted in a quarter-over-quarter decrease in operating income in the Rest of World operating segment.

CAPITAL EXPENDITURES

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                     Three months ended Three months ended
                         March 31, 2012     March 31, 2011  Change % Change
----------------------------------------------------------------------------
Capital Expenditures $           34,233 $           25,075   9,158     36.5%
----------------------------------------------------------------------------
----------------------------------------------------------------------------

First Quarter 2012 to First Quarter 2011 comparison

Capital expenditures increased by $9.2 million to $34.2 million in the first quarter of 2012 from $25.1 million in the first quarter of 2011. This increase is primarily attributed to incremental capital expenditures relating to Martinrea Honsel which amounted to $7.7 million.

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                     Three months ended Three months ended               %
                         March 31, 2012  December 31, 2011  Change  Change
----------------------------------------------------------------------------
Capital Expenditures $           34,233 $           47,498 (13,265)  (27.9%)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

First Quarter 2012 to Fourth Quarter 2011 comparison

Capital expenditures decreased by $13.3 million to $34.2 million in the first quarter of 2012 from $47.5 million in the fourth quarter of 2011. The decrease can be attributed to the launch of new programs in 2012 for which the majority of capital expenditures were incurred in previous quarters. Capital expenditures incurred in both the quarters are primarily related to the purchase of new program equipment in response to newly awarded business scheduled to launch over the next two years and capital for a new plant the Company has recently opened in Silao, Mexico.

Nick Orlando, Martinrea's Chief Executive Officer, stated: "I am very pleased with our first quarter results. We experienced record revenues, profits and earnings per share. We continued to work on operational improvements at all plant locations and launches at several plants. One launch of particular importance is our launch at Shelbyville, which commenced several weeks ago and is ramping up. There are the usual challenges experienced with a major launch, but we are working through them. We are pleased to announce that we have won incremental business awards totaling $75 million annualized since January 1, 2012. This business consists of $50 million of new metal forming work for Ford on its Edge and MKX platforms to be manufactured in Oakville (launching in 2013), $15 million of metal forming work for BMW on the next generation X6 and new X4 vehicle in North America (launching in 2014) and the takeover of an aluminum engine block for PSA for one of our plants in Germany which will generate $10 million of annualized sales starting early in the third quarter of 2012."

Fred Di Tosto, Martinrea's Chief Financial Officer, stated: "Revenues for the first quarter, excluding $52 million in tooling revenues, were approximately $684 million which was just short of the low end of our quarterly sales guidance as previously provided due mainly to softness in revenues at Martinrea Honsel's operating facility in Brazil. North American revenues for the first quarter of 2012, excluding tooling revenue, amounted to $521 million, up slightly from $518 million during the fourth quarter of 2011. The quarter-over-quarter increase in revenues in North America lagged behind overall North American OEM vehicle production, which increased by approximately 14% quarter-over-quarter, due generally to sales mix and the completion of one-time takeover work during the fourth quarter of 2011 as further discussed in our MD&A. In the first quarter of 2012 our adjusted earnings per share was $0.30, after factoring out Honsel related integration costs and other restructuring costs, up from $0.24 in the fourth quarter of 2011 and $0.17 in the first quarter of 2011, after adjustments and on a diluted basis, and in line with our quarterly earnings guidance as previously provided. Our first quarter results from the Martinrea Honsel assets were accretive to earnings, after factoring out unusual and other items, and amounted to approximately $0.06 of earnings per share for the quarter, slightly lower than our previous quarter due mainly to some softness in Brazil. Our first quarter results from Martinrea Classic amounted to approximately $0.24 of earnings per share, after factoring out unusual and other items, up significantly from $0.17 per share earned in the fourth quarter of 2011 due mainly to productivity and efficiency improvements at certain North American operating facilities and a decrease in SG&A expense. We did experience some launch costs at the Shelbyville facility and pre-operating costs in Silao which negatively impacted earnings in the quarter but these should disappear over time."

Mr. Di Tosto added: "In addition, we saw gross margin for the quarter, excluding tooling revenue, at 11.8%, an increase over both the previous quarter and comparative quarter of 2011. We expect gross margin to continue to improve and approach historical levels as we launch a significant backlog of business over the next 24 months and production volumes continue to improve in North America. In our second quarter of 2012, we anticipate revenues (excluding tooling revenues) will range from $690 million to $710 million, and we believe our earnings per share after adjustments will range from $0.29 - $0.33 per share."

