Tag Archives: Net Income

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.

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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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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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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Dow Profit Jumps Despite Sales Decline

MIDLAND — Dow Chemical Co. (NYSE: DOW) reported net income of $3.12 billion or $2.61 a share in the second quarter ended June 30, up from $1.14 billion or 97 cents a share a year earlier. Revenue was $11.95 billion, down from $12.91 billion a year earlier.

The company said $2.20 a share of the increase stemmed from the restructuring of the ownership of subsidiary Dow Corning, partically offset by a 27-cent-per-share charge for costs associated with a restructuring plan announced during the quarter.

Excluding “certain items,” net income for the quarter was $1.08 billion, up from $1.06 billion a year earlier. Operating earnings were 95 cents a share for the quarter, up from 91 cents a share a year earlier. Items excluded were restructuring charges, the impact of the Dow Corning ownership restructure, acquisitions, divestitures and a tax adjustment.

The company said its 7 percent sales decline was primarily driven by lower hydrocarbons and raw material prices and the impact from the Dow Chlorine Products divestiture.

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