Tag Archives: Earnings

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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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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Repatriation of Cash Brings Syntel Loss

TROY — The Troy-based IT services company Syntel Inc. (Nasdaq: SYNT) reported a loss of $217.2 million or $2.58 a share, compared to net income of $77.7 million or 92 cents a share a year earlier, in the third quarter ended in Sept. 30.

Revenue fell 5 percent to $241.3 million from $253.6 million a year earlier.

For the nine months, the loss was $105.4 million or $1.25 a share, vs. net income of $178.3 million or $2.12 a share a year earlier. Revenue for the nine months was $726.6 million, up from $714 million.

The decline in profitability was the product of repatriation of cash held overseas, resulting in a one-time tax expense of $271 million. The company’s gross margin was 39.2 percent of sales vs. 42.4 percent a year earlier, and the company saw sharply higher selling, general and administrative expenses, at 12.2 percent of sales, up from 6 percent a year earlier.

“Market conditions were challenging during the third quarter as macroeconomic, business and regulatory uncertainty impacted customer spending in what is typically a seasonally strong period,” said Syntel CEO and President Nitin Rakesh. “Despite this, we continued to see some signs of stabilization in our insurance segment, including in the personal lines sub-industry.”

The company declared a one-time cash dividend of $15 a share to its shareholders during the quarter.

Based on current trends and an exchange rate assumption of 67 Indian rupees to the dollar, the Company currently expects 2016 revenue of $960 million to $970 million and loss per share in the range of 65 to 75 cents.

To listen to a conference call discussing the results, call (855) 859-2056 in the United States or (404) 537-3406 elsewhere and enter the pass code 97795475.

More at http://www.syntelinc.com.

Nexteer Revenue, Profit Jumps

SAGINAW — Nexteer Automotive Group Ltd., the Chinese-owned manufacturer of electric and hydraulic power steering systems, steering columns, driveline systems and advanced driver assist and autonomous vehicle technologies, reported its first half financial results Tuesday.

The company said profit attributable to equity holders for the six months ended June 30 was $148.9 million or 6 cents a share, up from $96.5 million or 4 cents a share for the first six months of 2015. Revenue for the period was $1.92 billion, up from $1.64 billion in the same period 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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Whirlpool Profits, Sales Dip On Strong Dollar, Weak Overseas Demand

BENTON HARBOR — Whirlpool Corp. (NYSE: WHR) reported net income of $150 million or $1.92 a share in the first quarter ended March 31, down from $191 million or $2.38 a share in the same period a year earlier.

Revenue for the quarter was $4.62 billion, down from $4.85 billion a year earlier. The company said the decline was entirely the result of a stronger United States dollar; excluding the impact of currency, sales rose 1 percent.

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Superior Industries Profit Jumps

SOUTHFIELD — Superior Industries International Inc. (NYSE: SUP), the largest manufacturer of aluminum wheels for cars and light trucks in North America, reported net income of $8.1 million or 31 cents a share for the fourth fiscal quarter ended Dec. 27, up from $1.4 million or 5 cents a share in the same quarter a year earlier. Revenue was $194.6 million, up from $186.7 million in the prior fiscal year.

For the full year, net income was $23.9 million or 90 cents a share, up from $8.8 million or 33 cents a share a year earlier. Revenue was $727.9 million, down from $745.4 million a year earlier.

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Visteon Sales Jump 25%

VAN BUREN TWP. — The auto electronics supplier Visteon Corp. reported strong sales for 2015, with total revenue for the year rising 25 percent to $3.25 billion.

The company reported net income of $2.284 billion or $52.63 a share, compared to a loss of $295 million or $6.44 a share in 2014. The company massively restructured during the year, selling off its climate control and auto interiors businesses and focusing on auto cockpit electronics and software. It reported net income of $2.286 billion on its discontinued operations for the year.

For the fourth quarter revenue was $809 million, up from $788 million a year earlier. Net income was $21 million or 52 cents a share, vs. a loss of $138 million or $3.12 a share a year earlier.

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Sale Of Businesses Boosts Dow Earnings

MIDLAND — Dow Chemical Co. (NYSE: DOW) reported net income of $3.53 billion or $2.94 a share in the fourth quarter ended Dec. 31, up from $734 million or 63 cents a share a year earlier. Revenue was $11.46 billion, down from $14.38 billion a year earlier.

The company also reported fourth quarter net income “excluding certain items” of $1.06 billion or 93 cents a share, up from $992 million or 85 cents a share a year earlier. Those “certain items” primarily consisted of a gain of $2.22 billion ($1.96 a share after taxes) on the divestiture of Dow Chlorine Products, and a gain of $723 million (52 cents a share after taxes) on the sale of Dow’s ownership in the glycol manufacturer MEGlobal.

For the full year, Dow posted net income of $7.35 billion or $6.15 a share, up from $3.43 billion or $2.87 a share. Revenue was $48.78 billion, down from $58.17 billion a year earlier.

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Whirlpool Fourth Quarter Profit Jumps

BENTON HARBOR — The world’s largest appliance maker, Benton Harbor-based Whirlpool Corp. (NYSE: WHR), posted net income of $180 million, or $2.28 a share, in the fourth quarter of 2015, up from $81 million or $1.02 a share in the fourth quarter of 2014.

The higher profit was the result of a sharp decrease — more than $400 million — in the cost of products sold. Selling, general and administrative costs also fell.

Revenue was $5.56 billion, down from $6 billion a year earlier. The company said sales declined because of currency translation on overseas sales caused by a stronger U.S. dollar. Without the impact of currency, sales rose 4 percent.

For the full year, net income was $783 million or $9.83 a share, up from $650 million or $8.17 a share a year earlier. Revenue was $20.89 billion, up from $19.87 billion a year earlier.

“Our strong operational execution delivered another year of record revenue and earnings per share along with strong free cash flow,” Whirlpool chairman and CEO Jeff M. Fettig said in a press release. “These record results demonstrate that our strategy and larger global operating platform continue to create substantial levels of shareholder value even in a year of unprecedented volatility in global markets.”

The company said it expected earnings per share of $11.25 to $12 for 2016, cash flow between $700 million and $800 million, and capital spending of $700 million to $750 million.

Whirlpool North America reported fourth-quarter net sales of $2.9 billion, compared to $2.8 billion in the same prior-year period. The region reported a fourth-quarter operating profit of $340 million, compared to $255 million in the same prior-year period. The company expects full-year 2016 industry unit shipments to increase by 5 percent.

Whirlpool Europe, Middle East and Africa reported fourth-quarter net sales of $1.5 billion, compared to $1.7 billion in the same prior-year period. The region reported fourth-quarter operating profit of $88 million, compared to $41 million in the same prior-year period. The company expects full-year 2016 industry unit shipments to be flat to up 2 percent.

Whirlpool Latin America reported fourth-quarter net sales of $0.8 billion, compared to $1.3 billion in the same prior-year period. The region reported fourth-quarter GAAP operating profit of $58 million, compared to $147 million in the same prior-year period, due to unfavorable currency translations and weaker demand in Brazil. The company expects full-year 2016 industry unit shipments in Brazil to decrease by 10 percent.

Whirlpool Asia reported fourth-quarter net sales of $312 million, compared to $282 million in the same prior-year period. The region reported a fourth-quarter GAAP operating profit of $5 million, compared to an operating loss of $22 million in the same prior-year period.

Whirlpool has 97,000 employees and 70 manufacturing and technology research centers throughout the world. The company markets Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, Jenn-Air, Indesit and other major brand names in nearly every country. More at http://www.whirlpoolcorp.com.