Rob Wildeboer, Martinrea's Executive Chairman, stated: "We are very positive about our prospects for the rest of 2012 and beyond, where we anticipate our earnings to increase consistent with previous guidance. We repeat our statements that we believe, based on where we sit today, that 2012 will be our best year to date by far from a financial point of view, subject to market conditions. Based on our assumptions of volumes, interest rates and our outlook, we are budgeting for consolidated revenues approaching $3 billion in 2012, and earnings, including our interest in Martinrea Honsel, should range somewhere between $1.05 and $1.25 per share, absent unusual items in each case. In 2013, we anticipate higher production sales; as well as improved gross margins and EBITDA margins across the board as the impact of higher throughput and efficiencies are felt, and we are anticipating in our budgets that our earnings per share for the year will grow to the $1.30 to $1.50 range, based on current assumptions. Underlying our optimism to some extent is the fact we have much product to launch, and the macroeconomic outlook involving automotive in North America in particular is positive. In sum, there remains pent up demand for light cars and trucks in North America. We believe the North American auto industry is in a growth phase, and certainly sales volumes in the U.S. this year to date have been much more robust than a year ago. There is still room to grow over time. While Europe has faced some headwinds, it is noted that much of the Martinrea Honsel business is in the form of product put in vehicles which have a healthy export market, like Jaguar. Our customers everywhere seem to be doing well. In terms of our financial position at Martinrea, we continue to have a strong balance sheet, with the capability, we believe, to take advantage of opportunities, whether in terms of expanding and taking on new work, or making complementary acquisitions".

Forward-Looking Information

Special Note Regarding Forward-Looking Statements

This Press Release contains forward-looking statements within the meaning of applicable Canadian securities laws including related to the Company's expectations as to the financial impact of the new launch at the Shelbyville plant, gross margin percentage and expectations on future sales, revenue, earnings per share and capital expenditures (including of Martinrea Honsel), the launching of new metal forming and fluid systems programs, anticipated growth in the automotive industry, the opportunity to increase sales, broad geographic penetration, and the nature and duration of the economic recession to the continuation of monitoring, managing and rationalization of expenses, the Company's expectations regarding the amount of restructuring expenses to be expensed (including Martinrea Honsel) and the windup of the Hot Stampings pension plan, the Company's statements on operations and product launches, the Company's view on the financial viability of its customers, the Company's views on the long term outlook of the automotive industry and corresponding increased sales and production including of the amount of business of Martinrea Honsel in export markets, the Company's statements of its intention for growth over time (organically or through acquisition), including of the Martinrea Honsel business, the Company's statement on the success of the Martinrea Honsel Acquisition and optimism for the future and the Company's ability to capitalize on opportunities in the automotive industry, as well as other forward-looking statements. The words "continue", "expect", "anticipate", "estimate", "may", "will", "should", "views", "intend", "believe", "plan" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate in the circumstances. Many factors could cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors, some of which are discussed in detail in the Company's Annual Information Form and other public filings which can be found at www.sedar.com:

--  North American and global economic and political conditions;
--  the highly cyclical nature of the automotive industry and the industry's
    dependence on consumer spending and general economic conditions;
--  the Company's dependence on a limited number of significant customers;
--  financial viability of suppliers;
--  Martinrea's reliance on critical suppliers and on suppliers for
    components and the risk that suppliers will not be able to supply
    components on a timely basis or in sufficient quantities;
--  competition;
--  the increasing pressure on the Company to absorb costs related to
    product design and development, engineering, program management,
    prototypes, validation and tooling;
--  increased pricing of raw materials;
--  outsourcing and in-sourcing trends;
--  competition with low cost countries;
--  the risk of increased costs associated with product warranty and recalls
    together with the associated liability;
--  the Company's ability to enhance operations and manufacturing
    techniques;
--  dependence on key personnel;
--  limited financial resources;
--  risks associated with the integration of acquisitions;
--  costs associated with rationalization of production facilities;
--  the potential volatility of the Company's share price;
--  changes in governmental regulations or laws including any changes to the
    North American Free Trade Agreement;
--  labour disputes;
--  litigation;
--  currency risk;
--  fluctuations in operating results;
--  internal controls over financial reporting and disclosure controls and
    procedures;
--  environmental regulation;
--  a shift away from technologies in which the Company is investing;
--  potential tax exposures;
--  a change in the Company's mix of earnings between jurisdictions with
    lower tax rates and those with higher tax rates, as well as the
    Company's ability to fully benefit from tax losses;
--  the Company's ability to shift its manufacturing footprint to take
    advantage of opportunities in growing markets;
--  risks of conducting business in foreign countries, including China,
    Brazil and other growing markets;
--  under-funding of pension plans; and
--  the cost of post-employment benefits.

