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Category Archives: financial results
Nissan CEO Hiroto Saikawa Forced Out Over Ghosn Matter
The move comes following a report from the beleaguered company’s Audit Committee that recognizes several instances of misconduct from the findings of the internal investigation that is only partially available publicly in filtered form. On May 14, 2019, Nissan belatedly issued numerous amendments to its past annual securities reports, correcting director compensation figures to reflect the amounts that should originally have been disclosed. Continue reading
FCA Q2 Earnings – Net profit at €0.8B. Trouble Ahead?
With the first financial results since an attempt to merge with France’s Renault, FCA said its adjusted earnings before interest and tax (EBIT) would top last year’s 6.7 billion euros ($7.5 billion). It also said it continues the quest for partners. Previously it promised to deliver 2020 adjusted earnings before interest and tax (EBIT), excluding the Magneti Marelli unit it sold, of €9.2-10.4 billion. Continue reading
Posted in economy, financial results
Tagged auto industry commentary, autoinformed.com, automotive blog, earnings, FCA Q2, Ken Zino
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GM Q2 Confirms US Economic Slowdown
Trump’s escalation of the trade wars will likely make things worse not only for GM, but Ford Motor and Fiat Chrysler as well. After GM released earnings, Trump said he would dictate a 10% tariff (aka tax on U.S. consumers on consumer goods and manufacturers on intermediate goods) on $300 billion worth of Chinese imports not already covered with penalties. Continue reading
Penske Automotive Group Q2 Sales Down as Economy Slows
Penske – in AutoInformed’s view – is a leading indicator of where the auto market is going in the US and UK. The decline in new auto sales with an increase in used auto sales could indicate that the economy – here and globally – is on the verge of a recession. Continue reading
Posted in economy, financial results, news analysis
Tagged auto industry commentary, autoinformed.com, automotive blog, Ken Zino, Penske Automotive, q2
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SEC Charges Engine Manufacturing Company Execs with Fraud
According to the complaint, filed in federal court in Chicago, Gary Winemaster, Power Solutions International Inc.’s former CEO, and two former senior sales executives, Craig Davis and James Needham, caused Power Solutions to fraudulently record revenue for purported sales of products that were not complete, that the customer had not agreed to accept, for which the price was falsely inflated, and from improper “bill and hold” arrangements. Continue reading
Penske Automotive Increases Dividend to $0.40 Per Share
“We are pleased to offer our shareholders an increase in the quarterly dividend for the 33rd consecutive quarter. Our sector leading dividend represents a yield of 3.6% and reinforces our commitment to PAG shareholders,” said Penske Automotive Group President Robert H. Kurnick, Jr.” Continue reading
Trump Backs Down on Mexican Import Taxes. Declares Victory by Solving His Self-Created Crisis for American Workers
Automakers, farmers, the equity markets and his normally sycophantic Republican party were all protesting the reckless move. Thus adding to the need to reverse the very course that Trump had set. Continue reading
Renault Returns the Nissan Abstinence Vote Favor
This after the French government asked for more time to study the FCA Renault merger when it learned that Nissan intended to abstain from a vote that would allow it to go forward. Continue reading
Carvana Ups Size, Price of Common Offering. Results Unknown
The offering is subject to customary closing conditions. Wells Fargo Securities, Citigroup and Deutsche Bank Securities acted as book-running managers for the proposed offering. Continue reading
Posted in financial results, marketing
Tagged auto industry commentary, autoinformed.com, automotive blog, Carvana, Ken Zino, online retail, sec
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Speedway Motorsports Ownership Scuffle Underway
Whether this is simply a legal ploy that allows the Smith family to take over the Speedway at a bargain price by demonstrating due diligence, or just exhaust noise designed to talk the stock up remains to be seen. Continue reading
Posted in financial results, racing
Tagged auto industry commentary, autoinformed.com, automotive blog, Ken Zino, sec, Speedway Motorsports
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GM Soft Q1 Income of $2.1B as N.A., International Decline
The only core business bright spot is the sales of expensive pickup trucks, which GM claims will really jump-start earnings during the second half of the year, if – big if – markedly increased production from RAM and Ford, rising gas prices and a sluggish economy don’t alter the current celebratory mood. Continue reading
Posted in financial results
Tagged auto industry commentary, autoinformed.com, automotive blog, gm q1, Ken Zino, uaw
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GM Declares Quarterly Dividend of 38 Cents
The dividend is payable Friday, June 21, 2019, to all common shareholders of record at the close of business on Friday, June 7, 2019. Continue reading
Ford Motor Q1 Results Improve Somewhat
Overall Ford continues to struggle finding a balance between global operations, product mix, manufacturing efficiency, shareholder returns and changing into an automobility company that can compete with old industry giants and emerging new ones such as Lyft, Google and Uber. Continue reading
Ford Motor Company Declares Q2 Dividend of $0.15
Stockholders and Wall Street are skeptical of Ford investor relations “happy talk.” Shares of common are currently trading at $9.30, well below the five-year high of $17.40. Continue reading
Sonic Financial Takes Over Speedway Motorsports
Sonic Financial intends “to promptly complete the acquisition of all shares of Speedway Motorsports through a merger of Speedway Motorsports and a subsidiary of Sonic Financial, without a vote of Speedway Motorsports stockholders, in accordance with Delaware law.” Continue reading →