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After Chevy Bolt Troubles, GM Bets Big on Cadillac EV

  • After Chevy Bolt Troubles, GM Bets Big on Cadillac EV After Chevy Bolt Troubles, GM Bets Big on Cadillac EV 7:46
2:18 a.m. Today - By Tomi Kilgore
Autoliv stock falls after profit falls more than 50% to miss expectations as supply shortages weighed on LVPThe U.S.-listed shares of Autoliv Inc. fell 0.6% in premarket trading Friday, after the Sweden-based auto safety systems maker reported third-quarter adjusted profit that was half of last year's and missed expectations, as shortages of semiconductor supplies and other components led to a 20% drop in light vehicle production (LVP). Net income fell to $60 million, or 68 cents a share, from $99 million, or $1.12 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share dropped 50.7%, to 73 cents from $1.48, to miss the FactSet consensus of 81 cents. Sales declined 9.3% to $1.85 billion, just below the FactSet consensus of $1.87 billion. For 2021, the company expects sales growth of "around 11%," while the current FactSet consensus of $8.41 billion implies 13% growth. "The decline in LVP, unpredictable changes in customer call-offs and higher raw material costs resulted in reduced profitability despite significant cost control measures, including headcount reductions," said Chief Executive Mikael Bratt. The stock has gained 3.4% year to date through Thursday, while the S&P 500 has climbed 21.3%.
3:17 a.m. Oct. 21, 2021 - By Ciara Linnane
AutoNation shares jump 2.6% premarket as earnings blow past estimates amid strong demand for carsAutoNation Inc. shares jumped 2.6% in premarket trade Thursday, after the car retailer blew past estimates for the third quarter as net income roughly doubled from a year ago. Fort Lauderdale, Fla.-based AutoNation posted net income of $361.7 million, or $5.12 a share, for the quarter, up from $182.6 million, or $2.05 a share, in the year-earlier period. Revenue rose to $6.379 billion from $5.405 billion. The FactSet consensus was for EPS of $4.20 and revenue of $6.291 billion. "During the quarter, consumer demand continued to outpace supply, driven by consumer desire for personal transportation and ongoing manufacturing supply chain disruptions," the company said in a statement. "New vehicle inventory remains at historically low levels, which combined with strong execution, has supported record profitability." CEO Mike Jackson said they expect the pent-up demand to support sales for the foreseeable future. New vehicle revenue was flat compared to the prior year and down 3% compared to the third quarter of 2019, before the outbreak of the pandemic. Used vehicle revenue rose 53% from a year ago and was up 67% compared to the third quarter of 2019. Shares have gained 67.6% in the year to date, while the S&P 500 has gained 21%.
2:41 a.m. Oct. 20, 2021 - By Tomi Kilgore
Lithia Motors stock set to rally after profit and revenue rise well above forecastsShares of Lithia Motors Inc. were indicated up about 1% in premarket trading Wednesday, after the auto retailer reported third-quarter profit and revenue that rose sharply and were well above expectations. Net income nearly doubled, to $307.9 mullion, or $10.11 a share, from $158.8 million, or $6.86 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose 63% to $11.21, beating the FactSet consensus of $9.30. Revenue grew 70.4% to $6.17 billion, above the FactSet consensus of $5.78 billion, while cost of sales increased 67.8% to $4.98 billion. New vehicle retail revenue rose 53.9% to $2.90 billion and used vehicle retail revenue rose 90.2% to $2.08 billion. "The pipeline is robust and we continue to identify accretive deals that strategically expand our network while meeting our disciplined return thresholds," said Chief Executive Bryan DeBoer. The company said it is pacing ahead of schedule toward its goal of $50 billion in revenue and $50 of EPS by 2025. The stock has gained 15.7% year to date while the S&P 500 has advanced 20.3%.
5:29 a.m. Oct. 15, 2021 - By Tomi Kilgore
Ford stock gains after China sales report, with Q3 down but year-to-date sales upShares of Ford Motor Co. edged up 0.4% in premarket trading Friday, after the automaker reported overnight third-quarter China vehicle sales that fell from a year ago, amid continued challenges resulting from the semiconductor shortage, but outperformed its U.S. vehicle sales performance by a wide margin. The company said it sold 150,100 vehicles in Greater China during the quarter, down 8.7% from a year ago, while Lincoln brand passenger vehicle sales increased 24%. The year-to-date total has reached 457,000 vehicles, up 11% from the year-ago period. That compares with a 25.8% decline in third-quarter U.S. vehicles sales, with Lincoln-brands sales down 35.8%, according to a MarketWatch analysis of monthly data, and a 7.0% drop in year-to-date sales through September. Ford's stock has soared 75.8% year to date through Thursday, while shares of rival General Motors Co. have rallied 38.5% and the S&P 500 has advanced 16.8%.
