TBC Reports Record Fourth Quarter and Year-End Results
TBC Corp., one of the nation’s leading marketers of automotive replacement tires, reported record sales and earnings for the fourth quarter and year, which ended December 31, 2003. Net sales in the fourth quarter increased 33.5 percent to $370.7 million, compared to $277.8 million in the prior-year period. Same store sales for TBC’s retail segment increased 4.5 percent in the fourth quarter. TBC’s total unit tire sales increased 10.7 percent in the fourth quarter, compared to a 2.2 percent increase in unit shipments by tire manufacturers based on preliminary reports.
GM, Kia Face Growing Investigation
General Motors Corp. and Kia Motors Corp. are facing an expanded U.S. auto safety investigation and possible recalls because of fuel leaks that may occur on more than 760,000 vehicles. Gasoline may leak into the engine on 483,000 Cadillacs and Oldsmobile Auroras models for 1995 through 1997, the National Highway Traffic Safety Administration said. A total of 278,266 Kia Spectra and Sephia sedans from the 2000 and 2001 model years are being checked for spills during refueling, which led to the recall of 100,000 Sephias made before 2000.
Dura Loss Shrinks
Dura Automotive Systems Inc., which makes automotive parking brakes and seating controls, said its fourth-quarter loss narrowed to $2.86 million, helped by currency exchange rates and acquisitions. Dura’s net loss narrowed to 15 cents a share from a loss of $90.7 million, or $4.97, a year earlier. Sales rose 8.8 percent to $627.2 million from $576.5 million, the Rochester Hills-based company said.
Dana Restructuring Helps Rebound
Auto parts maker Dana Corp. credited its restructuring plan and an increase in heavy-truck production for its fourth-quarter rebound. Toledo-based Dana had a fourth-quarter profit of $68 million, or 45 cents per share. Excluding onetime items, the company earned 41 cents per share, or 1 cent higher than the expectations of analysts surveyed by Thomson First Call.
Friday is Deadline to Submit Info for AASA Top Suppliers List
Friday, Feb. 13 is the deadline to submit information for participation in the 2004 Top Automotive Aftermarket Suppliers List, published by Automotive Aftermarket Suppliers Association (AASA), the aftermarket segment of the Motor & Equipment Manufacturers Association (MEMA).
CBS News to Address Insurer-Owned Shop Issues This Week, ASA’s Ron Pyle to Be Featured
Two CBS programs are scheduled to address the insurer-owned body shops issue this week. The first program is slated to air today, Wednesday, Feb. 11, on the CBS Evening News during its “Eye on America” segment. Ron Pyle, ASA’s president and chief staff executive, was recently interviewed for the segment at ASA’s headquarters in Bedford, Texas. Pyle will provide follow-up coverage on this issue when he is interviewed again by CBS during an appearance on The Early Show Thursday, Feb. 12.
AMN Perspectives by Thomas Group: Experience at Work
In our last article we talked about inventory management as a trade-off. In most organizations there are conflicting inputs from various departments that affect inventory decisions: finance wants low inventory levels to minimize working capital costs; sales and marketing wants high inventory levels to ensure excellent customer service; production wants long-term planning with low flexibility to create high production efficiencies. Logistics wants to minimize transportation, handling and inventory holding costs.
Deadline Approaching for Participation In Top Aftermarket Suppliers List
The deadline for participation in the 2004 Top Automotive Aftermarket Suppliers List, published by Automotive Aftermarket Suppliers Association (AASA), the aftermarket segment of the Motor & Equipment Manufacturers Association (MEMA), has been extended to Friday, Feb. 13. Produced by Babcox Publications, this multi-page, full-color publication will feature insightful information on the largest suppliers to the automotive aftermarket. The form to participate is available online at http://www.aftermarketnews.com/top70.asp. The 2003 AASA Top Aftermarket Suppliers list is also available at the link.
AAIA Hosts District Meeting With Md. Rep. Van Hollen
On Friday, Jan. 30, AAIA played host to U.S. Rep. Christopher Van Hollen (D-Md.). Like all in-district congressional meetings, this event was designed to educate the congressman about the size, scope and importance of the aftermarket — nationally, in Maryland, as well as in his home district. Nearly half of AAIA’s staff resides in Van Hollen’s 8th district and the association headquarters office is located in the district.
Intermet Reports Losses
Intermet Corp. lost $92.8 million, or $3.30 per share, on sales of $183.3 million in the fourth quarter. The Troy, Mich.-based manufacturer of cast-metal automotive components earned $430,000, or 3 cents per share, on sales of $180.47 million in the same quarter of 2002.