profit

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News and Information about profit

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The Grand Tour trio made over £8 million pre-tax profit, accounts show

Jeremy Clarkson, Richard Hammond and James May had set up their own TV company, W Chump & Sons, following the signing of a three-year contract with Amazon reportedly amounting to £160 million. The newly established TV firm of former Top Gear hotshots has earned more than £8 million in profit after the first season production of The Grand Tour went online.

A total of £8.39 million (or £6.7 million after tax) was made between November 2015 and towards the end of 2016 based on the filed accounts. This only proves that The Grand Tour founders have enticed many viewers to sign up for Amazon Prime’s streaming service with a subscription rate of £79 a year. The first series, which has 13 episodes, has broken the viewership records on Amazon Prime from November to February.

It can be recalled that Clarkson left BBC in 2015 after an altercation with Oisin Tymon over the lack of hot food on the set. His co-presenters, Hammond and May had also quit Top Gear soon after Clarkson left the network.

Read the entire article The Grand Tour trio made over £8 million pre-tax profit, accounts show

Porsche’s net profit on each vehicle went up 9% in 2016 to $17,250 but Ferrari earns almost $90,000

Have you ever wondered how much luxury car companies profit from every vehicle they sell? And which companies profit more? Well, in 2016, Porsche sold over 238,000 vehicles. That is quite a huge number considering their cars are very pricey, but it doesn’t end there.

That number then translates to a total operating profit of €3.9 billion ($4.1 billion), which according to Bloomberg, is a fourteen percent increase since 2015, and a net profit of $17,250 per unit, with a nine percent increase as well. In other words, for every Porsche 911 sold, the profit amounts to the value of a new car by another brand.

Other companies such as Daimler AG and BMW, which both have roughly the same margins, have a net profit of about $5,000 per vehicle in 2016. But none of the above (Daimler, BMW, or Porsche) can compare with the amount this other company is earning.

Read the entire article Porsche’s net profit on each vehicle went up 9% in 2016 to $17,250 but Ferrari earns almost $90,000

Lotus Cars posts first operational profit in four decades in fiscal year ending March 2017

British carmaker Lotus Cars has been in the red since the 1970s, but it has somehow managed to keep itself alive. This financial bleeding, of course, has been a source of frustrations at Lotus, which has been looking to plug its losses through a number of means. Now, it seems that it would be able to post its first operating profit since around 40 years ago.

According to the chief executive of Norfolk, United Kingdom-based Group Lotus plc, Jean-Marc Gales, the company is on track to stop its four decade-long string of operational losses. Gales was tapped as CEO in 2014 and was in charge of implementing a drastic turnaround plan that entailed massive reduction of its workforce. In fact, when Gales took the driver’s seat at Lotus in 2014 – he was with the French carmakers Peugeot and Citroen before that – the carmaker had 1,200 employees.

He noted at the time that these 1,200 workers were building fewer than 1,400 cars. He had said that if Lotus sells 1,200 cars, it can’t employ the same number of workers. Gales’ turnaround plan saw 400 workers made redundant from the company, and now Lotus’ workforce is at 800-employee strong. However, he noted that these 800 workers are now producing annually over 2,000 cars, all of which are of higher quality than the carmaker’s previous models.

Read the entire article Lotus Cars posts first operational profit in four decades in fiscal year ending March 2017

Daimler posts record profits for 2015, shareholders to get payout

For Daimler AG (ticker symbol DAI), 2015 was a very profitable year with the company posting record levels in all its financial metrics. Due to the contributions from all its divisions, Daimler saw significant improvements in sales and revenues, net profit, the group’s earnings before interest and tax (EBIT) as well as EBIT of all ongoing business.

The company expects to continue the trend this 2016 and is projecting further growth in revenue and EBIT from its ongoing business. Daimler expects its position in major markets to be strengthened with an overall increase in unit sales.

These projections are based on the quality offerings in all its divisions as well as their competitive pricing structure and expanded product reach, making it possible for Daimler to post higher than the expected industry-wide increase in global demand for cars.

