Mets Signed Auto
October 7th, 2010 | 
Author: Mets Signed Auto Currently For Sale On eBay
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Mets Signed Auto
U.s. Auto Parts Industry To Cut Costs Uncertain Future
North American parts suppliers in the third quarter of fiscal income data released from the performance point of view, the past year's efforts met with success, some suppliers have stop-loss, embarked on a profitable "high road", but does it imply the suppliers of the "spring" has come out? They do not seem to think so.
Turn around some of the suppliers out of the shadows
A year ago, Borg Warner CEO TimManganello predicted that the economic environment in 2009 will be an "unprecedented" level of difficult. As he said this sentence in November 2008, Borg Warner appeared in a loss of 130.4 million U.S. dollars, breaking its 25 consecutive quarters prior to maintain profit growth record. Manganello prediction right, in October of this year so far, North American light vehicle production of the industry total fell by 39%, and the Big Three U.S. auto makers in the 2 - GM and Chrysler have announced bankruptcy.
Parts suppliers and other counterparts, Borg Warner has experienced four consecutive quarters of losses, revenue dropped 22%, but nevertheless, Borg Warner has been in the last quarter out of the "dark", yield The pick-up, and began to profit.
One for North America, 11 major parts suppliers financial aspects of the survey found that more than a year, five of them are profitable in the third quarter, the first. Among them, has begun profitable automotive interiors supplier Lear Corporation in July, when according to the U.S. "Bankruptcy Law" Chapter 11 bankruptcy protection, November 9 were dropped out. The 11 other three home losses of the company's current and most recent five quarters in the least. Gentex Corporation and Federal-Mogul 2 suppliers Earlier, there has been a turnaround, they have a second-quarter profit. Which, Gentex Corporation in the third quarter more than doubled over the previous quarter, Federal-Mogul is almost more than three times the previous quarter.
Uncertain future cost-cutting is the main cause of deficits
North America's largest parts supplier Magna Part of the reason the company will turn around due to cost cutting, layoffs and shorter working hours, lower wages, bonuses and benefits. Manganello also BorgWarner profits attributable to the reduction of costs, in addition to Borg Warner, the North America, dozens of companies have joined the ranks of cost-cutting in the past, and therefore immune to bankruptcy.
"The whole basis of the cost of parts and components industry has undergone a permanent change, which will allow them to financial crisis, environment, better able to survive." Dura Automotive Systems CEO TimLeuliette said. Leuliette refused to disclose company's third-quarter results Dora the details, he said that this was the past few years one of the best quarter of the company.
"We are surprised at the efficiency of these enterprises to cut costs and extent of," Goldman Sachs analyst PatrickArchambault said, "most of them in the production of enterprise is relatively weak profitability of the conditions."
However, suppliers have not optimistic, Manganello think the whole parts industry outlook is still unclear. For most suppliers, automotive industry, the uncertainty of a full recovery and high loan interest rates have remained so that it faces more ups and downs. Lieuliette stressed that suppliers is estimated that by this time next year it will have some breathing space, and perhaps started to re-recruitment. "There are a lot of parts suppliers are facing bank debt", Leuliette said, "Today, banks will not be too generous, so we still have a bumpy road to go."
Good bad loan providers also face financial difficulties
PatrickArchambault, according to Goldman Sachs analysts said, at present, the supplier has available bank loans, although their interest rate will be higher than a two years ago. "Can not be difficult to get loans, but it is indeed difficult to get before the price of it."
To make up for the credit crunch, including the United States day and Motor Company, Tian ng company, Dana holding company of several vendors, including the use of stock offerings to raise funds. But not all suppliers can do this. "For those smaller suppliers, I think you have not seen an economic downturn to its capital requirements in the full impact", PatrickArchambault said, "the industry's second-tier level, you may see more large-scale 'casualties'. Having said that, in fact, the difficulties they have been excluded for more than we can think of. "
About 200 parts maker still faces the risk of closing down or find buyers, Dura's Leuliette, said his company is currently considering buying one in Asia, Europe, parts spare parts business and a company's assets in the United States.
Equipment Suppliers Association, Deco MacNeil said, according to the organization estimates that this year there are 100-200 suppliers are quietly engaged in the liquidation work. "They are all smaller suppliers," he said, "they can not in accordance with the" Bankruptcy Law "Chapter 11 bankruptcy reorganization procedures, because they do not have enough money."
Difficult to significantly increase production of consumer slowdown
According to Automotive News Data Center's estimates, North American light vehicle production of 560,430 units from June to September rose to 976,790 units. "These results may be able to reflect the likely increase in space and receive something in return", IHSGlobalInsigh company's components business unit director of StewartPedder said. Some enterprises have already begun to withdraw part of the cost reduction, because the producer, reversed, and they began to approve visiting customers, recovery time, etc.. Tian ng company has eliminated 10% reduction initiatives, but other cost-cutting measures they can to save 58,000,000 U.S. dollars on an annual basis.
Although the outlook has improved, but do not expect in the next few quarters will be similar to this quarter (third quarter) of the harvest, said Goldman Sachs analyst PatrickArchambault.
For now look at the output rebounded in the quarter, the higher are many reasons, including the 2010 launch of new models, GM and Chrysler production gradually restored and so on. However, due to slowdown in consumer demand, future production growth will be difficult to achieve such a speed.
There is no guarantee the contract supplier profits are better than nothing
At present, car manufacturers and parts suppliers are looking for the more fixed a small part of the consolidation of contracts signed by enterprises. With Chrysler for example, the purchasing director, said Daniel Knott, Chrysler cut this year, 60 suppliers, and plans to increase the share of Fiat of Italy with its partners the number of suppliers, from the current about half to two-thirds more than in 2014. In another words, not with Fiat in Europe and Brazil signed a supply contract suppliers will be excluded.
"We have found 32% reduction in the sales of ways how to make money, but if the production has plummeted, even to low levels earlier this year, it is difficult to a profit." A person in charge of parts enterprises, "said
Standard & Poor's equity analyst Aifulayi Levy that the downturn in the state this year, survived the suppliers is still mixed, "On the one hand, for a company to stay this is a good thing, but on the other hand, due to intense competition, which left the average profits of enterprises have also been diluted, "Levy said.
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