plus 4, AutoNation (NYSE: AN) Reports 3Q Profit on Lower Costs - Transworld News |
- AutoNation (NYSE: AN) Reports 3Q Profit on Lower Costs - Transworld News
- China to pursue trade case against US automakers - KTVB
- No big boom for Big Oil, but production up again - Modesto Bee
- Earnings roundup: Williams, Asbury Auto - Yahoo Finance
- Cash for Clunkers Results Finally In: Taxpayers Paid $24,000 per ... - Democratic Underground.com
| AutoNation (NYSE: AN) Reports 3Q Profit on Lower Costs - Transworld News Posted: 29 Oct 2009 10:58 PM PDT Buffalo, New York 10/30/2009 06:00 AM GMT (TransWorldNews)
AutoNation Inc. (NYSE: AN), the nation's largest automotive retailer, said Thursday it made money in the third quarter, according to Associated Press.
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The company cited lower costs and a boost from the Cash for Clunkers program helped it recover from a loss in the year-ago period.
Automakers got a lift from clunkers, which spurred sales of nearly 700,000 new vehicles during the summer months. Big rebates lured in many buyers who otherwise would have waited until later in the year to walk into dealerships.
AutoNation, which owns about 245 new-vehicle franchises in 15 states, previously said it sold 13,000 vehicles during the program.
CEO Mike Jackson said the program was a signal to consumers that it was safe to begin to buy again. The program, Jackson said, was a shot in the arm for the industry, helped restart manufacturing, cleared off car lots and brought the system back to life.
Still automakers saw a Cash for Clunkers hangover in September, pushing down sales 41 percent from August and leaving the industry searching for signs of a recovery in October, when industry estimates expect sales to improve.
The company, based in Fort Lauderdale, Fla., said it earned $65 million, or 36 cents per share, in the three months ended Sept. 30. It lost $1.41 billion, or $7.99 per share, due to big asset write-downs in the same quarter last year.
AutoNation said sales fell 13 percent to $2.92 billion from $3.36 billion a year ago, but said its new vehicle unit sales decline was in line with industry figures from CNW Research. Jackson said the clunkers program boosted the company's bottom line by 7 cents per share.
Analysts surveyed by Thomson Reuters expected the company to earn 35 cents per share on $3.13 billion in sales.
Its shares rose 9 cents to $18.18 in afternoon trading Thursday.
For the quarter, the company said domestic segment income was $34 million compared with $25 million in the year-ago period, with a 11 percent decline in new vehicle sales. Income from imported vehicles rose to $63 million from $52 million last year, with an 12 percent drop in new vehicle sales. Premium luxury income was $44 million compared with $43 million a year ago, with a 19 percent slip in new vehicle sales.
AutoNation said its domestic and import segments benefited most from the clunkers program.
The automotive retailer's expenses fell about 10 percent to $380 million compared with the year-ago period.
AutoNation also said its board has approved an increase of capital investment to $150 million for 2010 and authorized an additional $250 million in stock buybacks. The company also announced earlier this week that it plans to complete the acquisition of Honda and Acura dealerships in Washington State by the end of the year.