3:46 a.m. Oct. 13, 2021 - By Ciara Linnane
Stoneridge issues profit and sales warning for Q3 as supply chain snags and higher costs weigh on its OEM customersStoneridge Inc. , a Novi, Michigan-based maker of electrical and electronic vehicle systems, lowered its third-quarter guidance on Wednesday, and said the continued supply chain-related challenges and higher costs had reduced production schedules for its original equipment manufacturers, or OEM, customers. The company noted an IHS Markit forecast from Sept. 16 for third-quarter worldwide automotive production suggested its weighted average end-markets declined by about 13% f relative to assumptions made on its second-quarter earnings call. "The overall transportation industry continues to be challenged by the global pandemic and its aftermath," CEO Jon DeGaynor said in a statement. "Recent production shutdowns and altered production forecasts at our automotive and commercial vehicle OEM customers, often on short notice, have created volatility and had a negative impact on our financial results for the third quarter." The company is now expecting a third-quarter loss per share of 40 cents to 34 cents, and adjusted loss per share of 29 cents to 23 cents. Sales ae expected to come in at about $180 million. The FactSet consensus is for a loss per share of 10 cents and sales of $185 million. The company has raised prices to mitigate the higher costs, where possible. Shares were down 1.5% premarket and have lost 31% in the year to date, while the S&P 500 has gained 16%.
3:49 a.m. Sept. 30, 2021 - By Steve Gelsi
CarMax shares fall after company misses earnings estimateCarMax Inc. said Thursday its second-quarter net income fell about 4% to $285.3 million or $1.72 a share, from $296.7 million, or $1.79 a share in the year-ago period. The car retailer said earnings per share fell due to last year's Covid-related cost savings. Sales rose to $7.99 billion, a record, from $5.37 billion in the year-ago period. Analysts expected earnings of $1.88 a share and sales of $6.91 billion, according to a survey by FactSet. Shares of CarMax fell nearly 8% in pre-market trades. The stock is up 55% so far this year compared to a 16% increase by the S&P 500 .
5:31 a.m. Sept. 2, 2021 - By Tomi Kilgore
Ford's August vehicles sales drops by one-third from last yearFord Motor Co. reported August total vehicle sales that dropped by one-third from a year ago, with sharp declines in all types of vehicles, although electric vehicles sales jumped by two-thirds to a new August record. The automaker's stock was little changed in morning trading. Total sales were 124,176 vehicles, down 33.1% from a year ago, as trucks sales dropped 29.4%, SUV sales fell 25.3% and car sales slid 86.0%. Within trucks, F-Series sales fell 22.5% to 57,321 vehicles. Meanwhile, electrified vehicle sales rose 67.3% to 8,756 vehicles. Reservations for Ford's full electric F-150 Lightning truck surpassed 130,000 vehicles. On a monthly basis, Ford said August retail sales increased 6.5% from July, with F-Series retail sales growing 11% to mark the best F-Series sales month since the chip shortage began. Ford's stock has dropped 12.1% over the past three months through Wednesday, while the S&P 500 has gained 7.9%.
2:41 a.m. Aug. 24, 2021 - By Tomi Kilgore
Advance Auto Parts beats profit expectations, while net sales match and same-store sales comes up a bit shyAdvance Auto Parts Inc. reported Tuesday reported fiscal second-quarter profit that topped expectations, but net sales that matched and same-store sales that came up shy, although the full-year outlook was raised. The auto parts seller's stock was still inactive in premarket trading. Net income for the quarter to July 17 was $178.7 million, or $2.74 a share, after $190.0 million, or $2.74 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $3.40, above the FactSet consensus of $3.04. Sales grew 5.9% to $2.65 billion, in line with the FactSet consensus, while same-store sales growth of 5.8% was just below expectations of a 5.9% rise. "Our top-line improvement was led by the professional business with a recovery in miles driven fueling demand as we lapped double-digit DIY omnichannel growth in the prior year," said Chief Executive Tom Greco. For the full year, the company raised its guidance ranges for sales to $10.60 billion to $10.80 billion from $10.40 billion to $10.60 billion, for same-store sales to up 6.0% to up 8.0% from up 4.0% to up 6.0% and for free cash flow to minimum $700 million from minimum $575 million. The stock has run up 31.9% year to date through Monday, while the SPDR Consumer Discretionary Select Sector ETF has gained 11.9% and the S&P 500 has advanced 19.3%.
3:13 a.m. Aug. 13, 2021 - By Tomi Kilgore
Lion Electric stock rallies after revenue rises above expectations, while losses widenedShares of Lion Electric Co. rallied 3.6% in premarket trading Friday, after the electric vehicle maker reported second-quarter revenue that nearly tripled to beat expectations, while losses widened amid higher administrative and selling expenses and transaction costs. The net loss widened to $181.6 million, or $1.13 a share, from $1.4 million, or 1 cent a share, in the year-ago period. The loss in the latest quarter included $167.7 million related to share-based compensation, increase in fair value of share warrant obligations and transaction costs. The FactSet consensus was for a per-share loss of 5 cents. Revenue increased 175% to $16.7 million, above the FactSet consensus of $16.2 million, as vehicle sales volume grew 177% to 61 units. Cost of sales rose 214% to $15.8 million. "Various levels of governments across North America are sending strong signals to support transport electrification, resulting in an increased unprecedented interest from both our public and private clients. This bodes well for our long-term growth," said Chief Executive Marc Bedard. The stock has gained 2.3% over the past three months through Thursday, while shares of EV leader Tesla Inc. have run up 26.3% and the S&P 500 has gained 8.5%.
