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PSA logs 1.6% jump in revenue in third quarter despite drop of core brand sales

PSA/Peugeot-Citroen posted a 1.6-percent jump in group revenues in the third quarter to EUR12.3 billion ($15.6 billion). Its core automotive division, however, logged a slight 0.8-percent dip in revenues in the quarter to EUR7.97 billion at the automotive division, despite a push on pricing. PSA said in a statement that the pricing push "only partially offset” the negative volume and currency effects.

The French carmaker said its group revenues were boosted by gains in Europe and China, which more than offset drops in Latin America and Russia. PSA said it still expects to post a positive operational cash flow by 2016. PSA Chief Financial Officer Jean-Baptiste de Chatillon even remarked that he would be "very disappointed" if the carmaker fails to achieve the goal early as this year.

PSA chief executive Carlos Tavares said in the statement that the carmaker’s “road back to a full recovery” is still long and it should remain “collectively focused on execution." The carmaker managed to log a 5.4-percent jump in global deliveries to 643,600 vehicles in the third quarter of 2014.

Read the entire article PSA logs 1.6% jump in revenue in third quarter despite drop of core brand sales

Johnson Controls logs 3% hike in revenues for quarter ended June 30

Johnson Controls Inc. posted a 3-percent surge in revenues in the quarter ended June 30, 2014 to $10.8 billion, thanks to growing demand for its car seats. The supplier’s automotive business has been booming, thanks to strong demand in China, which accounted for around 32 percent of the division's $5.7 billion in revenue in the period.

However, the company saw its revenues from its cooling and heating systems business drop 4 percent in the third quarter, no thanks to lower demand from the Middle East and North America.

Johnson Controls said it expected its cooling and heating systems business to return to growth in the current quarter ending Sept. 30, 2014, bannered by a low single-digit revenue gain.

Read the entire article Johnson Controls logs 3% hike in revenues for quarter ended June 30

PSA logs 2% rise in revenues in first quarter of 2014

PSA/Peugeot-Citroen posted a 2-percent surge in revenues in the first quarter of 2014 to EUR13.3 billion ($18.4 billion), the carmaker said in a statement. PSA attributed its performance in the quarter to the recovery of the European market and to strong growth in China.

PSA logged an 8-percent hike in global deliveries to 725,917 passenger vehicles, with gains of 16 percent in Europe and over 18 percent in China. Sales in Russia and Latin America dropped in the period. PSA said that stronger sales in Europe and China also offset the effects of a weaker Russian ruble, Argentinian peso and Brazilian real against the euro.

Currency fluctuations have trimmed revenues at the carmaker by around 5 percent. PSA Chief Financial Officer Jean-Baptiste de Chatillon described the period as “very positive quarter” that has allowed the carmaker to return to revenue growth.

Read the entire article PSA logs 2% rise in revenues in first quarter of 2014

Strong euro hurts Renault revenues in first quarter 2014

Renault posted a slight drop (0.1 percent) in revenues in the first quarter of 2014 to EUR8.26 billion ($11.4 billion), as the strong euro offset higher deliveries in the period. The French carmaker posted a 5-percent surge in deliveries in the first three months of 2014 to 636,239 vehicles, boosted by demand for Dacia models like the Sandero hatchback.

Renault said in a statement that while main emerging markets were “slowing down with poor visibility,” the recovery in the European market seemed stronger than expected. Renault is penetrating into emerging markets to cut its reliance on Europe, which is gradually recovering a six-year slump.

As supported by expansion and deeper ties with alliance partner Nissan, Renault disclosed in February that it seeks to hike its annual revenues by 22 percent to EUR50 billion in three years. The French carmaker would seek cost cuts to hike its return on sales to over 5 percent from 3 percent.

Read the entire article Strong euro hurts Renault revenues in first quarter 2014

Valeo logged a 6-percent climb in revenues in the first quarter of 2014 to EUR3.11 billion ($4.3 billion), thanks to higher demand in China and North America as well as to end of the auto sales crisis in Europe. CEO Jacques Aschenbroich said in a statement that company’s results demonstrate its capacity to “outpace the market” in all production regions and in all business groups.

Valeo is now concentrating on technology that improves safety and enhances comfort while reducing pollution. The French company in 2013 was able to achieve a target to improve earnings as a proportion of sales thanks to higher pace of growth in the second half of the year.

Valeo is expecting the European car maker to expand between 1 percent and 2 percent this year, as the region recovers from the recent slump. Valeo reiterated a goal to have its full-year 2014 sales grow faster than auto markets in its main regions.

Read the entire article Valeo revenues in first quarter 2014 hike 6% to 3.11 billion euros

Renault logged a 3-percent drop in revenues in the third quarter of 2013 to EUR8 billion ($11.04 billion), partly due to Iran sanctions. Likewise, the drop came as weaker emerging market currencies more than offset gains in pricing and sales volumes. Despite the revenue drop, Renault said that it remains on track to meet its objectives for 2013, reiterating its vow to deliver a global sales surge supported by a positive auto division operating margin and free cash flow.

The carmaker saw its automotive division revenue eaten up by the weaker Brazilian real, Argentinian peso, Indian rupee and Russian ruble against the euro. Renault has been shrinking the pricing gap with Volkswagen as it launches new models like the Captur compact sports utility vehicle and updated Clio subcompact.

Renault saw its global sales volumes surge by 3 percent thanks to strong demand in Russia and Turkey, which helped make up for 23,000 lost vehicle sales to Iran, stopped by international sanctions.