These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company has no intention and undertakes no obligation to update or revise any forward-looking statements, except as required by law.

A conference call to discuss those results will be held on Wednesday, May 9 at 8:00 a.m. (Toronto time) which can be accessed by dialing 416-340-8410 or toll free 1-866-225-2055. Please call 10 minutes prior to the start of the conference call.

If you have any teleconferencing questions, please call Andre La Rosa at (416) 749-0314.

There will also be a rebroadcast of the call available by dialing 1-800-408-3053 (conference id 4555837#). The rebroadcast will be available until May 23, 2012.

The common shares of Martinrea trade on The Toronto Stock Exchange under the symbol "MRE".

Martinrea International Inc.
Condensed Consolidated Balance Sheets
(in thousands of Canadian dollars) (unaudited)

----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                              Note     March 31, 2012     December 31, 2011
----------------------------------------------------------------------------
ASSETS
Cash and cash equivalents           $          22,644   $            26,505
Trade and other receivables      3            500,446               386,776
Inventories                      4            272,760               248,588
Prepaid expenses and
 deposits                                       8,815                 8,224
Income taxes recoverable                       11,244                11,056
Current portion of
 promissory note                                2,263                 2,263
----------------------------------------------------------------------------
TOTAL CURRENT ASSETS                          818,172               683,412
----------------------------------------------------------------------------
Property, plant and
 equipment                       5            626,695               616,592
Deferred income tax assets                     68,827                72,715
Intangible assets                6             48,290                42,397
Promissory note                                 2,437                 2,378
----------------------------------------------------------------------------
TOTAL NON-CURRENT ASSETS                      746,249               734,082
----------------------------------------------------------------------------
TOTAL ASSETS                        $       1,564,421   $         1,417,494
----------------------------------------------------------------------------
----------------------------------------------------------------------------

LIABILITIES
Bank Indebtedness                   $          13,718   $                 -
Trade and other payables         7            496,612               427,072
Provisions                       8              9,679                12,956
Income taxes payable                            4,938                 3,724
Current portion of long-term
 debt                            9             18,949                17,928
----------------------------------------------------------------------------
TOTAL CURRENT LIABILITIES                     543,896               461,680
----------------------------------------------------------------------------
Long-term debt                   9            291,273               245,317
Pension and other post-
 retirement benefits                           52,163                53,795
Deferred income tax
 liabilities                                   41,622                40,119
Provisions                       8              2,787                 3,149
Other financial liability        2             75,646                71,236
----------------------------------------------------------------------------
TOTAL NON-CURRENT
 LIABILITIES                                  463,491               413,616
----------------------------------------------------------------------------
TOTAL LIABILITIES                           1,007,387               875,296
----------------------------------------------------------------------------

EQUITY
Share capital                   11            675,340               674,568
Notes receivable for share
 capital                        11                  -                  (602)
Contributed surplus             11             44,933                44,165
Other equity                     2            (75,646)              (71,236)
Accumulated other
 comprehensive loss                           (16,680)               (8,330)
Accumulated deficit                          (146,014)             (169,006)
----------------------------------------------------------------------------
TOTAL EQUITY ATTRIBUTABLE TO
 EQUITY HOLDERS OF THE
 COMPANY                                      481,933               469,559
Non-controlling interest                       75,101                72,639
----------------------------------------------------------------------------
TOTAL EQUITY                                  557,034               542,198
----------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY        $       1,564,421   $         1,417,494
----------------------------------------------------------------------------
----------------------------------------------------------------------------

See accompanying notes to the interim condensed consolidated financial
statements.