4:11 a.m. Aug. 12, 2021 - By Ciara Linnane
Tesla's Musk highlights chip supply issues in early tweet to Cathie WoodTesla Inc. Chief Executive Elon Musk to highlight continued supply chain issues facing the electric-car maker. Musk responded to a tweet from Cathie Wood, manager of the Ark Innovation ETF , who said Tesla seems to understand "that China would like local champions to dominate electric vehicles (EV) sales inside the country but is pleased that Tesla is exporting from China high-quality/high-end EVs, especially to Europeans whose standards for fit-finish-design are quite high." He said Tesla makes cars for export in the first half of the quarter and for the local Chinese market in the second half. "As publicly disclosed, we are operating under extreme supply chain limitations regarding certain "standard" automotive chips," he wrote. "Most problematic by far are Renesas & Bosch." Tesla shares were slightly higher premarket, and have gained 0.3% in the year to date, while the S&P 500 has gained 18%.
5:19 a.m. Aug. 9, 2021 - By Tomi Kilgore
Workhorse stock falls after sales miss, need to revise vehicle design to boost payloadShares of Workhorse Group Inc. slid 3.5% in premarket trading Monday, after the electric-vehicle maker reported second-quarter sales that rose much less than expected. The company said it would have to redesign its C-1000 vehicles to increase the payload. The company reported a net loss that narrowed to $43.6 million from $131.3 million a year ago; Workhorse did not provide investors with what the losses were per share. Sales rose to $1.20 million from $91,942 a year ago, while the average estimate of the six analysts surveyed by FactSet was $5.4 million. Workhorse said the increase in revenue comes after deliveries increased to 14 trucks during the second quarter from one a year ago. "What is clear from the initial customer feedback is that we need to further increase the payload capacity of our vehicles," said Chief Executive Rick Dauch. While we revise the design the vehicle, we believe we can continue with a limited level of production for customers where our current payload is adequate or those who want to road test one of the few, if not only vehicles in our market that are available to them now." The stock has plunged 48.9% year to date through Friday, while the S&P 500 has gained 18.1%.
4:03 a.m. Aug. 9, 2021 - By Tomi Kilgore
Hertz reports adjusted profit and sales that more than doubled, in 1st report since emerging from bankruptcyHertz Global Holdings Inc. reported Monday second-quarter that mroe than doubled from a year ago, citing strong leisure travel demand and tighter fleet inventory, in the auto rental company's first quarterly report since emerging from bankruptcy on June 30. The net loss for the quarter to June 30 narrowed to $168 million, or $1.05 a share, from $847 million, or $5.86 a share, in the year-ago period. Excluding nonrecurring items, such as $633 million of reorganization expenses, the company swung to adjusted earnings per share of $2.55 from a per-share loss of $3.51. Total revenue rose 125.1% to $1.87 billion, as Americas revenue grew 202.6% to $1.64 billion and international revenue increased 84% to $230 million. "With resurgent demand and tight supply across the industry, we remained agile in managing our fleet to meet customers' needs," said Chief Executive Paul Stone. "At the same time, we benefited from the important operational and financial improvements we made through our restructuring process." The stock, which trades over the counter, closed Friday at $16.44, down 39.1% since closing at $26.99 on July 1, the first day since emerging from bankrupty.
4:02 a.m. Aug. 6, 2021 - By Tomi Kilgore
Goodyear Tire's stock surges after swinging to profit that doubled up expectationsShares of Goodyear Tire & Rubber Co. surged 2.5% in premarket trading Friday, after the tire maker reported a second-quarter profit that was double what was expected, with revenue from all geographic regions topping forecasts, as the negative effect on demand from the COVID-19 pandemic "moderated significantly." The company swung to net income of $67 million, or 27 cents a share, from a loss of $696 million, or $2.97 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 32 cents, above the FactSet consensus of 16 cents. Sales jumped 85.6% to $3.98 billion, beating the FactSet consensus of $3.74 billion. Americas sales rose 98.9% to $2.26 billion, EMEA (Europe, Middle East and Africa) sales grew 82.0% to $1.23 billion and Asia Pacific sales increased 47.6% to $493 million. Goodyear's stock has tumbled 21.9% over the past three months, while the S&P 500 has gained 5.4%.
3:00 a.m. Aug. 6, 2021 - By Tomi Kilgore
Lear beats on profit but comes up shy on revenue, lowers full-year outlook given chip supply issuesShares of Lear Corp. were indicated down nearly 1% in premarket trading Friday, after the auto seating and electronics systems company reported second-quarter profit that beat expectations, revenue that nearly doubled but was shy of forecasts and cut its full-year outlook citing the impact of semiconductor and component shortages. The company swung to net income of $175.2 million, or $2.89 a share, from a loss of $293.9 million, or $4.89 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $2.45, above the FactSet consensus of $2.41. Sales jumped 94.8% to $4.76 billion but was just below the FactSet consensus of $4.81 billion. Seating sales soared 105.6% to $3.61 billion, just shy of the FactSet consensus of $3.64 billion, while E-Systems sales rose 67.1% to $1.15 billion to match expectations. "As expected, the second quarter was very challenging, given semiconductor supply issues that impacted the auto industry and led to significant production disruptions," said Chief Executive Ray Scott. For 2021, the company lowered its guidance range for sales to $19.7 billion to $20.5 billion from $20.35 billion to $21.15 billion and for free cash flow to $350 million to $500 million from $550 million to $700 million. The stock has dropped 11.9% over the past three months while the S&P 500 has gained 5.4%.
