plus 4, China to pursue trade case against US automakers - Charleston Daily Mail

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• China to pursue trade case against US automakers - Charleston Daily Mail
• Goodyear 3Q profit surges, shares sink on outlook - MyNorthwest.com
• O'Reilly Automotive 3Q profit more than doubles - Beaver County Times
• O’Reilly Automotive 3Q profit more than doubles - WNYT
• Dollar Thrifty Automotive Group Prices Common Stock Offering - Biloxi Sun Herald

China to pursue trade case against US automakers - Charleston Daily Mail Posted: 28 Oct 2009 10:09 PM PDT 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 Detroit automakers that China is expected to begin an investigation under anti-dumping laws 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. The trade spats worsened after the Obama administration last month announced up to 35 percent duties on Chinese-made tires, to be imposed for the next three years. The U.S. auto companies export only about 9,000 cars to China annually, Collins said. GM manufactures and sells more than a million cars a year in China, though those sales wouldn't be affected. Mercedes-Benz, BMW and Nissan also export cars to China from plants in the United States, but those won't be included in the investigation, Collins said. GM and Chrysler have received billions of dollars in aid from the government's $700 billion bailout fund, though Ford has not. An e-mail to a spokeswoman for U.S. Trade Representative Ron Kirk was not immediately returned. U.S. trade officials, including Kirk and Commerce Secretary Gary Locke, are currently in Hangzhou, China for high-level economic talks. President Obama will make his first visit to China on Nov. 15-18. Greg Martin, a spokesman for GM in Washington, said GM wanted to study the documents before commenting. Ford spokesman Mike Moran and Chrysler spokeswoman Linda Becker deferred comment to the trade group, and messages were left for two Chrysler spokeswomen Wednesday evening. "The documents containing the charges were presented to the U.S. government this week but have not yet been translated. Therefore we are not in a position to comment at this time," Collins said in a statement. China is an important market for the U.S. automakers, especially GM and Ford, whose sales have been growing there while developed markets like the U.S. and Europe sputter. Yet if China does impose tariffs, it's not likely to hurt the automakers much. GM and Ford sell hundreds of thousands of vehicles there, but most are made in China. GM so far this year has sold 1.3 million cars and trucks in China, most of them built there in a joint venture with Chinese automaker SAIC. Ford also builds most of the vehicles it sells in China at factories there, but has only a 2 percent market share. Last month the Dearborn, Mich., automaker announced plans to build a new assembly plant in China to make the next-generation Focus compact car. Ford has sold 316,639 vehicles in China from January through September, with last month's sales jumping nearly 80 percent from the year before. Chrysler has been pursuing partnerships in China and now only exports only a small number of vehicles to China. Total auto sales in China so far this year have surpassed those in the U.S., giving China a wide lead over the U.S. as the world's top auto market. Through September, 9.66 million vehicles were sold in China, up 34 percent from the same period last year. During the same time, U.S. sales plunged 27 percent to 7.8 million units, according to Autodata Corp., a research firm. Sales in China are expected to continue climbing to 12.6 million units in 2009, while analysts say U.S. light vehicle sales for the year will wind up around the 10.5 million level. This content has passed through fivefilters.org.

Goodyear 3Q profit surges, shares sink on outlook - MyNorthwest.com Posted: 28 Oct 2009 06:34 PM PDT By THOMAS J. SHEERAN Associated Press Writer CLEVELAND (AP) - Goodyear Tire & Rubber Co.'s profit more than doubled in the third quarter, helped by cost-cutting, new products and lower raw material costs. But its shares plummeted nearly 20 percent on its forecast for an operating loss in its key North American market this quarter. The third-quarter performance disclosed Wednesday marked a reversal by Goodyear, which had reported $554 million in losses in the first six months of the year as the recession staggered the automotive industry, a key customer. Goodyear, the biggest U.S. tiremaker, said it expects year-over-year global industry growth in 2010 and said its new products, especially high-end tires, and cost-cutting would give it the opportunity to capitalize on the opportunity. "The strength of our brands and steady stream of new and innovative tires such as our branded fuel-efficient tires provided marketplace momentum and led a strong third quarter performance," said Robert J. Keegan, chairman and CEO. Darren R. Wells, executive vice president and chief financial officer, told analysts that North American operating income was $2 million in the third quarter, but would decline $75 million to $125 million from that figure in the October-December period. The region lost $19 million in the third quarter of 2008. Analysts pressed company executives in a conference call on the company's outlook for its home North American market. Executives said the issues included fixed costs, seasonal sales trends and material expenses. "Overall the world's economies are showing increasing signs of recovery but certainly not as fast, as strong or as consistently as we'd all like to see globally," Keegan said in the call. Goodyear shares, which had been up in premarket trading, tumbled $3.28, or 19.6 percent, to $13.46 in trading Wednesday. The company earned $72 million, or 30 cents per share, in the July-September period compared with $31 million, or 13 cents per share, a year ago. Revenue fell to $4.4 billion from $5.2 billion a year ago. Goodyear said it earned 45 cents before charges. That beat the 40 cents a share that analysts surveyed by Thomson Reuters expected, on average. Analysts typically exclude one-time items from their estimates. For the first nine months of the year, Goodyear lost $482 million, or $2 per share, on revenues of $11.9 billion, compared with earnings of $253 million, or $1.05 per share, on revenues of $15.4 billion a year ago. Goodyear squeezed out $195 million in additional savings during the third quarter and has trimmed $540 million in expenses in the first nine months of the year. During the third quarter, Goodyear trimmed its global work force by 300 jobs and eliminated about 5,500 in the January-June period, passing the 2009 target of 5,000. ___ On the Net: http://www.goodyear.com (Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.) Add A Comment This content has passed through fivefilters.org. This posting includes an audio/video/photo media file: Download Now

