Goodyear Provides Preliminary Second Quarter Results
Goodyear Tire & Rubber said today it expects to report second quarter 2004 sales of about $4.5 billion, compared to $3.8 billion in the prior-year period. All seven Goodyear businesses, including North American Tire, expect to report positive segment operating income in the second quarter.
Advance Auto Parts Elects Best Buy CFO to Board
Darren Jackson, CFO and executive vice president of finance for national retailer Best Buy Co., has been elected to the Advance Auto Parts board of directors. He will serve as a member of the board’s audit committee. In 2001, Jackson was recognized as one of Minneapolis’ top 40 executives under 40 and was named as one of the top 20 young CFOs likely to shape the profession by CFO magazine.
GreenMan Technologies Acquires American Tire Disposal
GreenMan Technologies has acquired all tire collection operations of American Tire Disposal (ATD), Inc., a southern California-based company that collects and markets scrap tires. GreenMan will consolidate ATD’s business into its existing California operations. Founded in 1992, GreenMan Technologies is made up of a group of eight affiliated companies that collect, process and market more than 30 million scrap tires annually in whole, shredded or granule form.
Lear Posts Record Second Quarter Net Sales
Automotive interior systems supplier Lear Corp. has reported financial results for the second quarter of 2004. For the second quarter, Lear posted record net sales of $4.3 billion and net income of $116.1 million, or $1.65 per share. These results compare to net sales of $4.1 billion and net income of $104.1 million, or $1.54 per share, for the second quarter of 2003.
AASP to Hold Seminar at AAPEX on Using OEM Web Sites
The Alliance of Automotive Service Providers (AASP) has announced it will sponsor the seminar “A Practical Guide to Using OE Websites in Your Repair Shop” at AAPEX on Thursday, Nov. 4. Presenter Dave Scaler, director of the Mechanic’s Education Association (MEA), will discuss how to use OEM Web sites to obtain direct access to service information for technicians. He will review service information Web sites and will cover cost, details of content, speed, system requirements and compliance with current laws as well as practicality and application in
Modine Manufacturing Reports Improved First Quarter Results
Modine Manufacturing has reported strong improvement in its financial results for the first quarter, which ended on June 26. Sales for the first quarter increased 20 percent to $347.4 million from $288.9 million reported one year ago. This is the third consecutive quarter the company achieved record sales. Net earnings for the quarter increased over 22 percent to $13.8 million, or 40 cents per fully diluted share, compared with $11.3 million, or 33 cents per fully diluted share for the same period one year ago. The effective tax rate in the quarter increased to 41.1 percent from 34.3 percent last year.
Federal-Mogul President and CEO Moves to ArvinMeritor; Robert Miller Named Interim CEO
Federal-Mogul President and CEO Charles “Chip” McClure has left the company to become the new chairman, CEO and president of Troy, Mich.-based ArvinMeritor. McClure has served as president of Federal-Mogul since 2001 and as CEO since 2003. Robert (Steve) Miller, Jr., a non-executive chairman of Federal-Mogul’s board of directors, has been appointed interim CEO of the company.
Automotive Suppliers Among Industry Week’s Top 50 Manufacturers
A number of familiar names in the automotive industry have made it to Industry Week magazine’s Top 50 list this year. Featured in the August issue of Industry Week, the article — Focus on the Best 50 — selected its picks from top manufacturing companies featured in the IW U.S. 500, a list of the largest publicly traded manufacturing firms in America. Among the automotive-related companies that made the list were Exxon Mobil Corp., ChevronTexaco, Johnson Controls, 3M, Clorox, American Axle & Manufacturing and Reynolds & Reynolds Co.
Japanese Students Get Lesson on U.S. Cars
Who knew that American autos could pose such a culture shock — the steering wheel is on the left side, the cars are bigger and American drivers use car-side mirrors.
Executive Interview with Tom Ward, President, Snap-on Diagnostics
Our latest edition of “Executive Interview” features Tom Ward, president of Snap-on Diagnostics, a global business focused on improving technician and workshop productivity around the world. Join us as Ward gives us an inside look at Snap-on Diagnostics, including information on some recently launched products. Ward also talks about the trends and challenges in automotive diagnostics and repair and how the division works to address these issues.
Dana Reports Improved Operational Results
Dana Corp. has reported 2004 second quarter sales of $2.3 billion, compared to $2 billion during the same period last year. “We are pleased to have delivered another solid quarter of operational performance with net income, exclusive of unusual items, up 60 percent,” said Dana Chairman and CEO Mike Burns. “At the same time, we’re far from satisfied and continue to pursue greater focus, integration and productivity in line with our commitment to meeting the needs of our global customers.”
New Sponsorship, Promotional Opportunities at AAPEX 2004
New sponsorship and promotional opportunities have been created for the 2004 Automotive Aftermarket Products Expo (AAPEX), which is scheduled to take place Nov. 2-5 at the Sands Expo Center in Las Vegas. Show organizers have developed a number of pre-packaged advertising options designed specifically to draw more traffic to exhibitors’ booths and reinforce branding at the 2004 show. New sponsorship opportunities at the 2004 event include an improved Cyber Center e-mail station in the upper lobby, entranceway banners and “monster” banners. Other options include the “You Are Here” boards, aisle signs, column wraps and much more.