3:51 a.m. Aug. 4, 2021 - By Tomi Kilgore
GM beats earnings expectations and raises full-year outlook, but stock sells offGeneral Motors Co. reported Wednesday second-quarter earnings that beat expectations, as revenue more than doubled, and raises its full-year profit outlook, although that outlook remained below the FactSet consensus. The automaker's stock dropped 2.8% in premarket trading. The company swung to net income of $2.79 billion, or $1.90 a share, from a loss of $806 million, or 56 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.97, above the FactSet consensus of $1.82. Total revenue rose 103.6% to $34.17 billion, well above the FactSet consensus of $29.92 billion, as automotive sales jumped 130.1% to $30.74 billion. For 2021, the company raised its adjusted EPS guidance range to $5.40 to $6.40 from $4.50 to $5.25, but that was below the FactSet consensus of $7.07. "The credit for our strong first half goes to our employees and extended team, including suppliers and dealers, who have collectively demonstrated strength, agility and resilience," Chief Executive Mary Barra wrote in a letter to shareholders. The stock has run up 39.0% year to date through Tuesday, while the S&P 500 has advanced 17.8%.
4:20 a.m. July 27, 2021 - By Tomi Kilgore
Paccar stock jumps after record profit and revenue beat expectationsShares of Paccar Inc. jumped 1.3% in premarket trading Tuesday, after the truck maker reported second-quarter record profit and revenue that topped expectations, amid strong customer demand and freight tonnage, with beats in the company's parts and financial services segments offsetting a miss in truck sales. Net income more than tripled to $492.9 million, or $1.41 a share, from $147.7 million, or 43 cents a share, in the year-ago period. The FactSet consensus for earnings per share was $1.40. Revenue rose 91% to $5.84 billion, above the FactSet consensus of $5.57 billion. Truck sales grew 123.4% to $4.15 billion but missed the FactSet consensus of $4.50 billion, while parts revenue increased 47.1% to $1.21 billion to beat expectations of $1.16 billion and financial services revenue rose 26.6% to $456.3 million to top forecasts of $436.5 million. The company said truck markets have been "tempered" by the industry-wide undersupply of semiconductor chips. The stock has edged up 0.7% year to date through Monday, while the S&P 500 has gained 17.7%.
3:32 a.m. July 21, 2021 - By Tomi Kilgore
Lithia Motors stock shoots up after profit more than tripled, revenue more than doubled to big beatsShares of Lithia Motors Inc. hiked up 4.7% in premarket trading Wednesday, after the auto retailer reported earlier second-quarter profit that more than tripled and revenue that more than doubled to beat expectations by wide margins, amid strength in same-store used vehicle sales. Net income rose to $304.9 million, or $10.75 a share, from $77.7 million, or $3.38 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $11.12 beat the FactSet consensus of $6.17. Revenue increased 117.8% to $6.01 billion, well above the FactSet consensus of $5.08 billion. New vehicle retail revenue grew 130% to $3.15 billion, above the FactSet consensus of $2.50 billion, and used vehicle retail revenue rose 95.7% to $1.80 billion to be expectations of $1.52 billion. Same-store revenue growth was 20% for new vehicles and 49% for used vehicles. The stock has rallied 21.5% year to date through Tuesday, while the S&P 500 has advanced 15.1%.
2:34 a.m. July 21, 2021 - By Tomi Kilgore
Harley-Davidson stock surges after profit, revenue beat expectations as motorcycle sales more than doubledShares of Harley-Davidson Inc. shot up 2.4% in premarket trading Wednesday, after the motorcycle seller swung to a second-quarter profit that beat expectations and revenue that rose above forecasts, as a slight miss in motorcycle revenue was offset by a beat in parts and accessories sales. Net income was $206 million, or $1.33 a share, after a loss of $92 million, or 60 cents a share, in the year-ago period. Excluding nonrecurring items, the company swung to earnings per share of $1.41 from a per-share loss of 38 cents, . Revenue grew 77% to $1.53 billion, topping the FactSet consensus of $1.39 billion. Motorcycle revenue jump 131% to $1.03 billion, just shy of the FactSet consensus of $1.11 billion, while parts and accessories revenue grew 32% to $223 million to beat expectations of $212.9 million. Harley-Davidson retail motorcycle sales increased 24% to 65,300 units, including 43% growth in North America to 48,200 units. "We are encouraged by the signs of consumer positivity in the market; however, we remain mindful of the significant supply chain challenges that we expect to continue to impact the sector," said Chief Executive Jochen Zeitz. The stock has rallied 19.4% year to date through Tuesday, while the S&P 500 has gained 15.1%.
