Rise in new-car sales in Belgium prompts D’Ieteren to raise 2010 forecast

Article by Christian A., on November 23, 2010

D'Ieteren, a Belgian dealer group, raised its 2010 profit forecast after its third quarter was driven by strong sales of new cars in Belgium. Its profit forecast was also helped by a steady return of business customers to its rental business.

It owns 60 percent of car rental company Avis Europe. D'Ieteren recently said it now expects pretax profit to increase by 30 percent in 2010, up from a previous forecast of 25 percent.

Also raising its third quarter was another good performance as D'Ieteren's car windshield sales benefited from a strong dollar. Pascale Weber, a KBC Securities analyst, increased her target price on the stock to EUR480 from EUR450, with an unchanged "buy" rating.

Expecting pretax income growth of 35.5 percent, Weber adds that subsidies on low-emission cars seemed to lift Belgian new-car registrations; windscreen replacement and repair business Belron had a solid summer; and Avis income was growing at a better pace than the 1.1 percent of the first half.

D'Ieteren spokesman Vincent Joye says that, with 45 percent in the first nine months, the Company would reach its 30 percent goal even if its fourth quarter was "very bad." [via autonews - sub. required]

Topics: belgium, sales

If you liked the article, share on:

Comments

Recommended

Mazda seems too far ahead in Safety technology for having four of its vehicles chosen as the safest on the road. Very recently, the Insurance Institute for Highway Safety has...
by - June 22, 2017
The automotive world is intensely competitive given the growing number of players, but the British car manufacturer is adamantly holding on to its spot. The 2018 Jaguar XF Sportbrake, priced...
by - June 22, 2017
Audi’s all-electric supercar, the R8 e-tron, had been discontinued last October after being in the market for under two years. The electric vehicle was then exclusive to the European market...
by - June 22, 2017
Dodge has made it clear to everyone, including its potential buyers, that the Challenger SRT Demon is a street-legal drag car - that it is unlike any of your ordinary...
by - June 22, 2017
After a number of failed attempts, Tesla finally gets an Arizona dealership license by winning a court battle that allows them to sell directly to consumers. The automotive dealer license...
by - June 22, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries