The Week In Review (Nov. 13-17, 2006)
By Amy Antenora Editor The Week in Review offers a snapshot into the most read stories of the week as seen on aftermarketNews.com. To access the complete stories, simply click on the highlighted links. If you missed reading one of our daily news emails, click on any of the dates listed at the bottom of
Hayes Lemmerz Reports Higher Sales for Second Quarter
Hayes Lemmerz International has reported that sales for the fiscal second quarter ended July 31 were $583.4 million, up 4.9 percent from $556 million a year earlier. Earnings from operations for the fiscal second quarter were $10.8 million, significantly improved from a loss from operations of $48.6 million in the year earlier quarter. For the second fiscal quarter, the company’s net loss was $26.9 million, improved from a loss of $70.3 million in the prior year quarter.
Tenneco Enhances Online Brakes Catalog
MONROE, MI — Tenneco has enhanced its online parts catalog for the Monroe brakes product line. The company plans to provide continual data updates, including expanded coverage of late-model domestic and import applications. The Monroe brakes eCatalog, available at http://www.monroebrakes.com, now includes 872 part numbers covering hundreds of leading applications. After launching more than 40 new
Hayes Lemmerz Reports 2005 Fiscal Year End Results
Hayes Lemmerz International has reported financial results for its fiscal year, which ended Jan. 31. The company said results were in line with guidance provided to investors in December 2005, when it released fiscal third quarter results. For the fiscal year, the automotive wheels and components maker reported sales of $2.28 billion, up 6.6 percent from sales of $2.14 billion in the prior fiscal year. Loss from operations, excluding one-time impairment charges, for fiscal 2005 was $14.9 million, compared to earnings from operations, excluding one-time impairment charges, of $22 million a year earlier.
Executive Interview with Ric Alameddine, VP of Marketing and Engineering, North American Aftermarket, Tenneco
This week we talk with Richard Alameddine, vice president of marketing and engineering, North American Aftermarket, for Tenneco Inc., manufacturer of Monroe shocks and struts, Monroe premium brakes, Walker exhaust products, DynoMax performance exhaust, Rancho performance suspensions and shocks, and DuPont Car Care appearance and performance chemicals.
Tenneco Expands China Operations
Tenneco has announced plans to expand its operations in China with investment in both manufacturing and engineering facilities. The company will open a wholly-owned elastomer manufacturing facility in Suzhou, China, and a joint venture emission control engineering center in Shanghai. The company has also reached an agreement to increase its ownership share to 65 percent in its Beijing ride control joint venture.
LKQ Announces 2006 Financial Guidance
LKQ Corp. said it expects its 2006 earnings per share to be in the range of 72 to 76 cents on a fully diluted basis, after the recent two-for-one stock split and after including its recent acquisition of Transwheel Corp. This estimate includes approximately 3 cents per share effect of expensing stock options. The company is scheduled to report its 2005 revenue on March 2. It is expected to be in line with 2005 earnings guidance.
Executive Interview with Max Dull, President and CEO, Beck/Arnley
This week, we hear from Max Dull, president and CEO of Beck/Arnley, the import replacement parts manufacturer that recently went independent after being divested from the former Dana AAG, now Affinia. An executive with a thorough knowledge of, and background in, nearly every segment of the automotive aftermarket, Dull provides interesting insights on the future of our industry. Join us as he brings us up to speed on the newly independent Beck/Arnley and the future of the import parts market.
Hayes Lemmerz Reports 9 Percent Sales Gain for Fiscal Year
Hayes Lemmerz International reported that its sales for the fiscal year ending on January 31 rose 9.1 percent to $2.24 billion, compared with $2.06 billion a year earlier, due primarily to strong demand overseas and favorable currency exchange rates. Earnings from operations for the fiscal year were $21.7 million, excluding fresh start accounting adjustments and reorganization items, down from $43.9 million a year earlier.
Local Government to Invest in Goodyear Power Facility
It was announced yesterday Goodyear Tire & Rubber Co. will get an $18 million cash infusion from local government to help modernize its Akron, Ohio, power plant.According to the Akron Beacon Journal, this will be the first major upgrade to the 80-year-old power system in more than a decade. The power plant uses coal to heat boilers that generate steam power for Goodyear’s nearby buildings. The oldest parts of the plant date to the 1920s, when it was built to supply power to Goodyear’s local tire factories.