Read the entire article Renault saw revenues drop 3% to EUR8 billion in 3rd quarter

Renault posted an 11.8-percent drop in revenues in the first quarter of 2013 to EUR8.27 billion ($10.7 billion), no thanks to the European vehicle market that shrinks faster than the growth pace outside the region. The French carmaker also posted a 4.7-percent fall in global deliveries to 608,455 vehicles in the quarter. In a statement posted on its investors' Web site, Renault reduced its 2013 forecast for industry-wide European car sales.

The carmaker now expects a 5-percent drop in industry-wide sales instead of the 3-percent fall it earlier predicted. Renault noted that the conditions in Europe “were tougher than expected" in the first three months of 2013.

Renault, however, reiterated its full year targets of a positive operating margin and positive free cash flow for its carmaking division. In 2012, the carmaker posted EUR729 million in earnings before interest, taxes and one-time gains or costs.

Read the entire article Renault suffers 11.8% drop in Q1 revenues to EUR 8.27 billion

PSA/Peugeot-Citroen logged a 6.5-percent drop in revenues in the first quarter of 2013 to EUR13 billion ($16.9 billion) from EUR13.9 billion in the same period in 2012, as the French carmaker’s overseas sales failed to offset slumping deliveries in Europe. PSA’s deliveries, excluding component kits for assembly, dropped 2.5 percent to 674,200 vehicles.

PSA reiterated plans to reduce cash consumption at its automotive-unit in 2013 by half to EUR100 million. The carmaker also reiterated a target to achieve a breakeven in operational cash flow by the end of 2014. PSA’s automotive unit posted a 10.3-percent slide in revenues in the first quarter of 2013 to EUR8.7 million, reflecting a 10-percent shrinkage in the European market.

PSA also saw its inventory drop 134,000 units to 414,000, in line with an adequate level for 2013. According to a posting at its investor Web site, PSA said that a further drop in Europe's market in 2014 may make new savings measures necessary.

Read the entire article PSA posted 6.5% first-quarter revenue drop to EUR13 billion

Audi’s earnings in 2012 were adversely affected by the declining market in Europe so for this year, the automaker is targeting a "slight" increase in revenue for 2013. Audi said that its operating profit increased by 0.6% to 5.38 billion euros ($6.99 billion) in 2012 while the net profit decreased by 2% to 4.35 billion euros.

Revenue had grown by 11% to 48.8 billion euros. Its operating profit as a percentage of sales was at 11%, a bit higher than its long-term target range of between 8% and 10%. Audi said that it predicted to hit an operating margin at the upper end of its long-term target for this year. Audi predicts more deliveries for this year due to demand for the next-generation A3 Sportback launched last February and the S3 performance version of the model that comes out in the summer.

An A3 sedan, which is being aimed at the buyers in the U.S. and China, is expected to arrive at showrooms later this year. Audi accounted for around 40% of VW Group’s earnings, making it the primary profit driver of the VW Group.

Read the entire article Audi is targeting a slight increase in revenue for 2013

Ferrari posted a 17.3 percent increase in revenues in 2011 to a record EUR2.25 billion, thanks to the strong demand in the United States and China. The company also posted a 3.2 percent hike in trading profit to EUR312.4 million, and slight increase in net profit increased to EUR209 million in 2011.

The company said in its latest financial results that it recorded 14.1 percent return on sales in 2011, which was one of the highest in the automotive sector. Ferrari also logged a 9.5 increase in new car sales in 2011 to a record 7,195 units.

The sports car maker sales posted an eight-percent growth in sales in the US to 1,958 vehicles. China also proved to be high-growth market, as Ferrari logged a 62.6 percent hike in sales to 777 units. Ferrari also continues to post high growth in other car markets.

Read the entire article Ferrari’s 2011 revenue soars 17.3% to EUR2.25 billion

The demand in China had boosted the sales of Jaguar Land Rover’s models, contributing to the 30.3% increase in quarterly revenue to 2.9 billion pounds or 3.4 billion euros for the period ended Sept. 30. Last Monday, JLR said that for the same period, its pre-tax profits rose 9% to 287 million pounds.

JLR, which is owned by Tata Motors from India, said that it had gained from the robust sales of its new Range Rover Evoque, of which 7,700 models had been sold since it was launched. Demand for the Jaguar XF powered by a 2.2-liter diesel engine had also been strong.

In the first half, Jaguar Land Rover’s unit sales had grown by 13.8% to 130,090. The company said last week that it will add 1,000 jobs at its factory in Solihull located near Birmingham, England, to boost the production of the Range Rover, Range Rover Sport, Discovery and Defender models.

Read the entire article Jaguar Land Rover quarterly revenue rise 30.3 percent

In the third quarter of this year, Chrysler Group posted a net profit of $212 million as it was aided by the arrival of new models and higher sales. In comparison, it had a net loss of $84 million the previous year. Its revenue increased by 19% to $13.1 billion, boosted by the demand for 16 new or refreshed vehicles intended for the 2011 and 2012 model years.

In addition, Chrysler raised its earnings outlook. It now anticipates achieving an adjusted net income of $600 million for the entire 2011. This is a marked increase from its former estimates of $200 million to $500 million.

Chrysler, which is the smallest automaker in Detroit, recorded $42 million in losses on revenue of $40 billion for the period from January to September 2011. Chrysler is on course to becoming profitable once again since 2005.

Read the entire article Chrysler Group’s third quarter net revenue up 19 percent from a year ago