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CarMax Inc. posted a significant increase in profit for the third quarter ended Nov. 30, 2012, logging $94.7 million in net income, or 41 cents per share, for the period. The largest used-car retailer in the United States logged $82.1 million in net earnings, or 36 cents per share, in the third fiscal quarter of 2011. CarMax attributed its strong third-quarter profit to a rise in supply, more attractive financing options and improved customer sentiment.
According to the retailer, used-car supplies have improved, following a shortage in the previous quarters, as customers disposed their old cars to acquire more recent used models and new ones.
In a conference call, CarMax chief executive Thomas Folliard said that consumer sentiment has improved, which may be resulting in more engaged customers in their stores. CarMax Chief Financial Officer Thomas Reedy remarked that customers have become more responsive to low interest rates, resulting to higher sales and fewer "payoffs," in which customers sell their vehicles to CarMax but do not purchase a replacement.Read the entire article CarMax posted $94.7 million in net income for third fiscal quarter
Tata Motors' profit in the quarter that ended March declined amid the decreasing demand in China for Jaguar Land Rover vehicles. In the latest quarter, Tata Motors’ net income decreased by 56% to 17.2 billion rupees ($269 million), from 39.2 billion rupees the previous year. In a statement last Tuesday, Tata Motors said that profit at the Jaguar Land Rover unit decreased by 33% to 302 million pounds ($465 million).
When compared to the same quarter last year, the retail sales volume of Jaguar Land Rover in the past quarter fell as it was driven down by a decrease in demand for luxury vehicles in China. Another factor that adversely affected Tata Motors' earnings was a persistent slump in sales of its light commercial vehicles in its home market India.
In the quarter, the revenue of Tata Motors climbed by 3.5% to 675.8 billion rupees. Meanwhile, Jaguar Land Rover sales rose by 8.9% to 5.83 billion pounds. Tata Motors’ statement further reveals that the profit of JLR before tax declined by 31% due to higher depreciation and amortization, as well as "unfavorable revaluation of foreign currency debt and unrealized hedges that are not eligible for hedge accounting treatment."Read the entire article Tata Motors’ net income in 1st Quarter of 2015 falls 56% to $269 million
Even with Fiat Chrysler Automobiles’ declining performance in Latin America, it was still able to post a net income of 92 million euros (or $101 million) in the first quarter. This is mostly attributed to its impressive run in North America. A year ago, FCS reported a $190 million loss. The company experienced a 38% increase in revenue in North America to $17.8 billion.
Shipments in North America went up 8% to 633,000 vehicles while its sales grew 6% to 587,000 vehicles. Its profit margin in North America for the quarter was 3.7%, higher than the 3.2% recorded the previous year. Meanwhile, adjusted earnings before interest and taxes in the region increased by 58% to $661 million.
For the first quarter, its global unit shipments dropped 2% to 1.1 million units, mostly due to Latin America. Worldwide, Jeep shipments increased by 11% amid the worldwide buildout of the SUV brand. Global revenues for the first quarter increased by 19% to $29 billion. FCA reported having cash of $24 billion in the first quarter, a marked drop from $25.3 billion in the same period last year.Read the entire article Fiat Chrysler reports net income of 92 million euros in 1st Quarter of 2015
Ford Motor Co.’s net income for the first quarter of 2015 dropped by 6.6% to $924 million amid the cut in production due to the launch of its aluminum-bodied pickup. Ford had predicted that by remaking a huge portion of its global lineup, it will experience a “breakthrough year.” The automaker said that F-150 has been welcomed by industry insiders and consumers alike so that it will raise its profit margin projects in North America slightly.
However, the financial environment in South America has been worse than expected. The revenue in the quarter decreased by 5.6% to $33.9 billion. In a statement, Ford CEO Mark Fields said that the company had a good start to a year that’s expected to have increasingly stronger results as more of its new products are launched.
One of those new products that will push Ford to have a “breakthrough year” is the redesigned F-150, which makes up a majority of the brand’s profits, analysts claim. Ford started selling the truck at the end of last year; however, sales have been sluggish since it has been in short supply because of the plant changeover process.Read the entire article Ford’s net income falls 6.6% to $924 million in Q1 2015
Ford Motor Co. posted a 56-percent drop in net income in 2014 to $3.2 billion, bogged down by the cost of introduction of 22 new vehicles globally as well as by a drop in its share of the United States auto market. While the carmaker earned $52 million in the fourth quarter, it was much lower than the $3 billion posted in the same period in 2013, when the company benefited from favorable tax benefits.