On behalf of the Board:

"Robert Wildeboer"  Director
----------------------------

"Suleiman Rashid"   Director
----------------------------


Martinrea International Inc.
Condensed Consolidated Statements of Operations
(in thousands of Canadian dollars, except per share amounts) (unaudited)

----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                              Three months     Three months
                                                     ended            ended
                                      Note  March 31, 2012   March 31, 2011
----------------------------------------------------------------------------

----------------------------------------------------------------------------
SALES                                      $       735,654  $       431,181
----------------------------------------------------------------------------

Cost of sales (excluding
 depreciation of property, plant and
 equipment)                                       (639,816)        (378,729)
Depreciation of property, plant and
 equipment (production)                            (15,529)         (10,014)
----------------------------------------------------------------------------
Total cost of sales                               (655,345)        (388,743)
----------------------------------------------------------------------------
GROSS MARGIN                                        80,309           42,438
----------------------------------------------------------------------------

Research and development costs                      (3,328)          (2,258)
Selling, general and administrative                (34,266)         (17,706)
Depreciation of property, plant and
 equipment (non-production)                         (1,066)            (721)
Amortization of customer contracts
 and relationships                                  (1,578)          (1,091)
Restructuring and integration costs     13          (2,164)               -
Loss on disposal of property, plant
 and equipment                                         (38)              (4)
----------------------------------------------------------------------------
OPERATING INCOME                                    37,869           20,658
----------------------------------------------------------------------------

Finance costs                                       (3,756)          (1,431)
Other finance income and expenses                      365              259
----------------------------------------------------------------------------
INCOME BEFORE INCOME TAXES                          34,478           19,486

Income tax expense                      10          (8,369)          (5,512)
----------------------------------------------------------------------------
NET INCOME FOR THE PERIOD                           26,109           13,974
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Non-controlling interest                            (3,054)              41
----------------------------------------------------------------------------

NET INCOME ATTRIBUTABLE TO EQUITY
 HOLDERS OF THE COMPANY                    $        23,055  $        14,015
----------------------------------------------------------------------------
----------------------------------------------------------------------------


----------------------------------------------------------------------------
----------------------------------------------------------------------------
Basic earnings per share                12 $          0.28  $          0.17
Diluted earnings per share              12 $          0.28  $          0.17
----------------------------------------------------------------------------
----------------------------------------------------------------------------

See accompanying notes to the interim condensed consolidated financial
statements.


Martinrea International Inc.
Condensed Consolidated Statements of Comprehensive Income
(in thousands of Canadian dollars) (unaudited)

----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                              Three months     Three months
                                                     ended            ended
                                            March 31, 2012   March 31, 2011
----------------------------------------------------------------------------

NET INCOME FOR THE PERIOD                  $        26,109  $        13,974
Other comprehensive income (loss), net of
 tax:
  Foreign currency translation differences
   for foreign operations                           (8,942)          (9,197)
  Defined benefit plan actuarial gains /
   (losses)                                            (63)           1,640
----------------------------------------------------------------------------
Other comprehensive loss, net of tax                (9,005)          (7,557)
----------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD           17,104            6,417
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Attributable to:
  Equity holders of the Company                     14,642            6,549
  Non-controlling interest                           2,462             (132)
----------------------------------------------------------------------------
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD  $        17,104  $         6,417
----------------------------------------------------------------------------
----------------------------------------------------------------------------

See accompanying notes to the interim condensed consolidated financial
statements.


Martinrea International Inc.
Condensed Consolidated Statements of Changes in Equity
(in thousands of Canadian dollars) (unaudited)

----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                   Equity attributable to equity holders of the Company
              --------------------------------------------------------------

                                Notes
                           receivable                            Cumulative
                   Share    for share   Contributed     Other   translation
                 capital      capital       surplus    equity       account
----------------------------------------------------------------------------
Balance at
 December 31,
 2010          $ 682,495  $    (2,700) $     41,241  $      -  $    (18,822)
----------------------------------------------------------------------------
Net income for
 the period            -            -             -         -             -
Compensation
 expense
 related to
 stock options         -            -           570         -             -
Exercise of
 employee
 stock options       499            -           (40)        -             -
Repurchase of
 common shares      (206)           -             -         -             -
Other
 comprehensive
 income, net
 of tax                                                     -
--------------
 Actuarial
  gains                -            -             -         -             -
 Foreign
  currency
  translation
  differences          -            -             -         -        (9,197)
----------------------------------------------------------------------------
Balance at
 March 31,
 2011            682,788       (2,700)       41,771         -       (28,019)
----------------------------------------------------------------------------