3:19 a.m. July 19, 2021 - By Tomi Kilgore
AutoNation profit, revenue rise well above expectations on strong used and new vehicle salesAutoNation Inc. reported Monday second-quarter quarter profit and revenue that rose well above expectations, with particular strength in used car sales. The car dealer's stock was little changed in premarket trading. Net income rose to $384.8 million, or $4.83 a share, up from $279.8 million, or $3.18 a share, in the year-ago period. The FactSet consensus for earnings per share was $2.81. Total revenue climbed 53.9% to $6.98 billion, above the FactSet consensus of $6.07 billion. New vehicle sales grew 51.6% to $3.43 billion, to beat the FactSet consensus of $3.04 billion, while used vehicle sales jumped 67.8% to $2.22 billion to beat expectations of $1.68 billion. The company said it repurchased $736 million worth of its stock during the second quarter, and authorized the repurchase of an additional $1 billion worth of its shares. The stock has rallied 47.0% year to date through Friday, while the S&P 500 has gained 15.2%.
2:20 a.m. July 16, 2021 - By Tomi Kilgore
Autoliv stock sinks toward 4-month low after earnings miss, citing chip shortage and rising costsShares of Autoliv Inc. sank 6.8% toward a four-month low in premarket trading Friday, after the Sweden-based maker of automotive safety systems reported second-quarter profit and sales that missed expectations and cut its full-year outlook, citing the continued impact of the COVID-19 pandemic, the negative effect of the semiconductor shortage and continued rise in raw material prices. The company swung to net income of $104 million, or $1.19 a share, from a loss of $175 million, or $2.00 a share, in the year ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.20, below the FactSet consensus of $1.38. Sales jumped 93.0% to $2.02 billion, but was just shy of the FactSet consensus of $2.04 billion. The company lowered its 2021 net sales growth guidance to 20% to 22% from "around 23%." The company said prices of some key commodities has increased by more than 20% in the past three months, and expects full-year raw material costs to be a 130 basis point headwind to operating margin. "Supply shortage of semiconductors resulted in a Q2 [light vehicle production] that was 8% lower than what was expected at the beginning of the quarter, and 8% lower than th efirst quarter (according to IHS Markit, June 2021)," said Chief Executive Mikael Bratt. The stock has gained 3.1% year to date through Thursday, while the S&P 500 has advanced 16.1%.
4:08 a.m. July 15, 2021 - By Ciara Linnane
Electric truck maker Nikola to add 51 dealership locations in 9 statesElectric truck maker Nikola Corp. said Thursday it is adding 51 dealership locations in nine states as it moves to expand its network. The locations in Texas, Arizona, California, Colorado, New Mexico, Florida, Delaware, Virginia and Maryland are owned by five independent dealerships, the company said in a statement. They include HOLT Truck Centers (7 locations in Texas), Empire Truck & Trailer (7 locations in Arizona and California), Wagner Equipment Co. (11 locations in Colorado, New Mexico), Ring Power (14 locations in Florida), and Carter Machinery (12 locations in Delaware, Maryland, Virginia). The deal will expand Nikola's sales and service locations in the U.S. to 116. Shares were up 1.4% premarket, but are down 9% in the year to date, while the S&P 500 has gained 16%.
2:19 a.m. July 8, 2021 - By Tomi Kilgore
Group 1 Automotive set to report a big profit beatGroup 1 Automotive Inc. provided Thursday an upbeat profit and unit sales outlook for the second quarter, with the owner and operator of auto dealerships citing "strong" vehicle margins in the U.S. and a rebound in the U.S. services business. The company expects earnings per share of between $10.20 and $10.70, up from $3.77 a year ago and well above the current FactSet consensus of $5.45. The company expects new retail unit same-store sales to be up 61% from a year ago but down 1% from the same period in prepandemic 2019, while used retail unit same-store sales are expected to be up 49% from 2020 and 12% above 2019 sales. "The unprecedented supply disruption to new vehicle production largely stemming from the microprocessor shortage has made it very difficult for the financial markets to grasp the impact on our business," said Chief Executive Earl Hesterberg. "Therefore, we are providing some preliminary data on how we are navigating through these challenging times - and I think it is fair to say we are navigating the situation quite well." The company is projected to report second-quarter results on or about July 29. The stock, which is still inactive in premarket trading, has lost 4.3% over the past three months, while the S&P 500 has gained 6.4%.
4:53 a.m. July 2, 2021 - By Tonya Garcia
Tesla delivered more than 200,000 vehicles in Q2, roughly in line with expectationsTesla Inc. announced Friday that it produced 206,421 vehicles and delivered 201,250, just below vehicle sales. Tesla warned that the deliveries number should be seen as "slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct." Tesla shares slipped 0.4% after the announcement. Tesla delivered 2,340 of the Model S/X and 204,081 of the Model 3/Y. Tesla is scheduled to announced its second quarter earnings on August 4. Tesla shares has fallen 4% for the year to date while the S&P 500 index has gained 15% for the period.