Read the entire article Daimler posts record profits for 2015, shareholders to get payout

After operating profit and sales declined in the first quarter, Hyundai Motor Co. and Kia Motors Corp. have decided to cut costs, according to a joint email from the two companies. No details were given on where the cuts will be made. No estimates were cited. During the quarter that ended March 31, the operating profit of both Hyundai and Kia fell for the fourth straight quarter.

The automakers said that they haven’t been able to compete with companies like Toyota Motor after their sales were affected by the unfavourable currency-exchange rates. KB Investment & Securities Co. analyst Shin Chung Kwan predicts that the first item to be cut would be related to marketing, advertisement, and sales.

He also thinks that with the present situation, the automakers will have a say during negotiations for other incurred costs like wages and prices of auto parts. A senior executive source told the JoongAng Ilbo newspaper that Hyundai Motor Group aims to cut 30% of costs. Japanese automakers have the advantage in overseas markets amid the strengthening won and a weakening yen.

Read the entire article Hyundai and Kia to cut costs amid dropping profits

Nissan Motor Co. posted a 13% decrease of its operating profit in the January-March fiscal fourth quarter as favorable exchange rate and strong sales in North America were unable to offset the declining sales in major markets like Japan and China. In the latest quarter, Nissan’s operating profit fell to 171.6 billion yen ($1.43 billion) from the previous year’s 197.7 billion yen ($1.65 billion).

The automaker also said that its net income went up by 3.3% to 118.8 billion yen ($993.1 million). Its global revenue climbed 2.6% to 3.29 trillion yen ($27.50 billion) even as global sales fell by 2.1% to 1.48 million vehicles in the quarter. Quarterly profits took a dive as sales in key markets fell and as the automaker incurred high costs to launch a new product in North America.

The automaker’s operating profit in North America dropped by 23% to 79.9 billion yen ($166.3 million) during this period, as Nissan increased its production of the Murano crossover and as it made preparations for the Maxima sedan. Meanwhile, its regional sales increased to 1.65 million units – a 12% jump. In Japan, its quarterly sales decreased by 19%.

Read the entire article Nissan’s quarterly profit falls 13 percent

A surge of profits was felt by Toyota Motor Corp. in the latest quarter as it benefited from huge sales in North America and from substantial foreign exchange gains, leading to record earnings for the full year. For the fiscal fourth quarter that ended March 31, the operating profit increased by 46% to 635.7 billion yen ($5.31 billion).

In comparison, Toyota reported 436.1 billion yen ($3.65 billion) the previous year during the same period. Meanwhile, the automaker’s net income increased by over half to 446.4 billion yen ($3.73 billion) from the previous year’s 297.0 billion yen ($2.48 billion). In the latest quarter, its global revenue rose by 8.4% to 7.12 trillion yen ($59.52 billion) even when its global retail sales decreased by 2.4% to 2.542 million vehicles.

President Akio Toyoda believes that these gains were because of the depreciation of the yen as well as cost-cutting measures. He also said that the automaker will embark on a new age of expansion after having taken a pause on new plant construction for three years. Toyota will be starting this offensive during the second half of 2015 with the debut of the first model built on its new modular product platform.

Read the entire article Toyota’s profit goes up 46% to $5.31 billion in 1Q 2015

BMW’s profit for the first quarter of 2015 grew by 21% -- the result of higher demand in Europe and the U.S. for models like the X5 SUV. In a statement, BMW revealed that EBIT (earnings before interest and taxes) climbed from 2.09 billion euros the previous year to 2.52 billion euros ($2.83 billion). Its revenue also increased by 15% to 20.9 billion euros.

In the first quarter, BMW had an automotive EBIT margin of 9.5%, staying at a level comparable to the first quarter of 2014 and at the upper end of its 8-10% target range. This is attributed to record-breaking sales of high-margin SUVs in the period. Meanwhile, Daimler’s Mercedes-Benz brand reported a 9.2% return on sales for the first quarter from 7% the previous year.

