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]

If you liked the article, share on:

Topics: belgium, sales

Comments

Recommended

Lamborghini had been expected to refresh its entry-level model – the Lamborghini Huracan – in late 2018 or early 2019. But here is some good news for fans of the...
by - November 20, 2017
The Chevrolet Corvette will be turning 65 years old in 2018, and as part of the celebrations, the brand is introducing a special edition C7 – the Chevrolet Corvette Carbon...
by - November 19, 2017
Tesla revealed that with its new Semi, truck drivers can expect better experience especially with heightened safety and the lower cost of transporting cargo. Indeed, the cabin of the new...
by - November 19, 2017
November 17 is considered a very special day for Tesla, as this is the day that they revealed the highly anticipated Tesla Semi. But Elon Musk did not think the...
by - November 17, 2017
More details have emerged about the new sixth generation of the BMW M3 just as the German premium practically announced the end of the current-gen 3 Series with the unveiling...
by - November 17, 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