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    How the Inflation Reduction Act of 2022 impacts the US EV ecosystem
    On 7 August 2022, Democrats in the US Senate passed the Inflation Reduction Act of 2022, which aims to not only take control of rising inflation by reducing the fiscal deficit but also invest in domestic manufacturing of renewable energy and electric vehicles (EVs), secure the necessary supply chain, and cut down the carbon footprint by roughly 40% by 2030. The proposal made within the purview of the Inflation Reduction Act of 2022 (IRA) expects to raise about USD739 billion and invest about ...
    Software complexity starting to cost CEOs their job
    Complexity in the software has increased to a level where it has become not just difficult to debug and maintain, but it has compounded an OEM’s already difficult situation to comprehend the overall system interactions between various electronic control units (ECUs) and to properly test all the various combinations of features in a car. Most of the software in vehicles is written by suppliers that also use third-party software and work with externals, so the OEM’s control on the result is ve...
    Bridgestone reports 24.9% y/y rise in HY2022 revenue to USD13.97 billion
    Bridgestone has reported a 24.9% year-on-year (y/y) rise in sales for half year 2022, it said in a press release on 10 August. Sales came in at JPY1.89 trillion (USD13.97 billion) compared to JPY1.51 trillion last year. Net profit was JPY117.60 billion for the same period, compared to JPY131.34 billion a year earlier. The company’s operating profit fell to JPY173.99 billion from JPY176.55 billion during the first half of last year. Significance: Goodyear said its global tire sales was signi...
    Sirius XM’s Q2 FY2022 revenue grows 4.4% y/y to USD2.25 billion
    SiriusXM has reported a 4.4% year-on-year (y/y) rise in revenue for the second quarter of fiscal 2022, according to its press release on 28 July. Net income for the period dropped to USD292 million compared to USD433 million last year. Operating income for the quarter decreased to USD496 million compared to USD658 million for the previous corresponding quarter. “We are pleased with our results in the second quarter, and while we continue to navigate an uncertain economic environment, we del...
    Continental’s Q2 2022 sales grows 13% y/y to USD9.62 billion
    Continental posted a 13% year-on-year (y/y) increase in second quarter revenue to EUR9.44 billion (USD9.62 billion), according to a press filing on 9 August. Net loss was EUR250.7 million compared to a profit of EUR545.3 million a year earlier. Research and Development expenses for the quarter was EUR738.5 million compared to EUR706.1 million last year. “The current headwind is rather like a hurricane and will not subside any time soon. Given this environment, we have performed well and bec...
    Cerence’s Q3 FY 2022 revenue falls 8% y/y to USD89 million
    Cerence has reported an 8% year-on-year (y/y) fall in third-quarter revenue at USD89 million, the company said in a press release on 9 August. Net loss for the period came in at USD99.3 million compared with an income of USD5.8 million in the year-ago period. Net income was significantly impacted by a provision for income taxes. Gross margin was 72.8% versus 75.4% in 2021. “Notwithstanding external headwinds, we are invigorated for the future and confident in our direction. In that vein, in...
    SABIC’s Q2 2022 revenue grows 32% y/y to USD14.90 billion
    Saudi Basic Industries Corporation (SABIC) has reported second quarter 2022 revenue at SAR55.98 billion (USD14.90 billion) with a year-on-year (y/y) increase of 32% from the first quarter of 2021, according to a filing by the company on 9 August. Net income was reported at SAR7.93 billion for second quarter 2022 compared to SAR7.64 billion in the second quarter of 2021. Yousef Abdullah Al-Benyan, SABIC’s Vice Chairman and Chief Executive Officer, said, “The second quarter strong fina...
    Kongsberg Automotive’s Q2 2022 revenue grows 4.73% y/y to USD229.88 million
    Kongsberg Automotive has reported first-quarter revenues at EUR225.6 million (USD229.88 million) with a year-on-year (y/y) increase of 4.73% compared to EUR215.4 million, according to a filing by the company on 9 August. Operating profit for the quarter was reported at EUR2 million, compared to EUR13 million for first quarter 2021. Net loss was reported at EUR2.8 million for second quarter 2022. Joerg Buchheim, CEO, Kongsberg Automotive, said, “The interruptions to the automotive ...
