Asbestos Bill Faces Continued Resistance in Senate
According to Congressional sources, the outlook of asbestos reform legislation remains uncertain. The Fairness in Asbestos Injury Resolution Act (FAIR) would create a $140 billion trust fund to compensate people sickened by asbestos exposure. The Senate Judiciary Committee favorably reported the measure (S. 852) on May 26, but some members of the panel who voted to support the bill, admitted that substantial changes still needed to be made before they could give their full support on the Senate floor.
Hayes Lemmerz Reports 4 Percent Sales Gain for First Quarter
Citing strong international demand, Hayes Lemmerz International has reported that sales for the fiscal first quarter rose 4 percent to $618 million, compared with $594 million a year earlier. Earnings from operations for the fiscal first quarter were $14.8 million, down from $28.2 million a year earlier. For the quarter, the company reported a net loss of $7.7 million, compared with a year earlier profit of $1.1 million.
ArvinMeritor Raises Third Quarter and Fiscal Year 2005 Guidance to Higher End of Earlier Projections
ArvinMeritor announced today it expects earnings from continuing operations for the third quarter to be at the higher end of the range forecasted in early May of 60 cents to 70 cents per diluted share, before special items. In addition, the company now expects its earnings for the full fiscal year to be at the higher end of the previously forecasted range of $1.40 to $1.60 per diluted share, before special items.
Manufacturing Challenges, Competitive Pricing and Capturing the Service Repair Dollar: 2005 GAAS Looks at Critical Industry Issues
With a number of critical issues currently challenging the automotive aftermarket — SKU proliferation, OEM dealer expansion, raw materials, to name a few — there was no lack for topics of discussion at this year’s Global Automotive Aftermarket Symposium (GAAS).
CSK Auto Reports Fourth Quarter and Fiscal 2004 Results
CSK Auto Corp. today reported its financial results for the fourth quarter and fiscal year, which ended on Jan. 30. Net sales for the fourth quarter of 2004 were $369.9 million as compared to $372.3 million for the fourth quarter of 2003. Net sales for the fiscal year were $1,577.5 million as compared to $1,578.1 million for the 2004 fiscal year. Same store sales decreased 1.9 percent for the fourth quarter and decreased 0.7 percent for the fiscal year. Retail same stores sales decreased by 3 percent for the fourth quarter and decreased by 1.2 percent for the full year, and commercial same store sales increased by 4.3 percent for the fourth quarter and 1.8 percent full year.
Domestic Intermodal Loadings and Truck Freight Show Signs of Weakness, Say Forecasters
According to the FTR Association, a longtime transportation forecasting firm, domestic intermodal loading and truck freight are showing signs of weakness as of the start of 2005. According to FTR reports truck freight grew only 0.4 percent year-over-year in February, substantially below the 5 percent to 6 percent increases seen in the first half of 2004.
GM Hits Billion-Dollar Pothole
General Motors Corp. reported its worst quarterly loss in 13 years Tuesday as sales of GM’s aging trucks slowed, response to its newer cars was tepid and health care costs became what GM called “a crisis.”
Timken Says Earnings Per Share Double on Record First Quarter Sales and Net Income
The Timken Co. has reported record sales of $1.3 billion in the first quarter of 2005, up 19 percent from a year ago, driven by strong industrial demand. Timken had record net income of $58.2 million, or 63 cents per diluted share, compared to $28.5 million, or 32 cents per diluted share, in the first quarter a year ago.
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.
Remy International Announces Fourth Quarter Results
Remy International announced net sales of $255.8 million and adjusted EBITDA of $23 million for the fourth quarter, which ended Dec. 31, 2004. Net sales increased $11.7 million, or 4.8 percent, and adjusted EBITDA decreased $6.4 million, or 21.7 percent, compared with the fourth quarter of 2003. Operating income of $17.2 million in the fourth quarter of 2004 compares with an operating loss of $96.6 million in the same period of 2003. The company said the fourth quarter of 2003 reflects the special charges associated with the core inventory valuation of $103.9 million and the Mexico Arbitration award of $14.3 million, along with restructuring charges of $1.7 million.