Net income for
 the period            -            -             -         -             -
Compensation
 expense
 related to
 stock options         -            -         2,394         -             -
Contribution
 from non-
 controlling
 interest -
 Honsel
 acquisition           -            -             -         -             -
Acquired non-
 controlling
 interest -
 Honsel
 acquisition           -            -             -         -             -
Fair value of
 put option
 granted to
 non-
 controlling
 interest
 (note 2)              -            -             -   (71,236)            -
Repayment of
 notes
 receivable            -        2,098                                     -
Repurchase of
 common shares    (8,220)           -             -         -             -
Other
 comprehensive
 income, net
 of tax                                                     -
--------------
 Actuarial
  losses               -            -             -         -             -
 Foreign
  currency
  translation
  differences          -            -             -         -        19,689
----------------------------------------------------------------------------
Balance at
 December 31,
 2011            674,568         (602)       44,165   (71,236)       (8,330)
----------------------------------------------------------------------------

Net income for
 the period            -            -             -         -             -
Compensation
 expense
 related to
 stock options         -            -           976         -             -
Fair value
 adjustment of
 put option
 granted to
 non-
 controlling
 interest              -            -             -    (4,410)            -
Repayment of
 notes
 receivable            -          602             -         -             -
Exercise of
 employee
 stock options       772            -          (208)        -             -
Other
 comprehensive
 income, net
 of tax
--------------
 Actuarial
  losses               -            -             -         -             -
 Foreign
  currency
  translation
  differences          -            -             -         -        (8,350)
----------------------------------------------------------------------------
Balance at
 March 31,
 2012          $ 675,340  $         -  $     44,933  $(75,646)      (16,680)
----------------------------------------------------------------------------
----------------------------------------------------------------------------

----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                Equity attributable to equity
                    holders of the Company
              ---------------------------------


                                                         Non-
                   Accumulated                    controlling         Total
                       deficit         Total         interest        equity
----------------------------------------------------------------------------
Balance at
 December 31,
 2010          $      (214,028) $    488,186  $           922  $    489,108
----------------------------------------------------------------------------
Net income for
 the period             14,015        14,015              (41)       13,974
Compensation
 expense
 related to
 stock options               -           570                -           570
Exercise of
 employee
 stock options               -           459                -           459
Repurchase of
 common shares             (19)         (225)               -          (225)
Other
 comprehensive
 income, net
 of tax
--------------
 Actuarial
  gains                  1,640         1,640                -         1,640
 Foreign
  currency
  translation
  differences                -        (9,197)               -        (9,197)
----------------------------------------------------------------------------
Balance at
 March 31,
 2011                 (198,392)      495,448              881       496,329
----------------------------------------------------------------------------

Net income for
 the period             40,515        40,515            1,761        42,276
Compensation
 expense
 related to
 stock options               -         2,394                -         2,394
Contribution
 from non-
 controlling
 interest -
 Honsel
 acquisition                 -             -           67,924        67,924
Acquired non-
 controlling
 interest -
 Honsel
 acquisition                 -             -            5,415         5,415
Fair value of
 put option
 granted to
 non-
 controlling
 interest
 (note 2)                    -       (71,236)               -       (71,236)
Repayment of
 notes
 receivable                  -         2,098                -         2,098
Repurchase of
 common shares           1,115        (7,105)               -        (7,105)
Other
 comprehensive
 income, net
 of tax
--------------
 Actuarial
  losses               (12,244)      (12,244)               -       (12,244)
 Foreign
  currency
  translation
  differences                -        19,689           (3,342)       16,347
----------------------------------------------------------------------------
Balance at
 December 31,
 2011                 (169,006)      469,559           72,639       542,198
----------------------------------------------------------------------------