    Tenneco’s Q2 2022 revenue grows 1.74% y/y to USD4.66 billion
    Tenneco has reported Q2 2022 revenue at USD4.66 billion with a year-on-year (y/y) increase of 1.74% compared to USD4.58 billion in the second quarter of 2021 for the three months ended 30 June 2022, according to a filing by the company on 4 August. Net loss for the second quarter of 2022 was reported at USD121 million. Brian Kesseler, Tenneco CEO, said, "Lower volumes, inconsistent production schedules, and inflationary cost pressures created a challenging business environment in the second q...
    Koito reports Q1 2023 net sales at USD1.41 billion, up 5.22% y/y
    Koito has reported first quarter 2023 net sales at JPY193.44 billion (USD1.41 billion), up 5.22% year-on-year (y/y) from JPY183.91 billion from the previous year for three months ended 30 June, according to a filing by the company on 27 July. Operating income for the quarter was reported at JPY6.37 billion. Net income for the quarter was reported at JPY1.05 billion. According to Koito’s financial report, sales in Japan was down 16.33% y/y to JPY72.73 billion in first quarter 2023, Nort...
    Ichikoh reports Q2 2022 net sales at USD461.40 million, down 3.76% y/y
    Ichikoh has reported second quarter net sales at JPY62.93 billion (USD461.40 million) with a year-on-year (y/y) decrease of 3.76% compared to JPY65.39 billion in the first quarter of 2021 for the three months ended 30 June 2022, according to a filing by the company on 8 August. Operating income was reported at JPY1.12 billion for the quarter. Net income for second quarter 2022 was reported at JPY1.26 billion, compared to JPY2.99 billion for the first quarter of 2021. Ichikoh’s Automoti...
    ZF posts 9.7% y/y rise in sales for HY 2022 at USD21.69 billion
    ZF has posted a 9.7% year-on-year (y/y) increase in first half sales of fiscal 2022, according to its press release on 3 August. Sales came in at EUR21.22 billion (USD21.69 billion) compared to EUR19.34 billion a year earlier. Net profit slumped to EUR58 million, down from UR522 million last year. “The war in Ukraine, the pandemic-related lockdowns in China, the limited availability of semiconductors and significant inflation have affected our business. Our focus is on striking the right ba...
    Velodyne Lidar’s Q2 revenue falls 15.4% y/y to USD11.5 million
    Velodyne Lidar has reported a 15.4% year-on-year (y/y) fall in second quarter revenue at USD11.5 million, according to an official filing on 8 August. Net loss for the same period narrowed to USD44.3 million from a loss of USD79.2 million a year earlier. Operating loss was USD44.6 million compared to a loss of USD89.1 million last year. “We remain intensely focused on our dual goals of delivering intelligent vision solutions to our customers while scaling lidar into a profitable growth busi...
    Adient reports Q3 2022 net sales at USD3.48 billion, up 7.40% y/y
    Adient has reported third quarter 2022 net sales at USD3.84 billion, up 7.40% year-on-year (y/y) from USD3.24 billion from the previous year for three months ended 30 June, according to a filing by the company on 5 August. Operating income for the quarter was reported at USD35 million. Net loss for third quarter 2022 was reported at USD30 million. According to Adient’s financial report, the company’s Americas region reported net sales at USD1.67 billion for third quarter 2022, up 15.97% y...
    Goodyear reports Q2 2022 net sales at USD5.21 billion, up 31.23% y/y
    Goodyear has reported second quarter 2022 net sales at USD5.21 billion, up 31.23% year-on-year (y/y) from USD3.97 billion in second quarter 2021 for three months ended 30 June, according to a filing by the company on 5 August. Net income for the quarter was reported at USD166 million, up 147.76% y/y from USD67 million in second quarter 2021. Richard J. Kramer, chairman, CEO and president, said, "With the increase in our top line, we continued to grow earnings despite elevated inflation and CO...
    Cooper Standard reports Q2 2022 net sales at USD605.91 million, up 13.64% y/y
    Cooper Standard has reported second quarter 2022 net sales at USD605.91 million, up 13.64% year-on-year (y/y) from USD533.18 million in the previous year for the second quarter of 2021, according to a filing by the company on 4 August. Operating loss for the quarter was reported at USD8.73 million. Net loss for second quarter 2022 was reported at USD34.15 million. Jeffrey Edwards, chairman and CEO, Cooper Standard, said, “We began to see some improvement in global market conditions and...
