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Ally records third-quarter turnaround to $356 million net income

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

Ally Financial logs $104 million net income in Q4 2013

Ally Financial posted $104 million in net income in the fourth quarter of 2013. The company saw its bottom line drop 93 percent year-on-year in the fourth quarter of 2012, although the results in the year ago period were boosted by international operations that were already sold mostly to GM and by a one-time tax benefit.

Ally's auto finance business logged an 18-percent fall in pretax income in the fourth quarter of 2013 to $305 million, excluding $98 million in pretax charge related to a settlement reached by Ally, the Consumer Financial Protection Bureau (CFPB) and the United States Department of Justice.

If the one-time charge was included, Ally’s auto finance ops would have posted a 44-percent dive in pretax income to $207 million. Ally disclosed that its preferred-lender relationship with General Motors, which was set to expire Dec. 31, was extended while they negotiate a new agreement.

Read the entire article Ally Financial logs $104 million net income in Q4 2013

Ally Financial saw 3rd quarter net income drop by 76% to $91 million

Ally Financial posted a 76-percent drop in net income to $91 million in the third quarter of 2013, no thanks to downsizing and a one-time charge of $107 million for settling mortgage-related claims with the Federal Housing Finance Agency and the Federal Deposit Insurance Corp. The company logged an 11-percent decline in revenue in the quarter to $1.11 billion.

Ally called the flat volume figures at its automotive operations a positive achievement, given a hyper-competitive market and the loss of subvented business from Chrysler Group. Ally chief executive Michael Carpenter said during a conference call that the company has “massively diversified” its business and cut its reliance on subvention from the carmakers. He said that Ally is making “a strategic transformation,” from a captive to “being very much a market-driven auto finance competitor.”

Ally’s US consumer originations in the quarter were flat at $9.6 billion in auto loans and leases. That included a higher mix of leases and used cars. Leases accounted for 29 percent of total figure in the third quarter of 2013, compared to just 27 percent a year earlier. Used cars accounted for 27 percent, up from 24 percent.

Read the entire article Ally Financial saw 3rd quarter net income drop by 76% to $91 million

Tata Motors’ net income in 1st Quarter of 2015 falls 56% to $269 million

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

Ally Financial Inc. has recently been named as the preferred U.S. auto lender of Aston Martin Lagonda Ltd. as part of a move to boost sales. Ally used to be GM’s financing arm. In a statement, the luxury sports car maker said that beginning in late May, American buyers will be able to access Ally’s lease and retail finance program at the brand’s 37 dealerships for all core sports cars.

In this statement, Julian Jenkins, president of Aston Martin’s Americas unit, said that it searched extensively for a financial services provider. He also said that Ally will be able to meet its customers’ high standards. Aston Martin, the sole global luxury-auto brand that doesn’t belong to a bigger group, hopes to increase sales to be more competitive.

Aston Martin has been trying to raise money for research and for development of new models. Daimler AG, which supplies engines and electronics to Aston Martin, revealed last August that it has increased its stake in the sports car brand to 5%.

Read the entire article Aston Martin names Ally Financial as preferred auto lender in US

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

Mitsubishi Motors Corp. has sold its auto lending business in the U.S. to Ally Financial Inc. – a move that many of its dealerships welcomed. The price and further details of the deal were not disclosed. Mitsubishi, one of the smallest car companies with a captive finance arm in the U.S., is selling to Ally (which used to be General Motors’ lending division).

Since Ally was spun off during GM’s bankruptcy, it had since become one of the biggest auto lenders in the U.S. In a statement, Don Swearingen, executive vice president of Mitsubishi’s U.S. sales division, said that the company is “pleased” to have Ally as a financial partner that is able to give its dealerships the products and services they need.

Under the deal, Ally will replace Mitsubishi Motors Credit of America Inc. (which was established in 1991) and will be Mitsubishi’s preferred retail and wholesale lender. Ally will be responsible for supplying the automaker’s more than 380 dealerships in the nation with floorplan loans to purchase cars for showroom inventory and with capital loans to acquire land for an expansion or for the remodelling of a store.

Read the entire article Mitsubishi sells US auto lending business to Ally Financial

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

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), 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 decline to an increase in taxes.

The carmaker added its pretax operating profits jumped in Europe. The automaker 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 jumped 29 percent in the same period. Mitsubishi 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

The United States Treasury Department has commenced a second trading plan as part of its efforts to reduce its holdings in Ally Financial Inc. The Treasury used to hold a 16-percent stake in Ally in August, but the completion of the first trading plan has allowed it to trim the holdings to 13.8 percent, or 66.2 million shares of the company’s common stock.

Charmian Uy, Chief Investment Officer, remarked that the further sale of the common stock continues efforts to cut the investment in Ally and the Troubled Asset Relief Program (TARP). He remarked that the second trading plan will allow the Treasury to exit from Ally in a way that “balances speed of exit with maximizing the taxpayer’s return.”

In the first trading plan, the Treasury sold around 8.9 million shares, thereby recovering about $218.7 million for taxpayers. The Treasury has so far recovered about $18 billion on the Ally investment for taxpayers, which is around $873 million more than its original bailout investment at around $17.2 billion.

Read the entire article US Treasury starts second trading plan for Ally Financial shares

The United States Treasury Department will reduce its stake in Ally Financial Inc. by selling shares on the open market, the department said in a statement. The Treasury Department currently owns 75.1 million shares in Ally, good for a 16-percent stake.

The US owned up to 74 percent of Ally after bailing out the company via the Troubled Asset Relief Program crafted to help shore up the auto market during the financial crisis. However, US Treasury reduced its ownership of Ally after holding an IPO that sold the shares at $25.

Charmian Uy, chief investment officer of the Treasury Department, said in the statement that the US will “prudently exit” the remaining Ally investment, “balancing speed with maximizing returns for taxpayers.”

Read the entire article US Treasury to cut stake in Ally Financial via share sale

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

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