Increase in Vehicle Production to Boost Demand for Auto Parts
08 3월 2013 - 10:00PM
Marketwired
Despite ongoing weakness in Europe, major automakers in the U.S.
and overseas are expected to ramp up production thanks to rising
auto sales in the U.S. and China. Increase in vehicle production is
expected to benefit auto parts wholesalers such as Magna
International Inc. (NYSE: MGA) and Genuine Parts Company (NYSE:
GPC). Automakers such as Ford Motor Company and General Motors
Company in the U.S., and Toyota Motor Corporation are expected to
boost production in 2013 as auto sales continue to rise in U.S. and
China. The trend is expected to benefit auto parts wholesalers.
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Auto sales in the U.S. are being driven by cheap financing and
pent-up demand. This trend is likely to continue going forward, and
therefore auto sales in the U.S. are expected to remain robust. A
rebound in Chinese economy is likely to boost auto sales in the
country. Europe, however, remains a weakness for the auto industry.
While concerns over the Eurozone debt crisis have eased, the region
is still not growing. However, the weakness in Europe will be more
than offset by U.S. and China, as well as other emerging
markets.
Last Friday, Magna International Inc. reported its financial
results for the fourth quarter ended December 31, 2012. Magna
International Inc.'s sales for the quarter were $8.03 billion,
representing an increase of 11% over the same period in the
previous year. Sales rose as vehicle production in North America
rose 12%. The increase in vehicle production in North America was,
however, partially offset by Europe, where vehicle production fell
8%. Adjusted EBIT for the quarter rose 21% to $387 million. Income
from operations for the quarter was $341 million, while net income
was $351 million, or $1.49 per share.
Don Walker, CEO of Magna International Inc., said last week that
overall, he is satisfied with the company's operating results for
2012. Walker noted that the company continued its strong
performance in North America. He added that in Europe, the company
saw better operating results and return to profitability. Walker
also said that Asia remains profitable, despite the significant new
facility activity.
Last month, Genuine Parts Co. reported its fourth quarter
financial results. For the quarter ended December 31, 2012, the
company reported record sales and earnings. Sales for the quarter
rose 3.5% to $3.1 billion. Net income for the quarter was $160
million, representing an increase of 19% over the same period in
the previous year.
Tom Gallagher, Chairman and CEO of Genuine Parts Company, said
that in 2012, the company further strengthened its financial
condition, with increased net income, an expanded operating margin
and a continued emphasis on effectively managing the balance
sheet.
Looking ahead to 2013, Gallagher said that the company remains
committed to its core objectives of growing sales and earnings,
showing continued operating margin improvement, generating solid
cash flows and maintaining a strong balance sheet.
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Genuine Parts (NYSE:GPC)
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Genuine Parts (NYSE:GPC)
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