plus 4, Fiat Reports 4Q Loss - ABC News

Fiat Reports 4Q Loss - ABC News
Fiat reports 4th quarter loss on declining truck sales; seeks ... - Minneapolis Star Tribune
EDTA Promotes Action Plan to 'Fast Track' Electric Drive Future - Biloxi Sun Herald
Residents can discuss deer concerns at March 6 meeting - Zanesville Times Recorder
Motorcar Parts of America Renews Supply Contract With Automotive ... - Yahoo Finance

Posted: 25 Jan 2010 06:38 AM PST

Fiat Group SpA, controlling stakeholder in Chrysler LCC, on Monday reported a fourth-quarter loss due to a sharp decline in sales of trucks and construction equipment — even as sales of its small, fuel-efficient cars rose thanks to cash-for-clunkers incentives.

The quarterly loss of euro281 million ($397 million) compares with a net profit of euro163 million in the same period a year earlier.

The company also reported a loss for the full year, but cut its net debt level more than anticipated and significantly strengthened its cash position.

It warned that its fortunes in the coming year would depend heavily on whether European governments continue scrapping incentives that have benefited makers of small cars.

Fiat shares were trading up 0.40 percent at euro9.94 on the Milan Stock Exchange.

Fiat CEO Sergio Marchionne also has run Chrysler since the U.S. automaker emerged from bankruptcy last June and Fiat took a 20-percent stake in exchange for its small-car and fuel-efficient engine technology and management know-how. Fiat's compact 500 model is expected to go on sale in the United States by the end of the year.

The alliance is intended to help both automakers achieve "critical mass," which Marchionne has put at between 5 million and 6 million vehicles a year. Last year, Fiat Group Automobiles produced 2.1 million vehicles, in line with a year earlier.

Fiat said its full-year losses totaled euro838 million, compared with earnings of euro1.6 billion for all of 2008. Fiat also reported writedowns by the automobile business for platforms and architectures related to the Chrysler alliance, which were included in euro391 million in charges.

Fourth quarter revenues at the company that makes autos under the Fiat, Maserati and Ferrari brands, as well as trucks and farming equipment, were up 3.5 percent to euro13.6 billion compared with euro13.1 billion a year earlier. Full-year revenues were euro50.1 billion, down 16 percent compared with euro59.6 in 2008.

Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.

Fiat reports 4th quarter loss on declining truck sales; seeks ... - Minneapolis Star Tribune

Posted: 25 Jan 2010 06:45 AM PST

Revenues for Fiat Group Autos, which includes the Lancia, Alfa Romeo and Fiat brands, were boosted by cash-for-clunkers incentives in key European markets to euro7.2 billion, which Fiat says were the auto business's highest-ever fourth quarter revenues. That compares with euro5.7 billion in the same quarter a year earlier.

Fiat's small car, low-consumption engine technology benefited from the scrapping incentives, particularly in Italy and Germany.

Fiat said 2010 would be "a year of transition and stabilization," with revenues expected to grow 3 percent to 6 percent, trading profit of euro1.5 billion and net debt levels below euro5 billion. But the automaker said those targets are dependent on the scrapping incentives in the European markets. Germany has already opted out, but Italy, Fiat's biggest market, has not yet committed to continuing the schemes.

Fiat forecast demand in Italy, where it has a 30 percent market share, will drop by 20 percent if the incentives are dropped.

In that case, Fiat said revenues would decline by euro2.5 billion and trading profit for the automobile and components businesses would drop, ballooning debt above euro5 billion.

Bernstein's Max Warburton said in a note that "'A year in transition' means one thing: no real earnings growth ... That makes it pretty clear to us that management doubts there will be much progress in 2010."

Warburton expressed concern that the auto margins are near peak "due to unsustainable Brazilian profitability and limited scope for growth in Europe and limited product development firepower."

Warburton was also pessimistic about Fiat's prospects for sustaining a turnaround of Chrysler, that "even if achieved," is unlikely to add substantial value to Fiat.

Trading profit, or earnings before interest, taxes and one-time gains or costs, declined to euro488 million euros from euro663 million euros in 2008. Net industrial debt was reduced to euro4.4 billion, from euro5.9 billion at the end of 2008 due cost cutting and "significant' destocking of all businesses, while the automaker increased its liquidity to euro12.4 billion from euro3.9 billion at the end of 2008.

Trading profit for the year was euro1.1 billion — beating the company's own guidance of above euro1 billion.

Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.

EDTA Promotes Action Plan to 'Fast Track' Electric Drive Future - Biloxi Sun Herald

Posted: 25 Jan 2010 06:38 AM PST

"EDTA is calling upon Congress and the Administration to 'push the pedal' to keep the U.S. on the electric drive fast track," said EDTA President Brian Wynne. "Targeted government policies can build the U.S. electric drive industry and get more vehicles on the road that will reduce our dependence on oil, establish sustainable transportation options and build the green jobs economy. "

To drive wider deployment of hybrids, plug-in hybrids, battery and fuel cell vehicles, EDTA is recommending policies that will grow the vehicle and infrastructure market, including purchase and investment incentives for electric vehicles. For example, EDTA is advocating for the extension and expansion of federal tax incentives for medium and heavy duty electric drive vehicles, which can transform federal and private fleets.

