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THE WEEK THAT WAS: Results season again

By Graeme Roberts | 25 July 2014

Ford and GM results this week were encouraging

Ford and GM results this week were encouraging

We are now in the midst of what I like to call slash-your-wrists or lose-the-will-to-live season and it can apply equally to whether you are issuing or writing up a sometimes seemingly interminable series of quarterly results.

My main interest this second quarter was - did recalls tip GM into the red and how did The General and cross-town rival Ford do in Europe? Well, Ford put its first quarterly operating profit in three years in Europe on the board even if it was still in red ink for the first half and expects a higher loss in the second half. Progress is still being made. New gaffer Mark Fields will nonetheless have been pleased to announce pre-tax operating profit up US$44m to $2.6bn and net income up $78m to $1.3bn for the quarter overall.

Over at GM, the loss in Europe was US$300m, after $200m for restructuring but $1.3bn in recall costs, including $900m of future provision, still left $200m to be written in black ink for the quarter.

GME restructured Opel a bit, announced some new Opels would replace departing Chevy and said the Ampera is toast but a new EV would follow, some time.

Daimler, meanwhile, boosted operating profit 12% and we leaned on an analyst to scrutinise the results more closely than I can.

I also harked wistfully back to California for an insight into Kia Motors America and recalled very pleasant driving and passengering in their new flagship we're unlikely to see on sale here.

Britain, as you may have read has been a bit warm this past week or so. Elsewhere, they call it 'summer'. Most of my colleagues have already fled to what they call an 'editorial meeting'. Translation: drinking beer and enjoying pub grub in an agreeable wifi-equipped hostelry in London.

I wish you too a nice end to the week.

Graeme Roberts, Deputy Editor, just-auto.com