3:06 a.m. June 25, 2021 - By Ciara Linnane
CarMax shares jump 5.8% as earnings blow past estimates amid strong demand for used carsShares of used car retailer CarMax Inc. jumped 5.8% in premarket trade Friday, after the company blew past earnings estimates for its fiscal first quarter. Richmond, Virginia-based CarMax said it had net income of $436.8 million, or $2.63 a share, in the quarter to May 31, up from $4.978 million, or 3 cents a share, in the year-earlier period. Revenue rose to $7.698 billion from $3.229 billion a year ago. The FactSet consensus was for EPS of $1.63 and revenue of $6.183 billion. The company sold 452,188 units through its retail and wholesale channels combined, up 128% from a year ago. Sales were driven by "significant demand" for used cars from consumers, supported by federal stimulus checks, which were sold through the company's omnichannel network. "We believe CarMax became the largest online buyer of used vehicles from consumers as a result of our nationwide online instant appraisal offerings, with approximately 163,000 vehicles bought in the quarter," the company said in its earnings release. CarMax is targeting $33 billion in revenue and 2 million units sold per year by fiscal 2026. The company is also aiming to expand market share of the national used car market of cars zero to 10 years old to more than 6% by calendar 2025. Shares have gained 26% in the year to date, while the S&P 500 has gained 13.6%.
3:33 a.m. June 21, 2021 - By Ben Foldy
Lordstown Motors executives sold stock ahead of reporting results, and before troubles came to lightSeveral top executives at Lordstown Motors Corp. sold off chunks of stock in the electric-truck startup ahead of reporting financial results, according to regulatory filings disclosing the transactions.
3:24 a.m. June 15, 2021 - By Ciara Linnane
Auto retailer Lithia Motors says May sales rose 89% to $2.1 billion compared to pre-pandemic levelsAuto retailer Lithia Motors & Driveway said Tuesday May sales rose 89% to $2.1 billion compared to pre-pandemic levels in 2019. The Medford, Oregon-based company said same-store sales rose 26% from 2019. "Comparing May 2021 results to 2020 pandemic-impacted levels, total revenues increased 104% and total same store sales increased 42%," the company said in a statement. Lithia has acquired the Southwest Kia Auto Group with five locations in Dallas and Austin, adding an expected $350 million in annualized revenue to bring its total expected annualized revenue to $7.5 billion since it launched a five-year plan. Shares were not active premarket, but have gained 13% in the year to date, matching the S&P 500's gains.
8:10 a.m. June 14, 2021 - By Claudia Assis
Tesla price target cut to $812 by CanaccordAnalysts at Canaccord Genuity on Monday cut their price target on Tesla Inc. shares to $812, from $974, on disappointment that the electric-car maker , which would be the sedan's top trim. Tesla last week l in an effort to breathe new life into the sales of the sedan, which has not changed much in its nearly 10-year existence. The "Plaid Plus" trim "was reportedly going to be the first to feature the new 4680 (battery) cell design. This signals to us the new cell format isn't ready for production just yet, and cell production capacity constraints for energy storage products like Powerwall remain," the Canaccord analysts said. "Coupling this with macro near-term uncertainty surrounding inflation and Fed policy causing a sector rotation out of growth and into value names, leads us to our PT reduction." The $812 target implies a 31% upside to Monday's stock price. Tesla shares have lost 12% this year, contrasting with gains around 13% for the S&P 500 index.
4:14 a.m. June 8, 2021 - By Tomi Kilgore
Tesla stock rallies after data showing sales in China rebounded in MayShares of Tesla Inc. rallied 2.9% in premarket trading Tuesday, putting them on track for a third-straight gain, after data out of China showed a rebound in the electric vehicle maker's sales last month. The China Passenger Car Association said overnight that sales of passenger cars in May rose 1% from a year ago to 1.62 million vehicles, while sales of EVs soared 177% to 185,000. Tesla sold , up from 11,671 in April. Tesla also exported 11,527 made-in-Shanghai EVs in May. Wedbush analyst Dan Ives said the numbers suggest Tesla has handled the in China well, as demand rebounded well ahead of expectations. "We believe starting in the month of June Tesla will be on a 300k run-rate for deliveries in China as the growth story appears back on track in this linchpin region despite the skeptics and haters piling on from the month of April, which we continue to view as an anomaly rather than the norm," Ives wrote in a note to clients. He affirmed his outperform rating and $1,000 stock price target. Tesla's stock has gained 7.5% over the past three months through Monday, but has lost 14.3% year to date, while the S&P 500 has climbed 10.6% the past three months and advanced 12.5% this year.
2:43 a.m. June 8, 2021 - By Tomi Kilgore
Thor Industries stock jumps after record profit, sales more than double Shares of Thor Industries Inc. jumped 4.2% in premarket trading Tuesday, recreational vehicle seller reported a record fiscal third-quarter profit beat and sales that more than doubled, amid "robust" consumer and dealer demand for RV products. Net income rose to $183.3 million, or $3.29 a share, from $24.1 million, or 43 cents a share, in the year-ago period. The FactSet consensus for earnings per share was $3.03. Sales grew 106% to a record $3.46 billion, beating the FactSet consensus of $3.03 billion. North American toward RV sales increased 124% to $1.73 billion, as the Tiffin Group acquisition boosted sales by $19.5 million; North American motorized RV sales rose 193.7% to $775.4 million, boosted $151.7 million by the Tiffin acquisition; and European RV sales grew 47.3% to $775.4 million. "We continue to see robust demand for our RVs and see no signs of demand slowing even as the economy recovers from the pandemic," said Chief Executive Bob Martin. The stock has rallied 25.9% year to date through Monday, while the S&P 500 has gained 12.5%.
