U.S. October Auto Sales Roundup
Kicking off a busy day for auto news was Dollar Thrifty Automotive Group (NYSE:DTG) with its third-quarter 2012 earnings report. Earnings per share of $1.91 beat estimates by $0.22, while revenue grew 2 percent year over year to $460.6 million, beating estimates by $6 million. The company raised its full-year earnings guidance from $5.25-$5.70 per share to $5.50-$5.75 per share.
Despite the good news, shares are trading down nearly 2 percent in the afternoon, perhaps because of a 4.2 percent slip in monthly unit revenue.
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Ford (NYSE:F) announced that Alan Mulally will stay on as president and CEO through at least 2014. The company posted U.S. sales growth that missed estimates, driving the stock slightly down in afternoon trading after considerable gains that followed its strong earnings.
October U.S. sales were effectively unchanged from a year ago at 168,456 units. In its first full month on sale, the C-Max sold 3,182 units. Small car sales grew 54 percent year over year, marking the strongest October for the class in 11 years.
“Our commitment to deliver a fuel-efficient lineup of cars, utilities and trucks is winning over customers and helping grow our retail sales,” said Ford VP of U.S. Marketing, Sales and Service Ken Czubay. Retail sales are up 2 percent compared to last year.
General Motors (NYSE:GM) posted deliveries of 195,764 units in October, a 5 percent increase but still falling short of some estimates. Passenger cars lead growth at 15 percent. Chevrolet dealers delivered a record 2,961 Volts.
GM’s stock price, which also posted strong gains after its quarterly earnings, have edged down less than half a percent.
Toyota (NYSE:TM) reported a 15.8 percent increase in U.S. October sales compared to the same period last year, a total of 155,242 units. Prius sales were up 52.4 percent for the month and 91.2 percent this calendar year to date.
“Despite the impact of Sandy, October was a solid month for Toyota and the industry, and we look for the market to remain strong in the months ahead,” said senior VP of automotive operations Bob Carter in the release.
Honda (NYSE:HMC) has announced that it will invest $200 million and hire 200 workers at transmission and engine factories in Ohio. The company is pointedly eyeing North America for growth in the coming years, with a plant in Mexico scheduled to open in 2014.
Following the news, Honda posted strong U.S. October sales numbers. American Honda sold 106,873 units in the month, an 8.8 percent increase from October 2011. The Honda Division posted an 8.7 percent increase in sales, and Acura U.S. posted a 9.4 percent increase in sales for the month compared to last year.
“Acura’s one-two punch of luxury performance SUVs is obviously resonating with consumers, with new October records set for both RDX and our truck lineup,” said VP of Acura Sales Jeff Conrad in the release.
That all being said, there are reports that up to 60 percent of dealers in the NYC area are not back online yet.