O'Reilly Automotive 3Q profit more than doubles - Beaver County Times Posted: 28 Oct 2009 10:16 PM PDT O'Reilly Automotive Inc. said Wednesday its third-quarter profit more than doubled as sales rose and it gained greater purchasing power as the result of acquisitions. The auto parts retailer, based in Springfield, Mo., earned $87.2 million, or 63 cents per share, in the quarter that ended Sept. 30. That is up from the $41.4 million, or 31 cents per share, it earned a year earlier. Revenue grew 13 percent in the quarter to $1.26 billion from $1.11 billion. Sales at stores open at least a year rose 5.3 percent, O'Reilly said, as more people chose to repair existing cars rather than purchase new ones. The results beat a 56-cent-per-share profit estimate from analysts polled by Thomson Reuters and their forecast for $1.23 billion in sales. The company said there was continued improvement in its gross margin thanks to an increase in purchasing power that lowered its acquisition costs. O'Reilly forecast fourth-quarter profit of 47 cents to 51 cents per share and full-year earnings of $2.18 to $2.22. On average, analysts are predicting earnings of 47 cents and $2.13 per share for the respective periods. Shares fell 7 cents to $33.61 in aftermarket trading after closing Wednesday down nearly 3 percent at $33.68. This content has passed through fivefilters.org.

O’Reilly Automotive 3Q profit more than doubles - WNYT Posted: 28 Oct 2009 09:19 PM PDT (AP) SPRINGFIELD, Mo. - O'Reilly Automotive Inc. said Wednesday its third-quarter profit more than doubled as sales rose and it gained greater purchasing power as the result of acquisitions. The auto parts retailer, based in Springfield, Mo., earned $87.2 million, or 63 cents per share, in the quarter that ended Sept. 30. That is up from the $41.4 million, or 31 cents per share, it earned a year earlier. Revenue grew 13 percent in the quarter to $1.26 billion from $1.11 billion. Sales at stores open at least a year rose 5.3 percent, O'Reilly said, as more people chose to repair existing cars rather than purchase new ones. The results beat a 56-cent-per-share profit estimate from analysts polled by Thomson Reuters and their forecast for $1.23 billion in sales. The company said there was continued improvement in its gross margin thanks to an increase in purchasing power that lowered its acquisition costs. O'Reilly forecast fourth-quarter profit of 47 cents to 51 cents per share and full-year earnings of $2.18 to $2.22. On average, analysts are predicting earnings of 47 cents and $2.13 per share for the respective periods. Shares fell 7 cents to $33.61 in aftermarket trading after closing Wednesday down nearly 3 percent at $33.68. This content has passed through fivefilters.org.

Dollar Thrifty Automotive Group Prices Common Stock Offering - Biloxi Sun Herald Posted: 28 Oct 2009 06:41 PM PDT The shares are being offered pursuant to the Company's effective shelf registration statement on file with the Securities and Exchange Commission. The offering is being made only by means of a prospectus and related prospectus supplement, which may be obtained by visiting the SEC's website at www.sec.gov or by contacting Goldman, Sachs & Co. (Attention: Prospectus Department, 85 Broad Street, New York, New York 10004; telephone: (917) 343-8000; facsimile: (212) 902-9316; email: prospectus-ny@ny.email.gs.com) or J.P. Morgan Securities Inc. (Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717; telephone: (631) 254-1735). This press release does not constitute an offer to sell or the solicitation of an offer to buy the common stock, nor shall there be any such offer or solicitation or any sale of the common stock in any jurisdiction in which such offer, solicitation or sale would be unlawful. About Dollar Thrifty Automotive Group, Inc. Dollar Thrifty Automotive Group, Inc. is headquartered in Tulsa, Oklahoma. Driven by the mission "Value Every Time," the Company's brands, Dollar Rent A Car and Thrifty Car Rental, serve value-conscious travelers in over 70 countries. Dollar and Thrifty have over 600 corporate and franchised locations in the United States and Canada, operating in virtually all of the top U.S. and Canadian airport markets. The Company's approximately 6,400 employees are located mainly in North America, but global service capabilities exist through an expanding international franchise network. SOURCE Dollar Thrifty Automotive Group, Inc. This content has passed through fivefilters.org.

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