General Motors disclosures should remind investors that GM has an interesting SOTP angle. While the 10K dropped language related to timing of Cruise Commercialization (we still expect this w/in the next 12-months), the company is clearly preparing for bigger things. Cruise employees and management are receiving Stock Options and RSUs that vest upon an IPO. On the negative side, GM also continues to disclose potential residual risks related to the bankruptcy of old GM (Plaintiffs want 30 MM additional shares for the GUC trust; GM will fight this at a March 11 hearing); The Takata recall could cost $1.2 bn (though GM is still seeking to avoid a recall).
Search Coverage List, Models & Reports
Search Results11-20 out of 399
Four factors converged to simulate recessionary conditions for LEA (starting 3Q18) - 1) Production of key Lear platforms in North America was dragged down by temporary downtime for major model changeovers; 2) European production was disrupted by an emissions certification logjam; 3) China experienced its first downturn in over 20 years; 4) Lear's net new business backlog had an unusual, but temporary gap.
Tesla announced Thursday (2/28/19) after market close that the long-awaited $35k Model 3 is now available in the U.S. No matter how you slice it, the Model 3 is now priced meaningfully below even base European luxury sedans, and not much above the overall US industry ASP of $33k.
This AM (2/28/19) LKQ reported Q4 18 results including Organic growth of +3% versus our +2.4% and Adj. EPS of $0.48 just missed a lowered Cons of $0.49/ our $0.50. LKQ issued slightly soft FY2019 organic revenue guidance with EPS of $2.34 - $2.46 coming in below consensus. Shares +2%.
Yesterday (2/27/19), after market close, CVNA reported Q4 results. Retail units grew 105% missing Cons by 8pts, while total $GP/unit of $2,131 missed Cons of $2,170. The FY 2019 retail unit guide was slightly below Cons but we think it was strong enough to satisfy investors given uncertainty around tax refunds. EBITDA margin guidance was 200bps below Cons at the mid-point, but we think that investors were bracing for a miss on margin guidance, and the guide still demonstrates significant leverage.
This morning (2/26/19), AZO printed Q2 results with SSS of 2.6% above Consensus of 2.2% but below our 2.7%. Adj. EPS $11.49 beat Consensus of $9.95 and our $9.70. AZO also beat on GM, SG&A, and tax. AZO shares were up 5% versus S&P 500 +0%.
Friday AM (2/22/2019), AN reported total rev growth of -4.8% missing Cons of -1.0% and but beat our -5.5%. EPS of $1.02 missed Cons of $1.15 and our $1.10 with greater than expected asset sales offsetting restructuring expenses. AN shares were -3% vs S&P +0.5%.
Magna reported in-line 4Q18 EPS ($1.63 vs. consensus/WRe $1.60/$1.61) before the open on Friday. 2019 Revenue/EBIT guidance was unchanged ($40.2-$42.4 bn; EBIT 7.3%-7.6%), and the company’s 2019 free cash guide was raised to $1.9-$2.1 bn (from $1.7-$1.9 bn) due to working capital.
Thursday morning (02/22/19) that were operationally inline (EBIT/EPS of $125 MM / $1.06 was above our $118 / $0.83, mainly driven by lower incentive/compensation costs). 2019 Guidance from early Nov was lowered modestly based on lower global production and more conservative tariff assumptions.