Thursday, May 2nd, 2013
ACT Research reported April prelim Class 8 net orders of 23.3K, in line with expectations and up from 22.0K in March and 23.0K in Feb. As orders usually step down slightly from March to April, this represents an increase in the annualized order rate to about 270K from about 255K in March, above the trailing 6-month annual order rate of 255K.
Filed under: Auto & Truck Manufacturing, Tim Denoyer Tags: CMI, DAN, GT, MTOR, NAV, PCAR, RUSHA, WBC
Wednesday, May 1st, 2013
CMI reported ongoing 4Q EPS of $1.41 vs our $1.90 and Cons $1.85, excluding $0.03/shr of distribution gains and $0.05/shr of tax gains, vs GAAP EPS of $1.49. Other income also helped by $0.06 vs our est, but the higher tax rate hurt by $0.09.
Filed under: Auto & Truck Manufacturing, Tim Denoyer Tags: CMI
Monday, Apr 29th, 2013
1Q EU & S.Am truck orders rise, March EU CV registrations.
Filed under: Auto & Truck Manufacturing, Tim Denoyer Tags: BWA, CMI, DAN, F, GM, GT, JCI, MTOR, NAV, PCAR, RUSHA, WBC
Friday, Apr 26th, 2013
DAN reported 1Q EBITDA of $158M, or $169M adding back an $11M hit from the Venezuelan Bolivar devaluation in 1Q, vs Cons $182M and our $185M. DAN’s 1Q adj. EPS came in at $0.28 vs Cons $0.42 and our $0.40 est.
Filed under: Auto & Truck Manufacturing, Tim Denoyer Tags: DAN
Friday, Apr 26th, 2013
BWA reported 1Q ongoing EPS of $1.30, excluding $0.08 of charges, above Cons and our $1.23, vs GAAP EPS of $1.22. Interest costs were about $0.02 higher than our model, so the qtr was more like $1.32. Revenue and EBIT margins in both segments came in modestly above our model as the strength was broad-based versus our expectations.
Filed under: Auto & Truck Manufacturing, Tim Denoyer Tags: BWA
Thursday, Apr 25th, 2013
WBC reported adj EPS of $1.17 vs cons $1.07 and our $1.02. Despite R&D and SG&A both rising on lower sales, WBC’s 110bp gross margin expansion, led by record materials and conversion productivity and warranty performance, drove EBIT margins 110bp above our estimate.
Filed under: Auto & Truck Manufacturing, Tim Denoyer Tags: WBC
Thursday, Apr 25th, 2013
BWA reported 1Q ongoing EPS of $1.30, excluding $0.08 of charges, above Cons and our $1.23, vs GAAP EPS of $1.22. Interest costs were about $0.02 higher than our model, so the quality of EPS was actually a bit better.
Filed under: Auto & Truck Manufacturing, Tim Denoyer Tags: BWA
Thursday, Apr 25th, 2013
WBC reported adj EPS of $1.17 vs cons $1.07 and our $1.02. WBC excluded $0.02 of streamlining and separation costs, as usual, but otherwise the report was clean.
Filed under: Auto & Truck Manufacturing, Tim Denoyer Tags: WBC
Thursday, Apr 25th, 2013
Ford reported 1Q EPS ex-items of $0.41 vs Cons $0.39 and our $0.41 est. While Ford’s reporting was cleaner than in the past, there was $0.04 of EPS upside vs our model from a low tax rate and $0.02 of upside from Ford Credit. Excluding these, the qtr was ~$0.35.
Filed under: Auto & Truck Manufacturing, Tim Denoyer Tags: F
Wednesday, Apr 24th, 2013
RUSHA reported 1Q:13 EPS of $0.34, above Cons $0.33 and in line with our $0.34, with good quality. Aftermarket sales beat our est slightly, though margins were soft, Truck sales missed slightly and margins were strong and Leasing & Rental beat on both sales and margins due to the Ohio acquisition.
Filed under: Auto & Truck Manufacturing, Tim Denoyer Tags: RUSHA