    Voestalpine reports Q1 2022/23 revenue of USD4.87 billion, up 37.96% y/y
    Voestalpine has reported first quarter 2022/23 revenue at EUR4.64 billion (USD4.87 billion), up 37.96% year on year (y/y) from EUR3.37 billion in the same period of the previous year, according to a filing by the company on 4 August. Operating income for the quarter was reported at EUR693 million, doubling from EUR332 million for the same period last year. Herbert Eibensteiner, CEO of voestalpine AG, said, “voestalpine delivered extraordinarily strong results in its first bus...
    Aptiv’s Q2 FY 2022 revenue up 7% y/y to USD4.1 billion
    Aptiv has reported second quarter 2022 revenue of USD4.1 billion, up 7% year on year (y/y) from USD3.8 billion in the year-ago period, for the three months ended 30 June, according to a filing by the company on 4 August 2022. Operating income for the quarter was reported at USD97 million. Net loss was reported at USD61 million, down 141.49% y/y from USD147 million, for the second quarter of 2022. "Record quarterly bookings of $14 billion and 8% revenue growth over market showca...
    BorgWarner reports flat y/y net sales of USD3.75 billion in Q2 2022
    Michigan-based supplier of powertrain and electric mobility solutions BorgWarner has reported US GAAP net sales of USD3.759 billion for the quarter ending 30 June 2022, the company said on 3 August 2022, adding that the quarterly sales performance remained flat when compared with the same period last year. BorgWarner’s net sales for the same period last year stood at USD3.758 billion. The company, however, added that excluding the impact of foreign currencies, the 2022 acquisition of Santro...
    Modine reports Q1 FY2023 net sales at USD541 million, up 9% y/y
    Diversified global automotive supplier of thermal management solutions Modine Manufacturing Company has reported net sales of USD541 million for the quarter ending 30 June 2022, up 9% y/y, the company announced on 3 August 2022. The company said that its net sales grew on the back of market-related volume improvements and favorable pricing adjustments in both the Climate Solutions and Performance Technologies segments. Modine’s gross profit grew 14% in the first quarter to USD83.4 million a...
    Grupo Antolin reports second quarter 2022 net sales at USD1.17 billion, up 7.4% y/y
    Grupo Antolin has reported second quarter 2022 net sales at EUR1.11 billion (USD1.17 billion) with a year-on-year (y/y) increase of 7.4% for three months ended 30 June, according to a filing by the company on 2 August. Operating income was reported at EUR86.4 million for the quarter. Significance: Grupo Antolin citing semiconductor shortages and the effects of the Russia-Ukraine conflict on supply chain and sales in Europe, as well as lockdown restrictions in mainland China to deal with ...
    Hankook tire reports Q2 2022 net sales at USD1.61 billion, up 12.77% y/y
    Hankook tire has reported second quarter 2022 net sales at KRW2.03 trillion (USD1.61 billion), up 12.77% year-on-year (y/y) from KRW1.80 trillion in the previous year for the second quarter of 2021, according to a filing by the company on 2 August. Operating income for the quarter was reported at KRW175.2 billion, compared to KRW187 billion from the previous year. Significance: According to Hankook Tire’s financial report, sales of 18” or higher passenger car tires remained a key gro...
    Dana reports Q2 2022 net sales at USD2.58 billion, up 17.27% y/y
    Dana Incorporated has reported second quarter 2022 net sales at USD2.58 billion, up 17.27% year-on-year (y/y) from USD2.20 billion in the previous year for the second quarter of 2021 for three months ended 30 June, according to a filing by the company on 3 August. Operating income for the quarter was reported at USD59 million, compared to USD113 million from the previous year. Net income was reported at USD10 million against USD53 million in second quarter 2021. James Kamsickas, Dana cha...
    Infineon reports Q3 2022 revenue at USD 3.79 billion, up 33%
    Infineon has reported third-quarter revenue at EUR3.79 billion (USD3.79 billion) with a year-on-year (y/y) growth of 33% compared to EUR2.722 billion in the third quarter of 2021 for the three months ended on 30 June 2022, according to a filing by the company on 3 August 2022. "In a difficult macroeconomic climate, Infineon continues to be well on the way thanks to its differentiating portfolio," said Jochen Hanebeck, CEO of Infineon. "Increases in energy costs, raw material prices and intere...
