JCI jumped 6% after Reuters reported it is exploring divesting its loss-making Auto Interiors sub-segment, but pared back to close up 2.6% after JCI denied the report and said it is exploring divesting its high-margin Auto Electronics segment. Since the Electronics and Interiors businesses have significant integration, especially in instrument clusters, we’d be surprised if JCI didn’t try to sell both.
In this note: CMI gains NA Cl8 engine share in Jan; China light vehicle sales & production reach new records in Jan; EU truck registrations weaken, but Jan German freight volumes strong; February U.S. auto sales, and more.
U.S. Auto sales are set to be released March 1, and SAAR expectations from various sources (Ward’s, Edmunds, KBB, JD Power, Truecar.com) range from 15.2M-15.5M. This compares to 15.3M in January and December and our unchanged 2013 forecast of 15.3M. While winter storm Nemo slowed sales down in the northeast, we believe it also improved light truck and SUV mix in February.
Public truckers’ 2013 aggregate capex set to drop y/y; India truck sales deteriorate further in Jan; Ram 1500 to begin offering diesel engines in 3Q; NA auto production steady this week but below January levels.
In this note: China sets global record for monthly auto sales ahead of lunar new year; Brazil truck orders rebound in 4Q and January starts strong; Europe truck orders rise from 3Q; Daimler, MAN & Volvo truck order data; NA auto production cools this week; Consumer reports questions turbocharging benefits.
In this note: NA auto production revs up; Scania reports strong improvement in Brazil truck orders & stabilization in Europe in 4Q;
CMI NA Cl8 market share starts inching up in Dec; January U.S. auto sales data analysis.
In this note: China truck production strengthened in Dec; German truck traffic rose in Dec; U.S. trailer orders near 5-year high in Dec; BWA on 5 of Ward’s top 10 engines, DAN on 6.
In this note: Detroit recap – lowering estimates for GM and DAN; Strong weekly NA auto build rate; Weak Dec Europe auto registrations; UST begins final wind down of GM Stake.
On Fri, JCI reported $0.52 of F1Q:13 EPS with no charges above Cons of $0.51 but below our $0.57 est. Sales of $10.42B were modestly above our $10.38B est and Cons. $10.3B, but margins were softer than we expected in Auto and Power.
JCI reported $0.52 of F1Q:13 EPS, above Cons of $0.51 but below our $0.57 est, with no charges. Sales of $10.42B were modestly above our $10.38B est and Cons. $10.3B, but margins were softer than we expected in Auto and Power.