10:11 a.m. June 3, 2021 - By Claudia Assis
Tesla stock slides deeper into the red after report that China orders halvedTesla Inc. shares dropped further on Thursday after The Information reported that the Silicon Valley electric-car maker's vehicle orders in China fell by nearly half in May compared with April, citing internal data. Tesla has faced a backlash in China in recent months over how it handled consumer concerns about the safety and quality of its cars, and also has had to grapple with more competition from Chinese EV makers such as Nio Inc. Last month, , and while a year-on-year comparison wasn't available, that represented a Tesla's sales drop of 27% from March, and worse than the 12% month-on-month decline in overall electric vehicle sales. Shares of Tesla have dropped 17% this year and gained 230% in the past 12 months, which compares with gains of 12% and 34% for the S&P 500 index in these same periods.
5:41 a.m. June 3, 2021 - By Tomi Kilgore
Ford stock rallies toward 5 1/2-year high after May sales data, showing a near tripling in EVsShares of Ford Motor Co. rallied 2.0% toward a 5 1/2-year high in morning trading Thursday, after the automaker said total U.S. sales in May rose 4.1 to 161,725 vehicles, as jumps SUV and electrified vehicle sales offset declines in truck and car sales. Meanwhile, retail sales fell 11.2%. SUV sales rose 48.6%, with Lincoln-brand SUV sales rising 24.3% and Ford SUV sales climbing 51.8%, with Expedition sales up 110.4%, Escape sales up 51.4% and Explorer sales up 2.1%. Truck sales dropped 11.6%, with F-Series sales dropping 29.2%, while Ranger sales rose 41.8% and Transit sales increased 55.1%. Car sales tumbled 62.4%, with Mustangs down 24.7% and Fusions down 85.4%. Electrified vehicle sales nearly tripled (up 184%) to reach a record 10,364 vehicles. "We have been receiving a massive number of reservations for our all-electric F-150 Lightning over the last two weeks -- totaling over 70,000 trucks," said Andrew Frick, vice president, Ford Sales U.S. and Canada. The stock, on track to close at the highest level since October 2015, has run up 72.9% year to date, while the S&P 500 has gained 11.2%.
2:42 a.m. June 2, 2021 - By Tomi Kilgore
Advance Auto Parts adjusted profit more than triples and sales rise, beating expectationsAdvance Auto Parts Inc. reported fiscal a first-quarter adjusted profit that more than tripled and beat expectations, boosted by record sales growth amid strong demand from do-it-yourself and professional customers. The auto parts retailer's stock was still inactive in premarket trading. Net income for the quarter to April 24 rose to $185.9 million, or $2.81 a share, from $43.6 million, or 63 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share grew 234.0% to $3.34, beating the FactSet consensus of $3.05. Sales increased 23.4% to $3.33 billion, above the FactSet consensus of $3.30 billion, as same-store sales jumped 24.7% to beat expectations of 22.4% growth. Gross profit as a percentage of sales improved to 44.6% from 43.5%. For the full fiscal year, the company raised its net sales outlook to $10.40 billion to $10.60 billion from $10.20 billion to $10.40 billion and its same-store sales guidance range to growth of 4% to 6% from growth of 2% to 4%. The stock has rallied 23.6% year to date, while the S&P 500 has advanced 11.9%.
6:38 a.m. May 27, 2021 - By Tomi Kilgore
Ford Motor stock surge toward near 6-year high after RBC analyst raises rating, boosts price targetShares of Ford Motor Co. kept rallying Thursday toward a near six-year high, after RBC Capital analyst Joseph Spak turned bullish, citing more confidence in the automaker's financial targets and on the belief that is likely a "watershed" moment for the company and the industry. Spak raised his rating to outperform, after being at sector perform for at least the past three years, while raising his stock price target to $17 from $13. The stock climbed 6.0% in morning trading, after running up 8.5% on Wednesday in the wake of the company's commitment to make electric vehicle sales 40% of global sales by 2030. The F-150 Lightning "not only protects its golden goose, but expands the F-150 franchise opportunity via unique features like Intelligent Backup Power," Spak wrote in a note to clients. "Ford already very strong on commercial fleet, but now offering a more compelling product via electrification and connectivity that could increase its share in this profitable segment." Ford's stock, which is on track for the highest close since December 2015, has run up 67.7% year to date through Wednesday, while shares of rival General Motors Co. have climbed 44.8% and the S&P 500 has gained 12.1%.
12:10 p.m. May 26, 2021 - By Claudia Assis
Ford EV promise boosts stock to highest in nearly five yearsShares of Ford Motor Co. on Wednesday closed at their highest since July 2016 after the car maker vowed to make sales of electric vehicles 40% of its global sales by 2030 and invest an additional $8 billion through 2025 in developing them, bringing its total to about $20 billion. Ford shares jumped nearly 9%, its biggest one-day percent increase since June 5, 2020, when they rose 11.72%. Wednesday's rally also snapped a two-day losing streak.