"Hybrid-electric delivery trucks can provide up to 50 percent reduction in fuel consumption and emissions," Wynne said. "Local, regional and national efforts are necessary to ensure that government and industry work together to keep the public, businesses and first responders informed about industry developments."

EDTA has also detailed the policies that will help to grow U.S. electric drive manufacturing, including vehicle components, infrastructure and equipment. These industries are the foundation of a green jobs economy and are key to increasing U.S. leadership in advanced technology. In this area, EDTA has recommended expanding public/private partnerships to advance manufacturing breakthroughs, as well as establish more manufacturing facilities.

Another essential set of actions is required to ready the infrastructure for electric drive. The plan notes that expanding recharging options and establishing coherent standards for integrated infrastructure will be needed to ensure that grid-connected vehicles fully penetrate the national fleet.

"We need to maximize the advantages that smart grid will provide for grid-connected transportation," Wynne said. "Electric drive infrastructure means integrating the charging options with the smart grid technologies that will enable the most efficient and sustainable use of electric fuel."

For more details and to view the complete 2010 Electric Drive Action Plan for Energy Security, please visit www.electricdrive.org.

About EDTA: The Electric Drive Transportation Association (EDTA) is the trade association representing battery, plug-in, hybrid and fuel cell electric drive technologies and infrastructure. EDTA conducts public policy advocacy, education, industry networking and international conferences. EDTA's membership includes automotive and other equipment manufacturers, energy companies, technology developers, component suppliers and government agencies. For more information about EDTA and its members, visit www.electricdrive.org.

SOURCE Electric Drive Transportation Association

Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.

Residents can discuss deer concerns at March 6 meeting - Zanesville Times Recorder

Posted: 25 Jan 2010 06:09 AM PST

"Muzzleloaders take more than 24,000 white-tailed deer" was the headline on the outdoors section of the Times Recorder last week. My husband always wants to know who counted them. Those were the only ones checked in. How many were skinned in the woods? Our dog drags up deer skins every once in a while to chew on in the yard. My husband throws them back in the woods.

However, there are still plenty of deer. My son would say "why didn't they get the five that ran into the road in the dark last week" on his way to work at 4:30 a.m. He missed four, but a 10-point buck got him. His truck received considerable amount of damage to the front right side and the passenger door. He showed us the damage later and said this cost $300, this cost $200, this cost $700, on and on. The good thing is he can do the work himself -- otherwise, just double the cost of it all. The good thing, it wasn't a head-on collision and the air bags didn't deploy and hurt him.

The deer hunting season runs until Feb. 7, as the archery season continues.

Every year, farmers suffer thousands of dollars of damage to their crops and numerous auto accidents occur. When 16 or 17 deer or more feed on your corn, oats and other crops every night, it takes quite a chunk out of your pocket.

This year, a district meeting will be conducted from noon to 2 p.m. March 6 in Athens at The Ohio Division of Wildlife building. It is open to the public to give opportunities to talk to wildlife officials to encourage them to extend seasons and give more permits where needed.

Each of the five wildlife districts in Ohio are required to have a public meeting once a year, to review hunting and trapping issues.

You also can call (800) WILDLIFE to talk to wildlife officials.

I'm sure plenty of deer are left in our area -- the dog barks her head off almost every night when they come out to eat in our hayfield below my bedroom window. I also have friends in the city limits who have considerable damage in their yards to their shrubs, flowers and yards.

Don't get me wrong, I think they are beautiful, and the little Bambis are almost as adorable as my baby lambs.

Speaking of my lambs, we are now starting our birthing process for the ewes. I have to share with you that on Martin Luther King Jr. Day we had twin lambs. Both male, one black and one white. I'm calling them Martin and Luther. I usually only number them but I can't resist this time giving them names.

Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.

This posting includes an audio/video/photo media file: Download Now

Motorcar Parts of America Renews Supply Contract With Automotive ... - Yahoo Finance

Posted: 25 Jan 2010 05:33 AM PST

LOS ANGELES, Jan. 25, 2010 (GLOBE NEWSWIRE) -- Motorcar Parts of America, Inc. (Nasdaq:MPAA - News) today announced it has signed a two-year renewal of a supplier contract for alternators and starters with a U.S. automotive manufacturer. Financial terms were not disclosed.

"The renewal of this supply agreement recognizes our commitment to quality, service and long-term relationships. We look forward to further growth opportunities with this important customer," said Selwyn Joffe, chairman, president and chief executive officer of Motorcar Parts of America, Inc.

He noted the company also supplies product to Africa, Japan and the Middle East under separate agreements with this manufacturer.

About Motorcar Parts of America

Motorcar Parts of America, Inc. is a remanufacturer of alternators and starters utilized in imported and domestic passenger vehicles, light trucks and heavy duty applications. Its products are sold to automotive retail outlets and the professional repair market throughout the United States and Canada, with remanufacturing facilities located in California, Mexico and Malaysia, and administrative offices located in California, Tennessee, Mexico, Singapore and Malaysia. Additional information is available at www.motorcarparts.com.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company's current expectations and beliefs concerning future developments and their potential effects on the company, including expected sales from this multi-year contract extension and the benefits derived from an aging vehicle population. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the company's Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) in June 2009 and in its Form 10-Qs filed with the SEC thereafter for additional risks and uncertainties facing the company. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.