    Lear announces Q2 2022 net sales at USD5.07 billion, up 6.51% y/y
    Lear Corporation has reported second quarter 2022 net sales at USD5.07 billion, up 6.51% year-on-year (y/y) from USD4.76 billion in the previous year for the second quarter of 2021, according to a filing by the company on 2 August. Operating income for the quarter was reported at USD187 million, compared to USD233 million from the previous year. Net income was reported at USD68.5 million against USD175.2 million in second quarter 2021. Ray Scott, president and CEO, Lear, said, "In a quarter m...
    Gentherm reports Q2 2022 revenue at USD260.71 million, down 1.98% y/y
    Gentherm has reported second quarter 2022 net sales at USD260.71 million, down 1.98% year-on-year (y/y) from USD266 million in the previous year for the second quarter of 2021 for three months ended 30 June, according to a filing by the company on 2 August. Operating income for the quarter was reported at USD7.73 million, compared to USD31.67 million from the previous year. Net income was reported at USD7.07 million against USD24.79 million in second quarter 2021. Phil Eyler, president a...
    Illinois Tool Works (ITW) reports Q2 2022 revenue at USD4.01 billion, up 9.26% y/y
    Illinois Tool Works (ITW) has reported second quarter 2022 revenue at USD4.01 billion, up 9.26% year-on-year (y/y) from USD3.67 billion in the previous year for the second quarter of 2021 for three months ended 30 June, according to a filing by the company on 2 August. Operating income for the quarter was reported at USD926 million, compared to USD893 million from the previous year. Net income was reported at USD738 million against USD775 million in second quarter 2021. E. Scott Santi, c...
    Cummins reports Q2 2022 net income at USD6.6 billion, up 8% y/y
    Cummins has reported second quarter 2022 net sales at USD6.6 billion, up 6.51% year on year (y/y) from USD6.1 billion in the previous year for three months ended 30 June, according to a filing by the company on 2 August 2022. Operating income for the quarter was reported at USD897 million. Net income was reported at USD702 million, up 17% y/y from USD600 million for the second quarter 2022. “The company achieved record revenues and solid profitability in the second quarter of 2022, with dem...
    DuPont reports Q2 2022 net sales at USD3.3 billion, up 7% y/y
    DuPont has reported second quarter 2022 net sales at USD3.3 billion, up 6.51% year on year (y/y) from USD3.1 billion in the previous year for three months ended 30 June, according to a filing by the company on 2 August 2022. Operating income for the quarter was reported at USD365 million. Net income was reported at USD795 million, up 63.2% y/y from USD487 million for the second quarter 2022. Ed Breen, DuPont executive chairman and CEO said, “Underlying demand during the quarter in...
    Bekaert reports H1 2022 net sales at USD2.99 billion, up 24% y/y
    Bekaert reports first–half 2022 net sales at EUR2.85 billion (USD2.99 billion) with a year-on-year (y/y) increase of 24% compared with EUR2.3 billion in 2021, according to a filing by the company on 29 July. Operating income was reported as EUR279 million, down 2.78% compared with EUR287 million in the previous year. Gross profit was reported at EUR472 million for the first half of 2022. The company said in a statement, “While facing wide-scale macro imbalances due to supply chain issues,...
    Nidec posts 20.8% y/y growth in Q1 net sales at USD3.92 billion
    Nidec has reported a 20.8% year-on-year (y/y) rise in first-quarter net sales at JPY540.36 billion (USD3.92 billion), according to a press release dated 20 July. Net profit rose 23.5% to JPY41.32 billion while operating profit grew marginally to JPY44.66 billion. "We renewed the highest record of the quarterly consolidated accounting period, despite the continued influences of the lockdown caused by COVID-19, the Russian invasion of Ukraine, and difficulties in procuring semiconductors and ot...
    TE Connectivity reports Q3 2022 net sales at USD4.09 billion, up 6.51% y/y
    TE Connectivity has reported Q3 2022 net sales at USD4.09 billion, up 6.51% year on year (y/y) from USD3.84 billion in the previous year for three months ended 24 June, according to a filing by the company on 27 July. Operating income for the quarter was reported at USD719 million. Net income was reported at USD594 million, up 2.41% y/y from USD580 million for the third quarter 2022. Terrence Curtin, TE Connectivity CEO, said, "I am pleased with our record third quarter performance and the st...