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| China to pursue trade case against US automakers - KTVB Posted: 29 Oct 2009 09:46 PM PDT Posted on October 29, 2009 at 12:02 AM Updated yesterday at 12:02 AM
WASHINGTON (AP) — China has told the U.S. that it will take steps that could lead to higher tariffs on imports of autos made by GM, Chrysler and Ford. Steve Collins, president of industry trade group the American Automotive Policy Council, said Wednesday that U.S. officials have told the three companies that China is expected to begin an investigation into their business practices as soon as next week. If the investigation concludes that the companies receive government subsidies, or sell products in China at below-market prices, China could slap tariffs on U.S. auto imports. The move is the latest trade dispute between the two countries, which are already fighting over steel pipes, chicken products, and pirated movies and music. This content has passed through fivefilters.org. |
| No big boom for Big Oil, but production up again - Modesto Bee Posted: 29 Oct 2009 11:55 PM PDT Exxon Mobil Corp. said Thursday that net income slumped 68 percent to $4.73 billion, or 98 cents per share, when compared with the same July-September period in 2008, the most lucrative ever for the oil industry. Last year, crude spiked to near $150 a barrel, helping Exxon break its profit records. Royal Dutch Shell PLC, Europe's largest oil company, said its profit was more than halved to $3.25 billion and sales tumbled 43 percent. The bad year for major producers has led to thousands of job cuts from the Gulf of Mexico to Amsterdam. Shell said Thursday that it would cut 5,000 jobs and that 15,000 employees must reapply for employment. Those cuts come on top of 500 layoffs among senior management earlier this year. ConocoPhillips said Wednesday that it was selling $10 billion in assets and becoming a smaller company. Even the rising energy prices that usually fatten profits at companies such as Exxon have come with a price this year. The refining side of the business is getting hit hard because it must pay more for crude to make fuel, but demand for fuel has not rebounded strongly. This content has passed through fivefilters.org. |
| Earnings roundup: Williams, Asbury Auto - Yahoo Finance Posted: 29 Oct 2009 03:34 PM PDT Among the earnings stories for Thursday, Oct. 29, from AP Financial News: TULSA, Okla. (AP) -- Natural gas provider Williams Cos. on Thursday said its third-quarter earnings fell 8 percent, driven by a sharp decline in natural gas prices. DULUTH, Ga. (AP) -- Automotive retailer Asbury Automotive Group Inc. said Thursday its third-quarter profit rose 35 percent, as cost controls and inventory improvements offset a drop in sales. GREENSBURG, Pa. (AP) -- Allegheny Energy Inc., an electricity and natural gas provider, on Thursday said its third-quarter earnings dropped 14 percent on interest and hedging charges. BIRMINGHAM, Ala. (AP) -- BioCryst Pharmaceuticals Inc. on Thursday reported a larger third-quarter loss as it stepped up testing of its experimental IV flu treatment peramivir. NORWALK, Conn. (AP) -- Emcor Group Inc. said Thursday that restructuring charges squeezed its profit in the third quarter as contract backlog and revenue declined. STRATHAM, N.H. (AP) -- Timberland Co. said Thursday its third-quarter profit rose an unexpected 23 percent to top analyst estimates as the company trimmed costs and demand improved for its boots and Smartwool apparel. WILMERDING, Pa. (AP) -- Railroad equipment supplier Wabtec Corp. said Thursday its third-quarter earnings fell 18 percent as demand for new freight railcars plunged. CINCINNATI (AP) -- Insurance company Cincinnati Financial Corp. on Thursday posted a 31 percent profit decline in its third quarter its investment gains fell sharply, but operating profit shot up as the company had to pay out fewer catastrophe claims. This content has passed through fivefilters.org. |
| Cash for Clunkers Results Finally In: Taxpayers Paid $24,000 per ... - Democratic Underground.com Posted: 29 Oct 2009 09:22 AM PDT Source: Edmunds.com Cash for Clunkers Results Finally In: Taxpayers Paid $24,000 per Vehicle Sold, Reports Edmunds.com SANTA MONICA, Calif. — October 28, 2009 — Edmunds.com, the premier resource for online automotive information, has determined that Cash for Clunkers cost taxpayers $24,000 per vehicle sold. Nearly 690,000 vehicles were sold during the Cash for Clunkers program, officially known as CARS, but Edmunds.com analysts calculated that only 125,000 of the sales were incremental. The rest of the sales would have happened anyway, regardless of the existence of the program. Ironically, the average transaction price for a new vehicle in August 2009 was only $26,915 minus an average cash rebate of $1,667. "This analysis is valuable for two reasons," explained Edmunds.com CEO Jeremy Anwyl. "First, it can form the basis for a complete assessment of the program's impact and costs. Second—and more important—it can help us to understand the true state of auto sales and the economy. For example, October sales are up, but without Cash for Clunkers, sales would have been even better. This suggests that the industry's recovery is gaining momentum." The chart below sets forth actual SAAR (Seasonally Adjusted Annual Rate) compared to Edmunds.com's forecasted rate if the program had never been implemented..... Read more: http://www.edmunds.com/help/about/press/159446/article.... Chart is at link. This content has passed through fivefilters.org. |
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