Net income for
 the period             23,055        23,055            3,054        26,109
Compensation
 expense
 related to
 stock options               -           976                -           976
Fair value
 adjustment of
 put option
 granted to
 non-
 controlling
 interest                    -        (4,410)               -        (4,410)
Repayment of
 notes
 receivable                  -           602                -           602
Exercise of
 employee
 stock options               -           564                -           564
Other
 comprehensive
 income, net
 of tax
--------------
 Actuarial
  losses                   (63)          (63)               -           (63)
 Foreign
  currency
  translation
  differences                         (8,350)            (592)       (8,942)
----------------------------------------------------------------------------
Balance at
 March 31,
 2012          $      (146,014) $    481,933  $        75,101  $    557,034
----------------------------------------------------------------------------
----------------------------------------------------------------------------

See accompanying notes to the interim condensed consolidated financial
statements.


Martinrea International Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands of Canadian dollars) (unaudited)

----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                              Three months     Three months
                                                     ended            ended
                                            March 31, 2012   March 31, 2011
----------------------------------------------------------------------------
CASH PROVIDED BY (USED IN):
OPERATING ACTIVITIES:
Net Income for the period                  $        26,109  $        13,974
Adjustments for:
  Depreciation of property, plant and
   equipment                                        16,595           10,735
  Amortization of customer contracts and
   relationships                                     1,578            1,091
  Amortization of development costs                    397                -
  Accretion of interest on promissory note             (59)            (133)
  Unrealized losses / (gains) on foreign
   exchange forward contracts                          369             (280)
  Finance costs                                      3,756            1,431
  Income tax expense                                 8,369            5,512
  Loss on disposal of property, plant and
   equipment                                            38                4
  Stock-based compensation                             976              570
  Pension and other post-retirement
   benefits expense                                    713              654
  Contributions made to pension and other
   post-retirement benefits                         (1,980)          (1,419)
----------------------------------------------------------------------------
                                                    56,861           32,139
Changes in non-cash working capital items:
  Trade and other receivables                     (117,932)         (83,386)
  Inventories                                      (26,588)         (23,560)
  Prepaid expenses and deposits                       (591)            (967)
  Trade, other payables and provisions              69,835           35,362
  Income taxes payable / recoverable                     -              (76)
----------------------------------------------------------------------------
                                                   (18,415)         (40,488)
  Interest paid                                     (3,521)          (1,217)
  Income taxes paid                                 (2,076)          (2,164)
----------------------------------------------------------------------------
NET CASH PROVIDED IN OPERATING ACTIVITIES          (24,012)         (43,869)
----------------------------------------------------------------------------

FINANCING ACTIVITIES:
  Increase in bank indebtedness                     13,718           15,760
  Repurchase of common shares                            -             (225)
  Receipt of payment on notes receivable
   for share capital                                   602                -
  Exercise of employee stock options                   564              459
  Increase in long-term debt                        55,494           30,369
  Repayment of long-term debt                       (7,047)          (3,322)
----------------------------------------------------------------------------
NET CASH PROVIDED IN FINANCING ACTIVITIES           63,331           43,041
----------------------------------------------------------------------------

INVESTING ACTIVITIES:
  Purchase of property, plant and
   equipment                                       (34,233)         (25,075)
  Capitalized development costs                     (8,413)          (1,420)
  Proceeds on disposal of property, plant
   and equipment                                        90               47
----------------------------------------------------------------------------
NET CASH USED IN INVESTING ACTIVITIES              (42,556)         (26,448)
----------------------------------------------------------------------------

Effect of foreign exchange rate changes on
 cash and cash equivalents                            (624)           1,249
----------------------------------------------------------------------------

DECREASE IN CASH AND CASH EQUIVALENTS               (3,861)         (26,027)
CASH AND CASH EQUIVALENTS, BEGINNING OF
 PERIOD                                             26,505           26,027
----------------------------------------------------------------------------
CASH AND CASH EQUIVALENTS, END OF PERIOD   $        22,644  $             -
----------------------------------------------------------------------------
----------------------------------------------------------------------------

See accompanying notes to the interim condensed consolidated financial
statements.

Contacts:
Martinrea International Inc.
Fred Di Tosto
Chief Financial Officer
(416) 749-0314
(289) 982-3001 (FAX)

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