On the other hand, Audi’s operating margin decreased from 10.1% to 9.7%. According to Juergen Pieper, an analyst at Bankhaus Metzler, currency tailwinds caused some of the profit increase. Having unchanged profitability means that BMW is “growing slowly.” However, Pieper pointed out the growth has not been as fast as at Daimler.

Read the entire article SUV sales help BMW’s profits to go up 15% in the first quarter of 2015

Fuji Heavy Industries may reach its sales target in North America five years before schedule as it posted a 21% increase in operating profit during the latest quarter as it benefits from favourable exchange rates and record-breaking earnings. Fuji Heavy, which makes Subaru vehicles, has plans to boost local production capacity in the market.

While announcing financial results for the fiscal year, Fuji Heavy President Yasuyuki Yoshinaga said that its global operating income jumped to 112.9 billion yen ($943.7 million) during the fiscal fourth quarter ended March 31. Earnings were boosted by a windfall gain of 41.6 billion yen ($347.7 million) from the depreciating yen.

It’s likely that operating profit would have dropped without the tailwind since just the foreign exchange gain was more than twice the amount of the climb in quarterly operating profit. Japanese exports are helped by the decline of the yen against the dollar. As a result, the yen-dominated value of dollars that are earned outside of the country rises.

Read the entire article Fuji Heavy’s profit up 21%, may hit target 5 years ahead of schedule

Audi’s profit margin has been adversely affected by its efforts to catch up to rival BMW. Audi’s operating margin fell to 9.7% from 10.1% a year ago, reaffirming its target range of 8 to 10%, despite having higher underlying earnings from sales of its luxury saloons and SUVs.

Last Monday, Audi said that its operating profit for the first quarter increased by 8.2% to 1.42 billion euros (1 billion pounds), driven by the mounting demand for the A6 saloon and Q3 sport-utility vehicle.

However, Audi’s margins are being squeezed because of expenses related to improving the models, developing technologies, and expanding in foreign markets amid the fierce competition among premium automakers and the sluggish demand in emerging markets. In a statement, finance chief Axel Strotbek said that even with the persistent high investment, the company continues to pursue its “ambitious profitability targets."

Read the entire article Audi’s profit margin suffers from attempts to catch up to BMW

Honda Motor Co.’s profits in the latest quarter suffered a beating, with the automaker failing to meet its main targets for full-year earnings and unit sales, Executive Vice President Tetsuo Iwamura announced. This is said to be primarily due to lukewarm sales and high recall costs. In the January-March fiscal fourth quarter, its operating profit dropped 32% to 111.94 billion yen ($935.7 million) from the previous year’s 165.29 billion yen ($1.38 billion).

Honda’s net income also declined by 43% to 97.84 billion yen ($817.9 million), from the previous year’s 170.51 billion yen ($1.43 billion). In the quarter, its revenue rose by 8.3% to 3.35 trillion yen ($28 billion).

Meanwhile, worldwide sales climbed slightly by only 0.8% to 1.2 million vehicles, boosted by sales in mainland Asia and North America. Iwamura also said that earnings slumped because of its tepid sales volume and huge recall costs as well as the expenses related to ramping up the HR-V crossover at Honda’s new plant in Mexico.

Read the entire article Honda’s profits for Q1 2015 fell 32% due to poor sales, recall costs

Lotus Cars CEO Jean-Marc Gales is confident that the automaker will make a profit once again by 2017 after having lost money for years. Gales, who used to be an executive of PSA/Peugeot-Citroen and Daimler, has undertaken measures to reduce costs while improving the product lineup since he started overseeing Lotus in May 2014.

However, Gales said that the automaker won’t launch all-new cars until its new China-assembled SUV is released in 2018/19 as he puts the focus on increasing sales and cashflow. He added that in the short term, Lotus will raise sales by modifying the existing three-car lineup.

An automatic transmission has been added to its track-focused Exige two-seater, which is on track to overtaking the entry-level Elise as Lotus’ top-selling model. Gales anticipates that Exige models with automatic transmission will make up 40% of sales.