Ford logged a 2-percent drop in annual revenue to $144.1 billion, with fewer trucks and other vehicles coming off the assembly line. Chief executive Mark Fields said in a statement that while 2014 was a solid year for Ford, it was a challenging one.
He remarked that the investments and new products launched globally last year should position Ford for strong growth in 2015 and beyond. In the fourth quarter of 2014, Ford incurred a $800-million pretax charge related to currency devaluation in Venezuela.Read the entire article Ford net income in 2014 drops 56% to $3.2 billion
CarMax Inc. has commenced a media agency review, people privy with the matter told Advertising Age. The move came months after the company named Cheil's McKinney as its new creative agency and less than a year since Jim Lyski joined as chief marketing. It is of note that Lyski was the former CMO at Scotts Miracle-Gro, another media agency account also in review and under new marketing leadership.
CarMax chief executive Tom Folliard said in August 2014 that Lyski’s extensive marketing experience and strategic understanding of today's consumer could prove to be a tremendous asset to the company, which he said is in the midst of a national expansion plan.
The company is set to issue an RFP in the next few weeks and commence presentations in February. CarMax posted a 4-percent surge in net earnings to $454 million and 13 percent in total revenue to $10.7 billion in the first nine months of its fiscal year.Read the entire article CarMax starts media agency review
American Axle & Manufacturing Holdings Inc. logged a strong gain in terms of net income in the third quarter of 2014 to $48.6 million, or 63 cents per share. The company posted a net income of $31.6 million, or 41 cents per share, in the same period in 2013. American Axle also logged a jump in operating income in the quarter from $67.5 million to $85.1 million.
It also saw 16-percent in revenues in $950.8 million. American Axle, which has been ramping up its non-General Motors business in past few years, saw its revenues from this side grow 27 percent to $296.8 million. American Axle chief executive David Dauch said that production of Jeep Cherokee and Ram components has been a key driver of growth for its non-GM business.
American Axle was once a part of GM until it was spun off 20 years ago. Dauch said in the statement that the company’s financial results for the quarter were highlighted by strong cash flow and solid profitability thanks to continued sales growth and improvements in operational stability and productivity.Read the entire article American Axle logs $48.6 million net income in 3rd quarter 2014
Mitsubishi Motors Corp. saw an 8-percent surge in its net income in the fiscal second quarter ended Sept. 30, 2014, to JPY32.7 billion ($298.9 million), as boosted by good results in North America. The Japanese carmaker saw its revenues lie flat in the quarter at $4.76 billion. According to Mitsubishi, it posted a drop in pretax operating profits in Japan, where sales declined due to an increase in taxes.
The carmaker added its pretax operating profits jumped in Europe. Mitsubishi Motors also saw its operations in North America log a turnaround from $8.2 million in operating losses in the same quarter a year ago to $6.4 million in operating profit, with revenues leaping 9 percent to $632.4 million.
Sales in the United States for Mitsubishi Motors jumped 29 percent in the same period. Mitsubishi Motors also managed to more than double its operating profits in Europe $46.6 million to $100.5 million, with revenues jumping 18 percent to $1.19 billion.Read the entire article Mitsubishi hikes net income by 8% in quarter ended September
Ally Financial Inc. recorded a turnaround in fortunes in the third quarter of 2014, jumping from a net loss in the same period in 2013. The company logged $356 million (74 cents per share) in net income applicable to common shareholders in the third quarter this year, compared to $109 million (27 cents per share) in losses in the same period last year.
Ally attributed the turnaround to higher demand for loans from car dealerships. Ally was expected to post a net income of 41 cents a share in the third quarter, according to consensus estimates of analyst surveyed by Thomson Reuters I/B/E/S.
Ally saw its commercial auto loan balances -- including the financing of dealers' inventories, real estate and other operations – jump around 11 percent to around $31 billion, or nearly double the growth in consumer auto loan balances in the same period.Read the entire article Ally records third-quarter turnaround to $356 million net income
Tata Motors tripled its net income for the first quarter ended June 30, 2014 to INR54 billion ($882 million) thanks to increasing sales at its Jaguar Land Rover unit. Jaguar Land Rover particularly boosted its pre-tax profit by more than double from GBP415 million to GBP924 million ($1.6 billion).
Earnings at Jaguar Land Rover were helped by increasing demand for the Jaguar F-Type convertible and Range Rover SUVs. The carmaker saw its deliveries in the quarter ended June 30, 2014 jump 22 percent to 115,596 vehicles.
