05:11 PM EDT, 08/06/2024 (MT Newswires) -- Martinrea International MRE.TO) on Tuesday said its second-quarter adjusted profit fell 11% on lower sales.

The auto-parts company said its adjusted profit, which excludes most one-time items, fell to $44.38 million, or $0.58 per share, in the period, down from $49.9 million, or $0.62 in the year-prior quarter.

Revenue dropped 4.4% to $1.3 billion from $1.36 billion a year earlier.

"We continue to perform well operationally. Supply constraints, inflationary cost pressures, and tight labour markets are generally improving, and we are mitigating the impact of these issues, as well as the slower-than-expected ramp up in electric vehicle programs across our industry, through commercial negotiations. I am happy with the progress we are making on this front. Our business is well-positioned for the long term," chief executive Pat D'Eramo said in a release.

Martinrea ( MRETF ) shares closed down $0.35 to $10.51 on the Toronto Stock Exchange.