Read the entire article Lotus CEO Jean-Marc Gales expects to be profitable by 2017

The operating profit of Daimler for the first quarter of 2015 grew by 41% primarily due to the impact of launching new models and record-breaking sales of Mercedes-Benz vehicles. According to a statement released recently by the company, its overall adjusted group earnings before interest and tax (EBIT) surged to 2.93 billion euros (or $3.19 billion).

Mercedes-Benz Cars posted a 9.2% return on sales from ongoing business, considerably higher than the 7% recorded in the first quarter of 2014. The growth is fuelled by record-breaking passenger-car deliveries. Mercedes-Benz presently ranks third among luxury vehicle makers.

Daimler CEO Dieter Zetsche has set a goal for Mercedes to outdo sales of BMW and Audi by the end of the decade and increase profitability to 10% of its revenue. Quarterly passenger sales were 18% higher than last year with 459,708 units sold.

Read the entire article Daimler’s Q1 2015 operating profit is up 41%

Mazda Motor Corp.’s sales may have increased during the first three months of 2015; however, its profits still fell due to higher marketing and factory startup costs as well as foreign exchange losses. Mazda, which relies heavily on exports, has forecasted that its annual net income will drop 12% for the present fiscal year due to higher taxes and the continuing rise of expenses at overseas factories.

CEO Masamichi Kogai has announced new mid-term goals through the fiscal year that ends March 2019. The automaker’s “Stage 2” of its structural reforms aims for an 18% rise in global sales to 1.65 million units, from 1.397 million in the fiscal year that recently ended.

Mazda released a statement that in the fiscal fourth quarter that ended March 31, its global operating profit dropped by 11% to 50.9 billion yen ($425.5 million). In the quarter, the Japanese brand’s net income slipped 53% to 27.3 billion yen ($228.2 million).

Read the entire article Mazda’s profits fall in Q1 2015 due to high marketing, startup costs

BMW is seeing a slowdown in sales volume and profit this year due to aging models and higher investment costs for new technologies. The German carmaker is expecting a medium-to-high single-digit growth in sales and profit this year. Chief executive Norbert Reithofer remarked that sales and profit forecast rest on the assumption that the global economic conditions will remain stable and won't deteriorate.

He noted that a number of uncertainties remain like the losing momentum in important markets like China. Reithofer is leaving a post that he held for more than eight years and will be succeeded by Harald Krueger on May 13. He said that there were challenges ahead for Krueger. "The future belongs to the next generation,” Reithofer said.

BMW logged a 10.3-percent jump in earnings before tax in 2014 to EUR8.71 billion ($9.23 billion). With that, BMW has posted its fifth straight record year since the global economic crisis, Reithofer said in a statement.

Read the entire article BMW expects slowdown in sales and profit in 2015

Volvo Cars posted a 17-percent jump in operating profit in 2014 to SEK2.25 billion ($271 million) from SEK1.92 billion in 2013. The carmaker also logged a 6.3-percent jump in revenue to SEK130 billion. Volvo chief executive Hakan Samuelsson remarked that the carmaker is currently in an investment phase, which fruits will start to be felt from this year.

The carmaker also posted record sales of 465,866 cars in 2014, although that would be just over half of its 2020 sales goal of 800,000 cars. However, that figure means the carmaker is slowly penetrating a premium market lorded over by German luxury groups BMW, Audi and Mercedes-Benz.

Samuelsson remarked to Reuters that the carmaker expects to sell around 500,000 cars this year by outgrowing underlying markets in Europe and China and posting gains in the United States. He said that Volvo plans to post a new sales record this year as well as a clear improvement in profitability during the second half.

Read the entire article Volvo Cars logs 17% jump operating profit in 2014 to $271 million

Volkswagen Group posted an 8.8-percent rise in operating profit to EUR12.7 billion ($14.25 billion) in 2014, boosted by double-digit sales surges by its Audi and Porsche units. Group sales revenue jumped 2.8 percent to EUR202.5 billion while operating margin leaped from 5.9 percent to 6.3 percent. VW Group logged a 21-percent rise in profit after tax to EUR11.1 billion.