4:38 a.m. May 25, 2021 - By Ciara Linnane
AutoNation to open 5 stores in US in 2021, targets 1 million sales of new and pre-owned vehicles a yearAutoNation Inc. said Tuesday it is planning to open five new stores in the U.S. this year, starting with AutoNation USA San Antonio. The company said it is aiming to have more than 130 stores in operation from coast-to-coast by the end of 2026. The Fort Lauderdale, Fla.-based company is targeting annual sales of 1 million new and pre-owned vehicles. Shares were not yet active premarket, but have gained 45% in the year to date, while the S&P 500 has gained 11.7%.
3:06 a.m. May 25, 2021 - By Tomi Kilgore
AutoZone's stock set to rally after big profit and sales beatsShares of AutoZone Inc. were indicated up nearly 2% in premarket trading Tuesday, after the auto parts retailer reported fiscal third-quarter profit and sales that rose well above expectations, with the commercial business standing out as "exceptional." Net income for the quarter to May 8 rose to $596.2 million, or $26.48 a share, from $342.9 million, or $14.39 a share, in the year-ago period. That beat the FactSet consensus for earnings per share of $20.13. Net sales grew 31.4% to $3.65 billion, above the FactSet consensus of $3.27 billion, with commercial sales climbing 44.4% and same-store sales increasing 28.9% to beat expectations of 17.1% growth. Gross profit as a percentage of sales fell 118 basis points to 52.4%, due primarily to the accelerated growth in the commercial business and investment in pricing initiatives. "We intend to accelerate our company's historical Commercial growth rate as we increase our penetration in this market," said Chief Executive Bill Rhodes. "While we understand sales trends will slow, we must work diligently during this fourth quarter to maintain the share gains we have achieved." The stock has rallied 22.2% year to date through Monday, while the S&P 500 has gained 11.7%.
12:59 p.m. May 13, 2021 - By Claudia Assis
HyreCar stock rises more than 6% as Q1 sales riseShares of HyreCar Inc. rallied more than 6% late Thursday after the peer-to-peer car-sharing platform reported a wider quarterly loss but sales came in slightly above expectations. HyreCar said it lost $7.2 million, or 37 cents a share, in the quarter, compared with $4.1 million, or 25 cents a share, in the year-ago period. Sales rose 29% to $7.45 million, "showing the resilience of our platform and the growing demand for our services as the country opens up," Chief Executive Joe Furnari said in a statement. Analysts polled by FactSet expected HyreCar to report a GAAP loss of 13 cents a share on sales of $7.2 million. The stock ended the regular trading day down 6.7%.
4:22 a.m. May 12, 2021 - By Tomi Kilgore
Toyota expects 15% of U.S. sales to be battery, fuel cell electric vehicles by 2030Toyota Motor Corp. said Wednesday it expects battery electric vehicles (BEV) and fuel cell electric vehicles (FCEV) to make up 15% of total U.S. sales by 2030. The Japan-based auto maker said that including hybrid electric vehicles (HEV) and plug-in hybrids (PHEV), 70% of the combined Toyota and Lexus vehicles sold will be electrified by 2030. Globally, Toyota expects to sell 8 million electrified vehicles by 2030, including 2 million BEVs and FCEVs. Toyota's U.S.-listed stock rose 2.6% in premarket trading, after the company reported and was well above expectations. The stock has lost 1.5% year to date through Tuesday, while shares of U.S.-based rival General Motors Co. have soared 33.8%, the iShares MSCI Japan ETF has edged up 0.3% and the S&P 500 has gained 10.5%.
9:42 p.m. May 11, 2021 - MarketWatch
Toyota Motor net profit more than doublesToyota Motor Corp. said Wednesday that its fourth-quarter net profit more than doubled from a year earlier, as it continues its strong recovery from the Covid-19 pandemic. The Japanese auto maker said net profit for the quarter ended March 31 rose to 777.1 billion yen ($7.15 billion) from Y327.3 billion a year earlier.
5:54 a.m. May 11, 2021 - By Tomi Kilgore
Blink Charging adds more than 7,000 EV charging ports in Europe through purchase of Blue CornerBlink Charging Co. said Tuesday it has acquired Belgium-based electric vehicle charging ports operator Blue Corner N.V., for EUR20 million ($24 million) in cash and stock. The deal adds 7,071 charging ports across Belgium, Luxembourg, France and the Netherlands to Blink's European charging network. "We are very excited about this acquisition and the opportunity it provides Blink to have a significant presence in Europe quickly," said Blink Chief Executive Michael Farkas. "As a key contributor to the expanding EV landscape, we are continuously looking for opportunities to strategically increase our global assets while also making EV charging more accessible." Farkas noted that EVs have a "much higher" market share in Europe, as sales of plug-in EVs in Europe rose 137% to 1.4 million vehicles in 2020, compared with a 4% increase to 328,000 vehicles in the U.S., according to ev-volumes.com. Blink's stock fell 2.6% in morning trading amid a broad-market selloff, with the technology-friendly Nasdaq Composite and the S&P 500 both down 1.0%.
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