Better business at Jaguar Land Rover is helping Tata Motors remain afloat, as the company continues to grapple to make profitable its Indian operations that sells Tata-brand cars, buses and trucks.Read the entire article Tata Motors triples Q1 net income thanks to strong Jaguar Land Rover earnings
Chrysler Group posted a 22-percent jump in net income in the second quarter of 2014 to $619 million, thanks to record Jeep sales and strong demand for its pickups. The carmaker saw its revenues in the quarter gain 14 percent to $20.5 billion.
The jump allowed Chrysler to capture 0.8 percentage points of market share in the United States to 12 percent after selling 533,000 vehicles in the period, according to the Automotive News Data Center. Global sales at Chrysler jumped 12 percent to 723,000.
Its Jeep brand logged a 43-percent climb in global sales in the second quarter of 2014 to 269,000 units. The Ram brand surged 15 percent in the period to 145,000 vehicles. According to the carmaker, its total sales in the US soared 15 percent in the second quarter of 2014.Read the entire article Chrysler logs 22% gain in net income in second quarter of 2014
Toyota Motor Corp. posted JPY587.8 billion ($5.7 billion) in net income in the fiscal first quarter ended June 2014, its best quarterly results ever. Toyota posted a JPY692.7 billion ($6.76 billion) in operating profit for the period. The carmaker’s net income surge was traced to higher SUV sales in the United States, which were more than enough to offset shrinking demand in Japan.
Toyota even outgrew the US auto industry, growing 11 percent in the April-to-June period. The industry grew 6.9 percent. The growth has been attributed to increased consumer confidence, recovering payrolls and low interest rates.
Toyota posted a 45-percent jump in operating profit in North America operating profit for the quarter ended June to JPY149.7 billion, adding that cost cuts and a weaker yen helped to boost earnings.Read the entire article Toyota logs $5.7 billion in net income in fiscal first quarter ended June 2014
American Axle & Manufacturing Holdings Inc. posted higher earnings in the second quarter of 2014, thanks to a surge in non-General Motors business. American Axle saw its net income for the quarter surge to $52.2 million, or 67 cents per share, on revenue of $946.9. Its net income for the year-ago period was $25.8 million on revenue of $799.6 million.
American Axle has been increasing its non-GM business, although the carmaker remains its largest customer. Its non-GM revenues surged over 33 percent in the second quarter of 2014 to $298.1 million, from $223.8 million in the same period in 2013.
The supplier said the gains in its non-GM business were thanks to support of Chrysler’s Jeep Cherokee and heavy-duty Ram pickup. Despite the higher earnings in the quarter, American Axle’s results failed to live up to analysts' expectations of 72 cents earnings per share.Read the entire article American Axle doubles 2nd quarter net income to $52.2 million
Nissan Motor Corp. saw its net income in its fourth fiscal quarter, that ended March 2014, surge 5 percent to JPY114.9 billion ($1.12 billion), thanks to bigger sales and rising operating profit in North America. The carmaker posted a 21-percent rise in revenues to JPY3.2 trillion ($31.13 billion), and an 18-percent jump in global sales to 1.52 million vehicles in the period.
The Japanese carmaker posted a 73-percent climb in operating profit in North America to JPY104.0 billion ($1.01 billion) in the three-month period, boosted by an 11-percent jump in regional sales to 443,000 vehicles. The results in North America allowed Nisan to offset weaker business in Europe and Japan.
For the quarter, Nissan saw its European operations post EUR300 million ($2.9 million) in operating profit, a turnaround from JPY11.9 billion ($115.8 million) in losses in the same period in 2013.Read the entire article Nissan logs 5% rise in fiscal Q4 income to $1.12 billion
AutoCanada Inc., posted a 22-percent surge in net income in the first quarter of 2014 to C$8.3 million ($7.6 million) from C$6.82 million in the same period in 2013, as boosted by higher operating results in used vehicle, parts, service and collision repair departments. EBITDA (earnings before interest, tax, depreciation and amortization) in the first quarter of 2014 was C$14.45 million, compared to C$10.51 million in the same quarter in 2013.
Moreover, the company also logged a 28-percent increase in total revenues to C$364.3 million in the first quarter of 2014, compared to $284.1 million in the same period in 2013. Gross profit in the first quarter of 2014 was C$63.47 million, which is a big jump from C$51.1 million in the same quarter in 2013.
AutoCanada chief executive Pat Priestner, said in a statement that the company’s improved operating results more than offset what they considered a “slightly weaker than expected quarter” for new vehicle sales and new vehicle margins. The company sold 4,773 new vehicles in the first quarter of 2014, compared to 4,118 retailed in same period last year.Read the entire article AutoCanada hikes first quarter net income by 22% to C$8.3 million
The corporate sponsors of the Los Angeles Clippers basketball team – like Kia Motors America, Mercedes-Benz and CarMax -- may soon come back after the National Basketball Association banned owner Donald Sterling for life. Sterling was recorded as making racist remarks, for which he was also fined $2.5 million.
