Demand for Automobiles Growing in the U.S.
May 11 2012 - 8:20AM
Marketwired
U.S. auto sales have seen an impressive rise in 2012 as an
improving economy and high gas prices have boosted demand for newer
and more fuel efficient vehicles. The boost in the economy has
allowed consumers to replace aging vehicles, which many had delayed
during the recent economic downturn. Currently, the average vehicle
on the road is a record 10.8 years old. Five Star Equities examines
the outlook for companies in the Auto Manufacturers Industry and
provides equity research on General Motors Company (NYSE: GM) and
Honda Motor Co. Ltd (NYSE: HMC)
Access to the full company reports can be found at:
www.FiveStarEquities.com/GM
www.FiveStarEquities.com/HMC
The industry continues to gain momentum despite high fuel prices
and concerns of global economic issues. Sales for new vehicles in
April rose 2.3 percent to 1.18 million according to researcher
Autodata. The seasonally adjusted annual rate (SAAR) of 14.4
million beat the estimate of 14.3 million of 15 analysts surveyed
by Bloomberg. "Demand for automobiles is helping propel
production," Jack Ablin, chief investment officer of Harris Private
Bank in Chicago, wrote in an e-mail. "We expect this trend to
continue even in the face of moderating economic winds abroad."
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General Motors recently announced first quarter net income
attributable to common stockholders of $1.0 billion, or $0.60 per
fully diluted share. These results include a net loss from special
items related to goodwill impairment that reduced net income by
$0.6 billion, or $0.33 per fully diluted share. Net revenue in the
first quarter of 2012 was $37.8 billion, an increase of $1.6
billion compared with the first quarter of 2011.
Honda Motor recently announced its consolidated financial
results for the fiscal fourth quarter and the fiscal year ended
March 31, 2012. Despite the unfavorable currency effects due to the
appreciation of the Japanese yen and increase in R&D expenses,
consolidated operating income for the fiscal fourth quarter
(January 1, 2012 through March 31, 2012) amounted to 111.9 billion
yen, approximately 2.4 times greater than the same period of last
year.
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