Category Archives: Earnings

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.

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GM Reports Record Full-Year Earnings Per Share

DETROIT — General Motors Co. (NYSE: GM) Tuesday announced record full-year 2016 results driven by strong retail demand for full-size trucks and SUVs in the United States, continued industry growth in China and effective cost performance across the globe.

The company reported revenue of $166.4 billion for the year, a record, up 9.2 percent from 2015. Net income for the year was $9.43 billion, down from $9.69 billion in 2015. Earnings per share was $6, up 1.5 percent from a year earlier, also a record, up from $5.91 a share in 2015, based on more shares outstanding in 2015.

For the fourth quarter, revenue was also a record, $43.9 billion, up 10.8 percent from a year earlier. Net income was $1.84 billion or $1.19 a share, down from $6.27 billion or $3.92 a share a year earlier. Last year’s net income was aided by a one-time, $4 billion tax gain.

Based on GM North America’s 2016 financial performance, approximately 52,000 eligible GM U.S. hourly employees will receive up to a maximum profit sharing payout of $12,000.

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Whirlpool Earnings Flat, ‘Ongoing’ Up

BENTON HARBOR — Whirlpool Corp. (NYSE: WHR) reported fourth quarter net income of $180 million or $2.36 a share, unchanged from $180 million or $2.28 a share a year earlier. (The per-share figures are different because of fewer shares outstanding this year.)

The company also reported “ongoing business earnings” of $4.33 a share, up from $4.10 a share a year earlier. This figure excludes restructuring expenses, acquisition-related costs, legacy product warranty and liability expenses, and the impacts of income tax.

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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.

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Dow Profits Fall On Cost Of Sales, Administrative Expense

MIDLAND — Dow Chemical Co. (NYSE: DOW) reported third quarter net income of $804 million or 63 cents a share, down from $1.37 billion or $1.09 a share, in the same quarter a year earlier. Revenue was $12.48 billion, up from $12.04 billion a year earlier.

For the nine months, net income was $4.01 billion, or $3.48 a share, up from $3.82 billion or $3.24 a share a year earlier. Revenue was $35.14 billion, down from $37.32 billion a year earlier.

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Genthern Net Income Dips On Higher Expenses

NORTHVILLE — Gentherm Inc., the manufacturer of thermal management technology, reported net income of $20.2 million or 55 cents a share in the third quarter ended Sept. 30, down from $27.7 million or 76 cents a share a year earlier.

Revenue was $232.6 million, up from $223.8 million a year earlier.

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Superior Industries Profits Rise On Flat Sales

SOUTHFIELD — Superior Industries International Inc. (NYSE: SUP), the largest manufacturer of aluminum wheels for light vehicles in North America, reported net income of $6 million or 23 cents a share in the third fiscal quarter ends Sept. 25, up from $4.9 million or 19 cents a share a year earlier. Revenue was $175.6 million, down from $175.7 million last year.

For the nine months, net income was $33.6 million or $1.31 a share, up from $15.8 million or 59 cents a share a year earlier. Revenue was $544.4 million, up from $533.3 million.

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Whirlpool Profits Inch Up

BENTON HARBOR —  Whirlpool Corp. (NYSE: WHR), the world’s largest appliance maker, announced third quarter net income of $238 million, or $3.10 a share, up from $235 million, or $2.95 a share, a year earlier.

Revenue was $5.25 billion, down from $5.27 billion a year earlier.

For the nine months ended Sept. 30, net income was $708 million or $9.16 a share, up from $603 million or $7.54 a year earlier. Revenue was $15.06 billion, down from $15.33 billion a year earlier.

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Detrex Sales, Profits Fall

SOUTHFIELD — Detrex Corp. (OTC: DTRX), the Southfield specialty chemical maker, reported net income of $308,000 or 18 cents a share in the second quarter ended June 30, down from $662,000 or 38 cents a share a year earlier. Revenue was $9.4 million, down from $10 million a year earlier.

For the six months, net income was $542,000 or 32 cents a share, down from $1.4 million or 80 cents a share a year earlier. Revenue was $18.3 million, down from $20.9 million a year earlier.

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Laser Maker’s Earnings, Sales Dip

PLYMOUTH — In what may be one of its last financial reports as an independent company, the industrial laser maker Rofin-Sinar Technologies Inc. (Nasdaq: RSTI) reported a slight dip in sales and profits for its third fiscal quarter, ended June 30.

Net income was $11.5 million or 40 cents a share, down from $11.6 million or 41 cents a share a year earlier. Revenue was $125.9 million, down from $132.5 million a year earlier.

For the first nine months of the fiscal year, net income was $18.8 million or 65 cents a share, down from $26.5 million or 94 cents a share a year earlier. Revenue was $349 million, down from $377.7 million a year earlier.

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