His remarks sparked nationwide outrage from people both inside and outside of the NBA. The remarks as well as remonstrations have led a number of companies and firms to cancel or suspend their sponsorships of the Clippers. NBA Commissioner Adam Silver said he will commence the process of compelling Sterling to sell the Clippers.
Kia Motors America, which is also the official automotive partner of the NBA, said that it appreciates and endorses Commissioner Silver’s “decisive action.” The carmaker has said that while its corporate sponsorship of the Clippers has been suspended, its relationship with franchise player Blake Griffin would continue.Read the entire article Lifetime ban on LA Clippers owner could entice sponsors to return
TRW Automotive Holdings Corp. reported $199 million or $1.68 per diluted share in net earnings in the first quarter of 2014 (GAAP), compared to $162 million or $1.29 per diluted share in the same period in 2013. Excluding special items, TRW logged a 20-percent rise in earnings to $215 million, or $1.81 per diluted share, from $1.51 per diluted share in the prior year period.
In terms of revenues, the company posted a 5-percent boost to $4.4 billion. John C. Plant, chairman and chief executive, remarked that the company was off to a strong start this year, thanks to increasing global demand for TRW's safety technologies, particularly in China where sales surged 16 percent year-on-year. He also cited hiked vehicle production in each of TRW’s major regions.
The higher level of sales was also driven by the positive impact of currency movements between the two quarterly periods. However, currency-related gains were partially offset by the negative effects of exiting certain businesses within its North American brake component and assembly operations.Read the entire article TRW Automotive logs $199 million in first-quarter 2014 net income
The alleged racist remarks by Donald Sterling, owner of the Los Angeles Clippers of the National Basketball Association, have led several corporate backers – like Kia Motors America, Mercedes-Benz dealers and CarMax -- to drop their sponsorship of the team. CarMax was the first sponsor to abandon the Clippers.
The used-car retail giant told ESPN that it finds Sterling’s alleged statements about black players and celebrities to be "completely unacceptable." CarMax has been sponsoring the LA Clippers for nine seasons. Following CarMax’s lead is Kia Motors America, which said it was suspending its sponsorship of the Clippers over the "offensive and reprehensible" comments allegedly made by its billionaire owner.
Kia also serves as the official automotive partner of the NBA and sponsors TNT's "Inside the NBA." Kia spokesman Scott McKee said in a statement that as fans of the game of basketball, the carmaker’s support of the players and the sport “is unwavering." Mercedes-Benz’s dealers in Southern California dealers are also abandoning the Clippers.Read the entire article Kia, Mercedes-Benz and CarMax drop LA Clippers backing after owner’s racist remarks
CarMax Inc. opened two used-car stores in Rochester, N.Y., and Dothan, Ala., in March after opening 13 outlets in the fiscal year ended Feb. 28, according to chief executive Tom Folliard during a conference call. That means the retailer now has 133 stores, with plans open 28 to 43 more by the end of February 2017.
CarMax posted an 18-percent rise in sales in the previous fiscal year to 526,929. "We're in full swing now," Folliard said. He remarked that its store in Dothan is CarMax's third small-format store. Measuring on 4,400 square feet, the Dothan store occupies around 3.7 acres and stocks about 120 used cars and trucks.
In 2013, a CarMax spokeswoman told Automotive News that a small-format store is around 7,000 square feet, stocking around 150 used cars and trucks.Read the entire article CarMax now has 133 stores, plans up to 43 more until February 2017
Ford Motor Co. posted a 39-percent drop in net income in the first quarter of 2014 to $989 million, weighed down by weaker pricing in the United States and higher warranty expenses. Ford said in a statement that it just posted less than 1 percent hike in revenue to $35.9 billion.
The carmaker saw a 35-percent drop in profit margins in North America due to higher incentives and a $410 million increase in warranty reserves linked to recalls and other service campaigns for past model year vehicles. For the first quarter of 2014, Ford logged a 36-percent decline in pretax operating profit to $1.4 billion.
Once taxes are counted, Ford’s first-quarter operating profit was equal to 25 cents per share – a sharp drop from 41 cents in the same period in 2013. It is also below the 31 cents that Wall Street had expected. According to Ford, “weather-related costs” trimmed its earning in North America by around $100 million.Read the entire article Ford logs 39% drop in first-quarter 2014 net income to $989 million
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