News 

Many firms have no contingency plans should U.S.-China trade war worsen: DHL survey

“Of those that had decided against relocating or shifting production out of China, some said they were unaffected by the trade war” writes Midwest Communications Inc for 95kqds.com. A “phase one” deal that would cool trade tension and roll back some of the tariffs had been expected in November but has yet to be agreed.Over half of respondents were from companies with annual revenue of over 1 billion yuan ($142 million) and most were from the United States and European Union, the survey showed.Of respondents, 48% from the engineering and…

Read More
News Stocks 

Why Has Penske Automotive Group Stock Rallied?

“Penske Automotive Group (NYSE: PAG), a transportation services company that operates automotive and commercial truck dealerships, saw its stock rise by about 18% over the last month” writes Trefis Team for nasdaq.com. This compares with Total Revenues growth of: We expect Total Revenues growth to be 1% in 2019.EBT for Penske Automotive Group increased by 10.2% from $548 Mil in 2017 to $604 Mil in 2018.Total Revenues for Penske Automotive Group moderately increased from $21.4 Bil in 2017 to $22.8 Bil in 2018; an increase of 6.54%.Total Expense for Penske…

Read More
News 

Lanxess profit falls amid weaker automative demand

“Lanxess AG said Wednesday that third-quarter net profit fell, dragged by higher depreciation and weaker automotive demand” writes Olivia Bugault for marketwatch.com. The German specialty-chemical company LXS, -2.18%   said that net profit dropped 14% to 69 million euros ($76.1 million) from EUR80 million in the same period last year.Sales for the period came in broadly unchanged compared with last year at EUR1.78 billion, the company said. Analysts had Lanxess’s sales at EUR1.83 billion and net profit at EUR103 million, according to a FactSet consensus. “Earnings were negatively impacted in…

Read More
News 

Continental gives gloomy auto sector outlook after multibillion-dollar loss

“Continental AG on Tuesday said it expects global automotive production to remain flat at best next year and reported a 1.99 billion euro ($2.19 billion) loss for the third quarter” writes Max Bernhard for marketwatch.com. The company had warned last week that earnings in the third-quarter would be hit by a EUR2.5 billion charge from the slump in global car production.Production of passenger cars and light commercial vehicles globally is forecast to shrink by about 6%, it said. Source: marketwatch.com

Read More
News 

Police Have Determined the Cause of Jessi Combs’ Fatal Crash

“Two months after Jessi Combs’ fatal crash during her land-speed record attempt, police released a statement Monday on the cause of the incident” writes Mack Hogan for popularmechanics.com. The 39-year-old was a skilled hot rod builder, automotive TV host, and the “fastest woman on four wheels.”. She was attempting to beat her own record when the crash occurred.Combs was an automotive legend. Source: popularmechanics.com

Read More
Markets News 

6th Egypt Automotive focuses on development of industry, government vision 2030

“The annual summit of the automotive industry in Egypt is the largest gathering of CEOs of local companies and representatives of international companies” writes Daily News Egypt for dailynewssegypt.com. Egypt Automotive returns this year under the title “Development of Industry and Government Vision 2030,” with the participation of leaders of the automotive industry and the business community, and the heads of Egyptian and international companies interested in the Egyptian market, as well as several ambassadors and experts in the automotive market.It annually monitors the developments of the automotive market and…

Read More
News Stocks 

Group 1 Automotive Q3 Earnings Beat Estimates, Up Y/Y

“In the reported quarter, retail new-vehicle and used-vehicle, and wholesale used-vehicle units sold were 2,262; 1,219 and 430, respectively” writes Zacks Equity Research for nasdaq.com. In the reported quarter, retail new-vehicle and used-vehicle, and wholesale used-vehicle units sold were 33,041; 31,505 and 7,565, respectively.In the quarter, retail new-vehicle and used-vehicle, and wholesale used-vehicle units sold were 9,329; 8,573 and 4,894, respectively.GPI reported adjusted earnings per share of $3.02 in third-quarter 2019, beating the Zacks Consensus Estimate of $2.72.The same from used-vehicle retail sales improved 9.8% to $869.7 million. Source: nasdaq.com

Read More