Category Archives: financial results

SEC Charges Engine Manufacturing Company Execs with Fraud

According to the complaint, filed in federal court in Chicago, Gary Winemaster, Power Solutions International Inc.’s former CEO, and two former senior sales executives, Craig Davis and James Needham, caused Power Solutions to fraudulently record revenue for purported sales of products that were not complete, that the customer had not agreed to accept, for which the price was falsely inflated, and from improper “bill and hold” arrangements. Continue reading

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Penske Automotive Increases Dividend to $0.40 Per Share

“We are pleased to offer our shareholders an increase in the quarterly dividend for the 33rd consecutive quarter.  Our sector leading dividend represents a yield of 3.6% and reinforces our commitment to PAG shareholders,” said Penske Automotive Group President Robert H. Kurnick, Jr.” Continue reading

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Trump Backs Down on Mexican Import Taxes. Declares Victory by Solving His Self-Created Crisis for American Workers

Automakers, farmers, the equity markets and his normally sycophantic Republican party were all protesting the reckless move. Thus adding  to the need to reverse the very course that Trump had set. Continue reading

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Renault Returns the Nissan Abstinence Vote Favor

This after the French government asked for more time to study the FCA Renault merger when it learned that Nissan intended to abstain from a vote that would allow it to go forward. Continue reading

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Carvana Ups Size, Price of Common Offering. Results Unknown

The offering is subject to customary closing conditions. Wells Fargo Securities, Citigroup and Deutsche Bank Securities acted as book-running managers for the proposed offering. Continue reading

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Speedway Motorsports Ownership Scuffle Underway

Whether this is simply a legal ploy that allows the Smith family to take over the Speedway at a bargain price by demonstrating due diligence, or just exhaust noise designed to talk the stock up remains to be seen. Continue reading

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GM Soft Q1 Income of $2.1B as N.A., International Decline

The only core business bright spot is the sales of expensive pickup trucks, which GM claims will really jump-start earnings during the second half of the year, if – big if – markedly increased production from RAM and Ford, rising gas prices and a sluggish economy don’t alter the current celebratory mood. Continue reading

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GM Declares Quarterly Dividend of 38 Cents

The dividend is payable Friday, June 21, 2019, to all common shareholders of record at the close of business on Friday, June 7, 2019. Continue reading

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Ford Motor Q1 Results Improve Somewhat

Overall Ford continues to struggle finding a balance between global operations, product mix, manufacturing efficiency, shareholder returns and changing into an automobility company that can compete with old industry giants and emerging new ones such as Lyft, Google and Uber. Continue reading

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Ford Motor Company Declares Q2 Dividend of $0.15

Stockholders and Wall Street are skeptical of Ford investor relations “happy talk.” Shares of common are currently trading at $9.30, well below the five-year high of $17.40. Continue reading

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EU Antitrust Allegations to Hurt BMW Earnings – €1 Billion!

The BMW Group provision will likely exceed €1 billion. The EBIT margin in the BMW Automotive Segment for the current financial year is expected to be 1-1.5 percentage points below the previous target range of 6-8%. Continue reading

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Ford Shakes up European and International Markets as CFO Shanks Retires. Restructuring Continues as Stock Languishes

The more significant news, perhaps, is happening at Ford’s European money pit and its struggling International Markets Group. Peter Fleet, president of IMG, has announced his intention to retire. Fleet, 51, held leading in Ford marketing, sales and service, and business operations globally for nearly 30 years. Prior to the establishment of the International Markets Group, Fleet served as president of Asia Pacific, leading all of Ford’s operations and partnerships across the region. Previously, he was president of Ford ASEAN and vice president, Sales, Ford of Europe. Continue reading

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Record Electric Car Sales in California. Taxpayers on the Hook

Electric and plug-in hybrid electric cars are now 7.8% of all new car sales in California, and some areas such as Sacramento and San Luis Obispo counties, nearly doubled their EV rebates this past year. Known as the Clean Vehicle Rebate Project (CVRP), its potential impact on funding is now a matter of discussion among officials. Continue reading

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BMW Manufacturing Largest US Auto Exporter Again

The news comes as the disastrous results of President Trumps’ trade tampering were published. (Trump Record Deficit Watch – Another Proposed Increase) The U.S.’s trade deficit in goods with the rest of the world rose to its highest level in history in 2018 as the United States imported a record number of products, including from China. This increased the deficit to $891.3 billion as Trump caree Continue reading

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Ford Exits Heavy Truck Business in South America

Most of these pre-tax special item charges and cash outflows of 4460 million will be recorded in 2019 and are part of the $11 billion in EBIT charges with cash-related effects of $7 billion the company expects to take in the redesign of its global business. Continue reading

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