Tenneco Automotive Reports Record Revenue and Earnings
Tenneco Automotive has reported a 25 percent increase in net income and a 19 percent increase in earnings per diluted share for the second quarter. The company reported second quarter net income of $30 million, or 69-cents per diluted share, versus net income of $24 million, or 58-cents per diluted share, in the second quarter of 2003.
Bandag Reports Second Quarter Results
Bandag has reported consolidated net earnings of $11.9 million, or 60 cents per diluted share, for second quarter 2004, compared to second quarter 2003 consolidated net earnings of $8.7 million, or 45 cents per diluted share. This represents an increase of 37 percent and 33 percent for consolidated net earnings and diluted earnings per share, respectively.
Soy-Based Products Show Potential Under The Hood
As soy biodiesel continues to gain acceptance at the pump, soy-based lubricants are also fueling the automotive industry. Engine oil and hydraulic power steering fluid are two soy-based products showing potential “under the hood.”
GenCorp Sells GDX Automotive Business to Investment Firm
GenCorp has signed a definitive agreement to sell its GDX Automotive business (GDX) to Cerberus Capital Management, L.P., a New York based investment firm. GDX makes rubber seals for the automotive industry. GenCorp will receive $147 million in cash for the business, on a debt-free cash-free basis. The sale is expected to close during the company’s fourth quarter, which ends on November 30.
Champ Car World Series and Indy Racing League Conclude Discussions
The Indy Racing League issued a statement late last week announcing that the league has ended discussions with Champ Car World Series regarding the possible union of the two groups. In a discussion first initiated by Roger Penske, ownership representatives of Champ Car World Series and the Indy Racing League met with Penske to explore a possible unification of the two groups.
Visteon Declares Third Quarter 2004 Dividend
The board of directors of Visteon Corp. has declared a quarterly dividend of 6 cents per share on the company’s common stock. The dividend will be payable on September 1, to shareholders of record as of July 30.
NASTF Updates OE Service Information Matrix
The National Automotive Service Task Force (NASTF) has announced another update of the NASTF OE Service Information Matrix. As of July 13, the matrix now incorporates revisions since the April 2004 update. According to NASTF, all automakers have launched service information Web sites and, in many cases, are continuing to add content to them.
Delphi Reports Second Quarter Results
Delphi Corp. reported second quarter revenues of $7.5 billion, up 6 percent compared with the same period in 2003. The company said revenues were driven by 23 percent growth in non-GM sales. Strong revenue growth and continued structural cost improvements contributed to Delphi’s GAAP net income of $131 million or 23 cents per share, compared to second quarter 2003 net income of $88 million or 16 cents per share. On a pro-forma basis, earnings were $156 million or 28 cents per share, in line with the First Call estimate. The company generated $469 million in operating cash flow, up from $344 million in the second quarter 2003.
Drive for Diversity Launches 2005 NASCAR Recruiting Effort
“Drive for Diversity” is now formally accepting resumes for experienced minority and female drivers and pit crew candidates interested in becoming part of the group’s development program for 2005. “Drive for Diversity” is a long-term initiative created to help develop and support well-trained minority and female drivers and crew members involved with NASCAR.
Delco Remy International Names Craig Hart as the Treasurer
Delco Remy International has appointed Craig Hart as treasurer, effective August 1. Hart will assume the duties of treasurer from David Stoll, who has announced his retirement, also effective August 1.
Aftermarket PR Firm High Performance Prose Under New Ownership
Aftermarket PR Firm High Performance Prose Under New Ownership. Located in Winnetka, Calif., HPP serves as a full service PR agency for such aftermarket clients as Royal Purple, BW-AirWerks (the new forced-air performance program from BorgWarner Turbo Systems North America), Innovative Turbo Systems and Autotecnica. Nicole Girkey has taken ownership of the company, and will serve as CEO of the agency. She purchased the business from Sue Elliott-Sink.
ChevronTexaco Global Lubricants Pioneers Program to Benefit Hispanic Trucking Community
ChevronTexaco Global Lubricants (CTGL), a leading provider of heavy-duty engine oils, lubricants and coolants, recently introduced an on-going initiative to reach out to the growing Hispanic trucking community, which constitutes 15 percent of the nation’s 3.2 million truck drivers.