    AD Plastik reports H1 2022 revenue at USD60.61 million, down 30.4% y/y
    AD Plastik has reported first-half 2022 revenue at HRK433.09 million (USD60.61 million), down 30.04% year on year (y/y) for the first six months ended 30 June, according to a filing by the company on 27 July. Operating income for six months was reported at HRK18.58 million. Net loss was reported at HRK59.46 million for the first half of 2022. Marinko Došen, president of the Management Board of AD Plastik Group, said, “Part of the Western car manufacturers has left the Russian market, while...
    ams Osram reports Q2 2022 revenue at USD1.24 billion, down 5.34% y/y
    ams Osram has reported Q2 2022 revenue at EUR1.18 billion (USD1.24 billion), down 5.34% year on year (y/y) from EUR1.24 billion in the previous year for the second quarter of 2021, according to a filing by the company on 29 July. Operating income for the quarter was reported at EUR104 million. Alexander Everke, CEO of ams OSRAM, said, “Our business showed a solid performance in the second quarter where we delivered results fully in line with our previous guidance. We see supply chain and en...
    DENSO reports Q1 2022 net sales at USD10.37 billion, up 4.3% y/y
    DENSO has reported first-quarter net sales at JPY1,415 billion (USD10.37) billion with year-on-year (y/y) growth of 4.3% compared with JPY1,356,866 billion in the first quarter of 2021 for the three months ended 30 June 2022, according to a filing by the company on 29 July 2022. Operating income for the first quarter was JPY63.64 billion compared with JPY107.18 billion in the first quarter of 2021. The company said in a press release, DENSO’s efforts and updates continue to be driven by its...
    Magna reports Q2 2022 net sales at USD9.36 billion, up 3.63% y/y
    Magna has reported second-quarter net sales at USD9.36 billion with year-on-year (y/y) growth of 3.63% compared with USD9.03 billion in the second quarter of 2021 for the three months ended 30 June 2022, according to a filing by the company on 29 July 2022. Operating loss for the second quarter was USD88 million compared with an operating profit of USD540 million in the second quarter of 2021. Swamy Kotagiri, Magna’s CEO said, “Our second quarter results were largely in line with our expe...
    Qualcomm reports 36% y/y jump in Q3 revenue at USD10.94 billion
    Qualcomm’s third quarter revenue surged 36% year-on-year (y/y) to USD10.94 billion, the company said in a press release on 27 July. Net income for the quarter came in at USD3.73 billion compared with USD2.03 billion a year earlier. Revenue from ‘Qualcomm CDMA Technologies’ (QCT) business rose 45% in at USD9.73 billion while revenue from its QTL business (Qualcomm Technology Licensing) gained 2% y/y to USD1.52 billion. Its MSM chip shipments fell to 130 million units from 156 million uni...
    Mitsubishi Electric’s Q1 revenue rises marginally y/y to USD7.80 billion
    Mitsubishi Electric’s first-quarter revenue has crept up marginally on a year-on-year (y/y) basis to JPY1.07 trillion (USD7.80 billion), according to an official filing on 28 July. Net profit dropped 46% y/y to JPY 33.4 billion. Operating profit fell 59% y/y to JPY33.9 billion. Revenue from Japan, which contributes to nearly half the total revenue, fell 3.7% y/y to JPY500.54 billion and sales from mainland China fell to JPY125.74 billion, compared with JPY155.34 billion a year earlier....
    Renesas reports Q2 2022 revenue at USD3.84 billion, up 72.83% y/y
    Renesas Electronics has reported a 72.83% year-on-year (y/y) rise in revenue to JPY376.6 billion (USD3.84 billion) for the second quarter of 2022, compared with JPY217.9 billion in the previous year for three months ended 30 June, a company press release read on 28 July 2022. Operating profit for the quarter was reported at JPY110.2 billion for financial year 2022 compared with JPY35.5 billion in the last financial year. Net income for the quarter was reported at JPY50.6 billion against JPY...
    STMicroelectronics reports Q2 2022 revenue at USD3.83 billion, up 28.3% y/y
    STMicroelectronics has reported the second quarter of 2022 revenue at USD3.83 billion, up 28.3% year-on-year (y/y) from USD2.99 billion in the previous year for three months ended 2 July, according to a filing by the company on 28 July 2022. Operating income for the quarter was reported at USD1 billion, up 105.4% y/y from USD489 million in the previous year. Net income was reported at USD867 million for the second quarter of 2022, up 110.4% y/y from USD412 million in the previous year....
