Keystone Automotive third quarter net sales up

Keystone posted a gross profit of $39.5m for the third quarter 2010.

Keystone Automotive Operations, a distributor and marketer of automotive aftermarket accessories and equipment, has reported net sales of $123.3m for the third quarter ended 2 October 2010, an increase of 5.7 per cent, compared to $116.6m for the same period in 2009.

Keystone has posted a gross profit of $39.5m for the third quarter 2010, an increase of 9.8 per cent, compared to $36m for the comparable period in 2009.

Gross margin was 32 per cent for the three month period ended 2 October 2010, versus 30.8 per cent for the three month period ended 3 October 2009.

The company posted a net loss of $5.8m for the three months ended 2 October 2010, compared to the net loss of $7.5m for the same period in the prior year.

Keystone Automotive Operations CEO Ed Orzetti said, they are pleased to report the third consecutive quarter of increases in year-over-year sales, despite a sluggish macroeconomic environment.

"We continue to operate the business conservatively in these challenging economic times while prudently investing in the business for both the short and long term," Orzetti said.

"A key ongoing priority is working with our strategic suppliers to introduce programs that continuously improve the customer experience.

"We are well-positioned to benefit from a rebound in the economy and an increase in discretionary spending, and we are busy getting ready for our 'Big Show' events in New Jersey and Texas, which we expect to be bigger and better than last year."