Category Archives: Auto Suppliers

Stoneridge Income Jumps On Tax Benefit

NOVI — Stoneridge Inc., the Novi-based manufacturer of electronics for the automotive and other transportation markets, reported net income of $48.4 million or $1.70 a share in the fourth quarter, up from $6.1 million or 22 cents a share in the same quarter of 2015.

Revenue was $172.6 million, up from $154.6 million a year earlier.

For the full year, net income was $77.5 million or $2.74 a share, up from $22.8 million or 82 cents a share a year earlier. Revenue was $696 million, up from $644.8 million a year earlier.

The company also issued an “adjusted earnings” figure removing the benefits of deferred tax assets in 2016. Without that benefit, net income for the fourth quarter was $9.6 million or 34 cents a share for the fourth quarter of 2016, and $40.2 million or $1.42 a share for the full year.

The company said it expected 2017 sales of between $705 milion and $730 million, and earnings before interest, taxes, depreciation and amortization of 10 to 11.5 percent of sales. The earnings per share guidance for 2017 was $1 to $1.15 a share.

For more information, including a replay of a conference call discussing the results, visit http://www.stoneridge.com.

Stoneridge was founded in 1965 in Warren, Ohio as a contract manufacturer for the auto industry. It went public in 1997 and moved its headquarters to Novi in 2016.

Superior Industries Sales, Net Income Dip

SOUTHFIELD — Superior Industries International Inc. (NYSE:SUP), the Southfield-based manufacturer of aluminum wheels for light vehicles, reported net income of $7.8 million or 31 cents a share in the fourth fiscal quarter ended Dec. 25, down from $8.1 million or 31 cents a share in the same quarter a year earlier. Revenue was $188.3 million, down from $194.6 million a year earlier. Continue reading Superior Industries Sales, Net Income Dip

Visteon Profits Dip On Discontinued Operations

VAN BUREN TWP. — The auto supplier Visteon Corp. (NYSE: VC) reported fourth quarter net income of $2 million or 6 cents a share, down from $21 million or 52 cents a share a year earlier. Revenu ewas $816 million, up from $809 million a year earlier.

For the full year, net income was $75 million or $2.14 a share, down from $2.28 billion or $52.63 a share a year earlier. Revenue for the full year was $3.16 billion, down from $3.25 billion a year earlier.

Continue reading Visteon Profits Dip On Discontinued Operations

Gentherm Profits Dip

NORTHVILLE — Gentherm Inc. (NASDAQ: THRM), the Northville-based manufacturer of thermal management products, reported net income of $26 million or 71 cents a share in the fourth quarter of 2016, down from $28.4 million or 78 cents a share a year earlier.

Revenue was $236.5 million for the quarter, up from $212.3 million a year earlier.

For the full year, net income was $76.6 million or $2.09 a share, down from $95.4 million or $2.62 a share in 2015. Revenue was $917.6 million, up from $856.4 million in 2015.

Continue reading Gentherm Profits Dip

Gentex Revenue Rises

ZEELAND — Gentex Corp. (Nasdaq: GNTX), the Zeeland-based manufacturer of automotive automatic-dimming rearview mirrors, automotive electronics, dimmable aircraft windows, and fire protection products, reported revenue of $419.9 million in the fourth quarter, up 4 percent from $405.6 million in the final quarter of 2015.

Net income for the quarter was $88.8 million or 31 cents a share, up from $88.4 million or 30 cents a share a year earlier.

For the full year, revenue was $1.68 billion, up from $1.54 billion in 2015. Net income for the full year was $347.6 million or $1.19 a year, up from $318.5 million or $1.08 a share in 2015.

Continue reading Gentex Revenue Rises

State Aid OK’d For $29.8M In Business Expansions

LANSING — Three business expansions that will generate nearly $29.8 million in total investment and create 148 jobs in Michigan have received Michigan Strategic Fund approval for support, the Michigan Economic Development Corp. announced.

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Auto Supplier Denso Backs FIRST Robotics

SOUTHFIELD — Denso, the auto supplier with its North American headquarters in Southfield, announced a 2017 commitment to FIRST Robotics, to which it has donated more than $800,000 since 2002.

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Denso Opens R&D Center At UM

SOUTHFIELD — The Japan-based auto supplier Denso Corp. announced the opening of the Denso R&D Lab at the University of Michigan in Ann Arbor.

The company said 12 UM students were selected to help on various research projects being undertaken at the lab. The projects will begin this month and continue throughout the year.

Continue reading Denso Opens R&D Center At UM

New Auto Tech Conference Coming In 2017; Preview Dec. 9

DETROIT — Crain Communications Inc. and MSX International announce the launch of Technology in Motion (TIM), an automotive technology exposition and conference scheduled to be held Sept. 6-8, 2017, at Cobo Center in Detroit.

The companies said the event is intended to become a prominent technology and mobility event, drawing together automakers, auto suppliers, and the technology community.

Among the subjects of TIM 17: technological advancements in autonomous vehicles, connected cars, and mobility and propulsion systems.

TIM 17’s focus:
* Reaffirm the state of Michigan and Detroit as an automotive technology hub
* Provide a forum for the growing interest in connectivity, autonomous vehicles and mobility solutions
* Increase recruitment efforts in the automotive sector, the state of Michigan and Detroit
* Stimulate increased capital and technology investments in the region

“The automotive industry is using new technology to progress at a very rapid pace. Safety, user experience and vehicle efficiency top the list for future vehicle improvement,” said K.C. Crain, executive vice president and director of corporate operations at Crain Communications.

On Friday, Dec. 9, a preview event for TIM 17 will be held in the General Motors Auditorium at the College for Creative Studies’ A. Alfred Taubman Center for Design Education at 460 W. Baltimore Ave. in Detroit.

The TIM Preview Event will be a day-long conference. Crain will be among the speakers. The rest of the lineup includes:
* Mike Ableson, vice president of strategy and global portfolio planning, General Motors
* Matthew J. Simoncini, president and CEO, Lear Corp.
* Aine Denari, senior vice president, planning and business development, ZF North America Inc.
* David Liniado, vice presidetn of global enterprise new ventures,  Cox Automotive
* Steve Hanna, director of solution sales for manufacturing, Microsoft Corp.
* Danny Shapiro, senior director of automotive, Nvidia
* Christopher Thomas, founder and partner, Fontinalis Partners
* Marc Weiser, managing director, RPM Ventures
* Dan Gilbert, chairman and founder, Quicken Loans
* David Graff, global vice president of retail network solutions sales, MSX International

To register for the preview event, visit TIMDetroit.com. For more information, contact Trisha Stephens, TIM Show Coordinator, at trisha@timdetroit.com, (248) 829-6042

MSX International is a Detroit-based business process outsourcing provider. More at http://www.msxi.com. Crain Communications is a privately held media company that produces 21 print publications and 34 news websites, reaching six million people in the United States, Europe and Asia. Included are Detroit-based Automotive News and Crain’s Detroit Business. More at http://www.crain.com.