Q2 financial results season (over the worst?)

Dana Holding on Thursday said it had achieved break even net income in the second quarter of 2009 despite a 49% year on year sales fall.

US: Restructured Dana breaks even in second quarter

6 August 2009

Dana Holding on Thursday said it had achieved break even net income in the second quarter of 2009 despite a 49% year on year sales fall.

CANADA: Magna plummets to Q2, H1 losses after sales fall

7 August 2009

Opel bidder Magna International on Friday reported an operating loss of $237m (down $556m) and a net loss of $205m (off $432m) for the second quarter of 2009 after vehicle production declined 49% year on year to 1.8m units in North America and 28% to 3.1m units in Europe.

US: Visteon extends net loss in Q2

7 August 2009

Losses increased at Visteon Corporation in the second quarter as industry challenges continue to dog sales.

JAPAN: Honda sees H2 car profit

5 August 2009

Honda Motor expect its car unit to return to profit in the second half of 2009 thanks to rising sales, even without a boost from the healthy financial services division, a top executive said.

US: American Axle reduces Q2 loss despite automaker closures

5 August 2009

American Axle & Manufacturing Holdings has reported a net loss of US$288.6m, ($5.20 a share) after a 57% year on year decline in total light truck production volumes in the second quarter of 2009 due to the the extended production halts at key customers General Motors and Chrysler while they restructured.

GERMANY: BMW Q2 profit beats estimates

4 August 2009

BMW has confounded analysts by posting a better than expected second quarter operating profit thanks to cost cutting efforts aimed at limiting the effects of an 18% drop in vehicle deliveries.

JAPAN: Isuzu Motors' Q1 results in red

4 August 2009

Diesel engine and truckmaker Isuzu Motors plunged to a group net loss of JPY16.59bn in its first fiscal 2009/10 quarter after booking a JPY17.69bn this time last year. It blamed a sharp fall in both domestic and overseas vehicle sales.

US: TRW reports Q2 net loss

4 August 2009

TRW Automotive Holdings has reported a second quarter net loss of $11m (-$0.11 a share) compared with a $127m ($1.24) profit last year.

US: ArvinMeritor books Q3 loss, sells wheels unit

4 August 2009

ArvinMeritor has booked a net loss of US$162m or -$2.23 a share for its third fiscal quarter ended 30 June, 2009 on sales down 47% to $993m.

GOLDING’S TAKE: Alonso’s missing wheel and the persistent bad luck at Renault

31 July 2009

Renault is beginning to look like an unlucky company. The finest symbol of this was Sunday’s televised display of Renault attempting to maintain its domination of the Hungarian Grand Prix with a three-wheeled car.

GERMANY: VW's profit slides but it piles up cash

30 July 2009

Volkswagen's second quarter operating profit slid 56% to EUR928m (US$1.3bn) but its cash pile grew by just over half from the end of 2008 to EUR12.3bn, chief financial officer Hans Dieter Poetsch said, adding: "Retaining our ability to act financially has the highest priority."

FRANCE: Renault swings to heavy loss

30 July 2009

As widely anticipated, Renault has announced first half financial results that show a sharply deteriorating performance and a worse-than-expected EUR2.7bn net loss on plunging sales.

US: BorgWarner swings to Q2 loss

30 July 2009

BorgWarner reported a net loss of US$35.9m for the second quarter of 2009, compared with a $87.5m profit in Q2 2008.

RESULTS PREVIEW: BMW finds the going tough

30 July 2009

BMW is expected to report (on August 4) reduced profit and sales for the second quarter as it grapples with much lower sales in the US market and continued tough times in Europe where its product range leaves it poorly placed to benefit from scrappage incentives.

GERMANY: Conti H1 in the red

30 July 2009

Tyre and autoparts maker Continental reported a net loss of EUR457.1m in the first half of 2009 compared with a EUR361.1m profit for the same period last year.

