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Category Archives: financial results
TBC Corporation Acquires Midas in Successful Tender Offer
TBC Corporation today announced that it has completed the acquisition of Midas, Inc. through one of its wholly owned subsidiaries, Gearshift Merger Corporation, with Midas being the surviving corporation. The short form merger was the final step of the acquisition process and follows TBC’s payment for all of the shares validly tendered. Continue reading
Posted in auto news, financial results, results
Tagged auto informed, autoinformed.com, automotive news, insider trading, Ken Zino, midas, sec, takeover, tbc
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Honda Q4 Profit up 61%, but Fiscal Year Down
Now that production has resumed, and the all important North American and Asian markets are recovering, Honda predicted record global vehicle sales of 4.3 million vehicles – up from 3.1 million – for this fiscal year and a profit of ¥ 470 billion. Continue reading
Posted in auto news, financial results, results
Tagged auto informed, autoinformed.com, automotive news, Honda results, Ken Zino, results
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Ford Motor Q1 Profit $2.3 Billion, Down $500 Million
With successful businesses in North America ($ 2.1 billion profit) and Ford Credit ($452 million profit), Ford has now been profitable on a pre-tax operating basis for 11 consecutive quarters. The North American operating margin was 11.5% compared to overall results of a 6.4% margin. Continue reading
Posted in auto news, financial results, news analysis, results
Tagged auto informed, autoinformed.com, automotive news, ford results, Ken Zino, q1 results
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Ford Moves to Decrease Its $15 Billion in Unfunded Pensions
Ford took another step today to solve its huge problem with unfunded global pension plans, by announcing that it will offer to about 90,000 eligible U.S. salaried retirees and U.S. salaried former employees the option to receive a voluntary lump-sum … Continue reading
Chrysler Provides Most of Q1 Fiat Group Profits of €866m
The weak consolidated Fiat-Chrysler Group return of 4.2% on sales of more than €20 billion stood in stark contrast to Chrysler Group’s return of 7% on €872 million in revenues during the quarter reported earlier in the day. Simply put, courtesy of U.S. and Canadian taxpayers, a reorganized Chrysler, now 58.5% owned by Fiat, is providing the profits for the newly created Fiat-Chrysler Group. Continue reading
Chrysler Group Q1 Profit $740 million on 33% Sales Increase
“I have really no bad news to tell you,” said Sergio Marchionne, Chairman and Chief Executive Officer of Chrysler Group. “We continue to focus on new product launches, and 2012 is the weakest year for new products. The big one is 2013.” Continue reading
Posted in auto news, financial results, results
Tagged auto bailouts, auto informed, autoinformed.com, automotive news, chrysler, Ken Zino, marchionne, q1 results
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Peugeot Annual Meeting Kills Dividend. Q1 Revenues Drop
The Q1 downturn comes as Peugeot is in the process of establishing a global alliance with General Motors, which is also losing money in Europe for more than a decade – $700 million in 2011 alone. Continue reading
Posted in auto news, financial results, results
Tagged auto informed, autoinformed.com, automotive news, gm peugeot, Ken Zino, Peugeot citroen, PSA, q1 results, results
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AutoNation, Penske Report Strong Q1 Earnings from Dealers
The two largest auto dealer groups operating in the United States reported large increases in Q1 earnings and profits today. It was the latest sign that a slow recovery is well underway in the auto industry. However, the new luxury vehicle business, where broken out, had relatively weak results compared to other segments. Luxury cars, of course, were once thought to be recession proof and discount proof, but that is no longer the case as discounts are increasing along with competition from non-luxury autos with high levels of equipment. Continue reading
Delphi Reports Q1 Profits are Up 9% to $578 Million
In the first quarter of 2012, Delphi’s corporate credit ratings were raised to ‘BB+’ from ‘BB’ by Standard and Poor’s and to Ba1 from Ba2 by Moody’s Investor Services, both junk ratings with a stable outlook. Delphi’s stated goal is to achieve an investment grade credit rating. Continue reading
Posted in auto news, financial results, results
Tagged auto informed, autoinformed.com, automotive news, delphi, Ken Zino, q1 delphi results, results
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Auto Dealer Profits Dropping in China
The Chinese auto market only grew by 5% during 2011, by far the lowest growth rate of the 21st century, as the communist central government deliberately slowed the economy in an attempt to fight inflation. Still, 2012 is forecast to result in sales approaching 20 million vehicles – 6 or 7 million more than the projected United States light vehicle market. Continue reading
Volkswagen Shareholders Approve Dividend Increase
The shareholders at the 52nd Annual General Meeting of Volkswagen Aktiengesellschaft voted by a majority of 99.96% to pay a dividend of €3.00 (previous year: €2.20) per ordinary share and €3.06 (€2.26) per preferred share as recommended by the Board … Continue reading
Posted in auto news, economy, financial results, results
Tagged auto informed, autoinformed.com, automotive news, Ken Zino, results, vw, vw dividend
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DOE Gives EV Supplier UQM More Time on ARRAS Grant
The politically contentious American Recovery and Reinvestment Act contained billions upon billions in taxpayer funding to businesses though a number of Recovery Act and related programs, including loans, loan guarantees, grants, contracts and tax incentives, in partnership with the Department of Treasury. In total, CBO estimates that the legislation will increase budget deficits by about $831 billion over the 2009–2019 period. Continue reading
State Tax Collections Increase $62 Billion in 2011
Politicians will have more money to spend – or squander – depending on your viewpoint, according to a new U.S. Census Bureau report released today. State government tax collections increased $62.1 billion to $763.7 billion in fiscal year 2011. Continue reading
Posted in financial results, news, news analysis, results
Tagged auto informed, autoinformed.com, automotive news, Ken Zino, state taxes, tax revenues, taxes
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Automobile$ Provide $91.5 Billion in $tate Tax Revenue$
The amount of revenue involved begs questions about the lack of U.S. industrial policy – alone among industrialized countries – as well as what critics say is anti industry attitudes among politicians and regulators. These critics also point to the actively hostile policies of the U.S. State and Defense Departments, which support and protect offshore automakers, while increasing taxes for U.S. based automakers. Continue reading
