Steve True Named Vice President, infoLAB Automotive Practice
infoLAB Inc. has named Steve True vice president, automotive practice. He will be responsible for customer development in the United States and Canada. True will report to Brian Guerin, infoLAB president. Prior to joining infoLAB, True served as sales director for OEConnection, where he led the creation of a national network of tire distributors (including TCI, Goodyear Wholesale Tire Centers and Am-Pac Tire Distributors) to participate in online ordering from the Ford and General Motors dealer networks.
Monro Muffler Brake Third Quarter Sales Increase 15.1 Percent
Monro Muffler Brake has announced record financial results for the third quarter and nine months ended Dec. 23, 2006. Third quarter sales increased 15.1 percent to a record $103.8 million from $90.2 million last year. Comparable store sales for the quarter increased 2.9 percent on top of last year’s third quarter gain of 4.7 percent. The company’s comparable store sales increase was led by major maintenance categories, such as shocks, brakes and alignment, as well as the service and tire categories.
O’Reilly Automotive Third Quarter Profit Dips
Auto parts retailer O’Reilly Automotive said Tuesday its third-quarter profit fell 2 percent on higher operating costs and tax expenses, missing Wall Street expectations. Quarterly earnings dipped to $47.9 million, or 42 cents per share, from $48.6 million, or 42 cents per share, during the same period last year. The year-ago period included a tax gain of $6.1 million. Revenue increased 10 percent to $597.1 million from $542.9 million during the year-ago quarter.
Goodyear Names New VP, General Manager, OE Tires
Goodyear Tire & Rubber Co. has named Johann Finkelmeier vice president and general manager of OE tires for the company’s North American Tire division. Finkelmeier will report to Larry Mason, Goodyear’s North American president of consumer tires.
Advance Auto Parts Reports Second Quarter Results
Advance Auto Parts announced its financial results for the fiscal second quarter ended July 15. Earnings per diluted share for the second quarter were $0.59, compared to $0.60 last year. This year’s second quarter results include $0.03 per share of stock-option expense, whereas last year’s quarter does not include pro forma stock-option expense of $0.02 per share. (All per-share amounts referenced in this release reflect Advance’s 3-for-2 stock split, which took effect September 26, 2005).
Auto Value/Bumper to Bumper Awards $16,000 in College Scholarships
For the 10th year, Auto Value/Bumper to Bumper has awarded $16,000 in scholarships to members and/or their children to assist in their post-high school education, to demonstrate that education is a top priority for the company. Since the college scholarship program began, Auto Value/Bumper to Bumper has dedicated over $160,000 to helping its members continue their education. This year 32 selected students each received $500 to use at the school of their choice.
AFS 2006 Presentation Will Highlight Mergers and Acquisitions in the Automotive Aftermarket
Dan Smith of Capstone Financial Group, will discuss capital market trends and their effects on automotive aftermarket companies in his presentation, “Mergers and Acquisitions in the Automotive Aftermarket,” during the 2006 Aftermarket Financial Symposium (AFS). Hosted by the Automotive Aftermarket Industry Association (AAIA), the 2006 AFS is scheduled for Sept. 26-27 at the Hyatt Regency O’Hare in Chicago.
Advance Auto Parts Reports Record First Quarter Earnings Per Share; Board Elects President and CEO Mike Coppola Chairman
Advance Auto Parts has announced record revenue and earnings for its fiscal first quarter ending April 22. Earnings per diluted share for the first quarter were 68 cents, compared to 63 cents last year, an increase of 8 percent, on top of a 39 percent increase in last year’s first quarter. First quarter results include approximately 3 cents per share of stock-option expense, whereas results in last year’s quarter do not include pro forma stock-option expense of approximately 2 cents per share. Adjusted for comparable treatment of stock options, adjusted EPS grew 11 percent compared to last year. (All per-share amounts referenced in this release reflect the company’s 3-for-2 stock split, which took effect September 26, 2005).
Record Number of Automobiles Sold in Mexico in 2005
A record 1.13 million automobiles were sold in Mexico in 2005, up 3.3 percent from the year before, the Mexican Automotive Industry Association, or AMIA, announced on Tuesday. Vehicle production rose 6.6 percent in 2005 to 1.6 million cars and light trucks reversing the negative trend of the past four years.
CTNA Wants 35 Percent Pay Cut, Sets Deadline
Management of Continental Tire North America (CTNA) has asked the 1,000 workers at the company’s Charlotte,NC plant to give up 35 percent of their pay and benefits by January.