Category Archives: Earnings

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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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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