JAPAN: Mazda Q1 operating loss JPY28bn

30 July 2009

Ford affiliate Mazda Motor booked an operating loss of JPY28.0bn (US$295.8m; EUR209.5m), down from a JPY56.3bn profit last year, for the first quarter of financial year 2010.

FRANCE: Valeo sees some improvement

30 July 2009

Valeo has forecast worldwide car production down 17% this year instead of the 20% it had earlier predicted.

JAPAN: Mitsubishi plunges to Q1 loss

30 July 2009

Mitsubishi Motors has announced an operating loss of JPY29.6bn (US$312.7m; EUR221.4m) for the first quarter of fiscal 2010, JPY39.5bn down from the operating profit of JPY9.9bn in April to June last year.

FRANCE: PSA H1 loss worse than forecast

29 July 2009

PSA Peugeot Citroen has booked a half-year operating loss of EUR826m on revenues down 21.8% to EUR23,497m from EUR30,066m in 2008, citing “adverse market and industry conditions”.

UK: Inchcape H1 profit news boosts shares

29 July 2009

Inchcape shares rose 13% in early trading today after the global car dealer and distributor beat first-half profit forecasts and said it was cutting a further 350 jobs to save around GBP5.5m (US$9m).

JAPAN: Honda hikes forecast as Q2 results slump

29 July 2009

Honda Motor first fiscal quarter net income plunged 96% to JPY7.5bn (US$79m), after revenue fell 30% to JPY2.002 trillion ($20.85bn) as vehicle sales dropped and currency effects hit, but has raised its full-year forecast.

GERMANY [updated 13:00]: Daimler Q2 loss less than Q1's

29 July 2009

Daimler today put the most positive spin it could on its second quarter results, avoiding initially mentioning a horrendous year on year comparison by saying the second three months of the year turned out better than the first.

RESULTS PREVIEW: VW rides the recession

29 July 2009

Volkswagen Group is widely expected to announce relatively good second quarter financial results this week (July 30) on the back of a global footprint that means it has been better placed to ride the recession than some of its European peers. However, the financial implications of its close relationship with Porsche will be closely studied in the coming weeks.

JAPAN: Nissan books JPY16.5bn net loss for fiscal Q1

29 July 2009

Nissan Motor has announced a net after tax loss of JPY16.5bn (US$170m) for the first quarter of the fiscal year ending 31 March, 2010, compared to net income of JPY52.8bn (US$540m) a year ago.

RESULTS PREVIEW: Weak Europe sales to weigh down on Renault

28 July 2009

Renault's first half financial results – due to be announced later this week (July 30) – are expected to show some improvement in trend, but the company continues to be dragged down by a poor European market showing this year.

RESULTS PREVIEW: Daimler expected to show Q2 improvement

28 July 2009

Daimler's second quarter financial results due tomorrow (July 29) are expected to show signs of underlying improvement in spite of a big pre-tax loss of over EUR1.5bn and a large drop in revenue over last year.

JAPAN: Mitsubishi to borrow JPY75bn

28 July 2009

Mitsubishi Motors plans to raise about JPY75bn (US$790m) to invest in vehicle launches through syndicated loans from 29 banks arranged by affiliate Mitsubishi UFJ Financial Group.

INDIA: Tata Motors boosts profits

27 July 2009

Tata Motors improved its first quarter operating to 11.4% from 7.1% a year ago, booking operating profits of INR7.3bn (US$152.7m), up 47.9%.

GOLDING'S TAKE: One Ford and the fountain of free money

24 July 2009

Alan Mulally concentrated on two things when he was describing the dominant brush strokes in the big picture of Ford’s half year financial results. One was the One Ford new model programme. The other was the decision not to sup with the devils at the fountain of free money.

GOLDING’S TAKE: Lie down and think of Fiat as recovery facilitator

23 July 2009

To a round-table lunch in Soho dominated by the pundit prince, Professor Garel Rhys. The Cardiff University car sage was doing his stuff on global auto industry trends when Fiat’s name unexpectedly occupied one of his sentences. “Fiat has just committed suicide,” he reflected. “Couldn’t make one company work so it is going to try two.”