The auto division saw its net cash flow surge by EUR1.7 billion to EUR6.1 billion. Its net liquidity also climbed from EUR16.9 billion to EUR17.6 billion. Despite that, the group gave a warning that certain challenges this year might hamper its growth as well as of the auto industry.

Chief Financial Officer Hans Dieter Poetsch said in a statement that continuing political uncertainty, strong currency fluctuations and tough environments in markets like Russia and Brazil are the major challenges that the carmaker and the auto industry has to face this year.

Read the entire article Volkswagen Group logs 8.8% jump in 2014 operating profit

Nissan Motor Co. almost doubled its operating profit for the fiscal third quarter ended December 2014 to JPY155.97 billion ($1.3 billion) from JPY78.74 billion ($656.2 million) in the same period a year prior. The Japanese saw its net income for the quarter surge 21 percent to JPY101.81 billion ($848.9 million), while revenue jumped 17 percent to JPY2.944 trillion ($24.55 billion).

This comes despite Nissan selling only 1.6 percent more vehicles globally in the period to 1.254 million vehicles. Nissan’s financial results for the financial first quarter were primarily boosted by surging demand in North America and a weakening yen. A weak Japanese currency makes earnings made abroad more valuable when repatriated in Japan.

Foreign exchange rate windfalls brought in JPY41.8 billion ($348.5 million) in the first nine months of Nissan’s fiscal year. According to Corporate Vice President Joji Tagawa, Nissan’s profits were underpinned by better discipline with incentives in the United States and brisk sales of vehicles like the Rogue crossover.

Read the entire article Nissan almost doubled operating profit for fiscal 3rd quarter

Mazda Motor Corp. saw its global operating profit drop 5.1 percent in its third fiscal quarter ended December 31, 2014 to JPY48.0 billion ($400.2 million) and its global net income fall 27 percent to JPY38.2 billion ($318.5 million). The slumps came despite a 7.8-percent surge in global revenues to JPY739.7 billion ($6.17 billion) and a 3.7-percent climb in vehicles sales to 322,000 units.

According to Tetsuya Fujimoto, executive officer for financial services, the lower profits were due to a shift toward lower-margin nameplates like the Mazda2 subcompact, as customers waited for more expensive yet higher-margin models like the Mazda6 sedan to undergo minor model changes. Likewise, corporate taxes were 25-percent higher and the surge in vehicle sales only added JPY700 million yen ($5.8 million) to its quarterly operating profit.

Foreign exchange rate windfalls were at JPY5.6 billion ($46.7 million). Mazda saw its quarterly sales jump 4.4 percent in North America (to 94,000 vehicles), 13 percent in Europe (to 53,000 units), and 3.9 percent in Japan (to 53,000 vehicles). Sales in China, Southeast Asia and Australia, however, were flat.

Read the entire article Mazda logs drops in operating and net profits for fiscal 3rd quarter of 2014

General Motors posted a 27-percent jump in fourth-quarter pretax profit to $2.41 billion, despite failing to trim its losses in Europe hit by the current Russian crisis. Fourth-quarter revenue, however, dropped 2.1 percent to $39.62 billion. GM saw its losses in Europe surged to $393 million in the fourth quarter of 2014 from $365 million in the same period in 2013.

They were practically offset by stronger pricing across major markets as well as high demand for pickups and SUVs in North America. GM Chief Financial Officer Chuck Stevens said its losses in Europe were mostly due to the current economic crisis in Russia, where a depreciating ruble has caused consumers to delay or put off making large purchases like vehicles.

He said that for this year, Russia will continue to “be a headwind." Stephens remarked that the carmaker has taken and will continue to take aggressive action to mitigate those issues. For instance, GM has already laid off workers in Russia and is planning to stop operations at its St. Petersburg assembly site for nearly two months.

Read the entire article GM logs 27% jump in pretax profit in 4th quarter 2014
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