Category Archives: Earnings

Superior Industries Shipments Hit Record, But Profits Plunge On Acquisition

SOUTHFIELD — Superior Industries International Inc. (NYSE:SUP), the global manufacturer of aluminum wheels, reported a loss of $7.3 million or 41 cents a share in the quarter ended June 25, compared to net income of $13.2 million or 52 cents a share a year earlier.

Revenue was $240.6 million, up from $182.7 million a year earlier.

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Lear Posts Record Second Quarter

SOUTHFIELD — Lear Corp. (NYSE: LEA), the Southfield-based supplier of automotive seating and electrical systems, reported record sales and earnings for the second quarter 2017.

Net income for the quarter was $311.9 million or $4.49 a share, up from $282.4 million or $3.82 a share a year earlier. Revenue was $5.12 billion, up from $4.72 billion a year earlier.

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Visteon Net Rises

VAN BUREN TWP. — Auto electronics supplier Visteon Corp. (NYSE: VC) reported net income of $45 million or $1.41 a share in the second quarter, up from $26 million or 76 cents a share a year earlier. Revenue was $774 million, virtually flat compared to last year’s $773 million. Continue reading Visteon Net Rises

Stoneridge Sales, Profits Rise

NOVI — Stoneridge Inc. (NYSE: SRI), the manufacturer of automotive electrical and electronic components, reported higher revenue and net income for the first quarter of the year.

Net income was $9.2 million or 32 cents a share, up 27.8 percent from $7.2 million or 26 cents a share a year earlier. Revenue was $204.3 million, up 25.6 percent from $162.6 million a year earlier.

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Gentherm Sales, Profits Rise

NORTHVILLE — Gentherm Inc. (Nasdaq: THRM), the developer of thermal management technologies, reported rising sales and net income in the first quarter.

Revenue was $249.3 million, up from $215.7 million a year earlier. Net income was $25.4 million or 69 cents a share, up from $11.9 million or 33 cents a share a year earlier.

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Whirlpool Sales, Profits Up Slightly

BENTON HARBOR — Whirlpool Corp. (NYSE: WHR) reported first quarter net income of $153 million or $2.01 a share, up from $150 million or $1.92 a share in the first quarter of 2016.

Revenue was $4.79 billion, up from $4.62 billion a year earlier.

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Gentex Sales, Profits Rise

ZEELAND — Gentex Corp. (Nasdaq: GNTX), the Zeeland-based automotive and electronics manufacturer, reported net income of $97.6 million or 33 cents a share in the first quarter ended March 31, up from $80.3 million or 28 cents a share in the same quarter a year earlier.

Revenue was $453.5 million, up from $405.6 million a year earlier.

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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.

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