    Visteon reports Q2 2022 net sales at USD848 million, up 39.01% y/y
    Visteon has reported the second quarter of 2022 net sales at USD848 million, up 39.01% year-on-year (y/y) from USD610 million in the previous year for three months ended 30 June, according to a filing by the company on 28 July. Operating income for the quarter was reported at USD30 million. Net income was reported at USD23 million for the second quarter 2022. President and CEO, Sachin Lawande, said, "I am proud of Visteon's double-digit growth-over-market performance in an environment of...
    Flex reports Q1 2023 net sales at USD7.34 billion, up 15.77% y/y
    Flex has reported the first quarter of 2023 net sales at USD7.34 billion, up 15.77% year-on-year (y/y) from USD6.34 billion in the previous year for three months ended 30 June, according to a filing by the company on 27 July. Operating income for the quarter was reported at USD272 million, up 6.66% y/y from USD255 million in the previous year. Net income was reported at USD195 million, down 5.33% from USD206 million in the previous year. Revathi Advaithi, CEO, Flex, said, "The Flex team reach...
    Garmin’s Q2 revenue falls 6% y/y to USD1.24 billion
    Garmin has reported a 6% year-on-year (y/y) fall in revenue for the second quarter of 2022 to USD1.24 billion, according to an official filing on 27 July. Net income for the period fell to USD257.8 million from USD317 million. Gross margin slightly declined from 58.8% last year to 58.7%. “Revenue declined during the second quarter driven primarily by underperformance in our fitness segment. Markets continue to normalize following two years of pandemic driven growth, and we also face additio...
    Constellium reports Q2 2022 revenue at USD2.38 billion, up 50.63% y/y
    Constellium has reported the second quarter of 2022 revenue at EUR2.27 billion (USD2.38 billion), up 50.63% year-on-year (y/y) from EUR1.51 billion in the previous year for three months ended 30 June, according to a filing by the company on 27 July. Net income was down EUR32 million compared with EUR108 million from the previous year. Jean-Marc Germain, Constellium’s CEO, said, “I am very proud of the results our team delivered in the second quarter, including record VAR [value ...
    Rheinmetall issues revised annual sales guidance for 2022
    Düsseldorf-based supplier of propulsion parts and electric mobility solutions Rheinmetall AG has revised its annual sales guidance for the year amid global uncertainties, persisting supply chain constraints, and unstable raw materials prices leading to volatile production schedules shared by the vehicle manufacturers. “Against the backdrop of persistently high risks with regard to the development of global automotive production, Rheinmetall is updating its sales guidance for fiscal 2022,...
    Valeo reports H1 2022 net sales at USD9.6 billion, up 5% y/y
    Valeo reports first–half 2022 net sales at EUR9.41 billion (USD9.6 billion) with a year-on-year (y/y) increase of 5% compared with EUR8.99 billion in 2021, according to a filing by the company on 26 July. Operating income was reported as EUR258 million, down 38% compared with EUR414 million in the previous year. Net loss was reported at EUR48 million for the first half of 2022. “The resilience of Valeo's first–half 2022 results in a difficult environment marked by high inflation, the el...
    Gestamp’s Q2 revenue rises 32.9% y/y to USD2.67 billion
    Gestamp has reported an increase of 32.9% year-on-year (y/y) in the second quarter revenue at EUR2.61 billion (USD2.67 billion), compared with EUR1.97 billion in the second quarter of 2021, according to a filing by the company on 26 July. Net income came in at EUR72 million for the second quarter of 2022 compared with EUR32 million in 2021. “The company’s results in the second quarter are solid despite a complicated market environment marked by the supply chain disruptions, micr...
    Plastic Omnium reports H1 2022 revenue at USD4.52 billion, up 4.38% y/y
    Plastic Omnium reported first-half 2022 economic revenue at EUR4.31 billion (USD4.52 billion), up 4.38% year on year (y/y) compared with EUR4.13 billion from the previous year for half a year ended 30 June, according to a filing by the company on 25 July. Operating income was reported at EUR179 million compared with EUR234 million from the previous year. Laurent Favre, CEO, Compagnie Plastic Omnium SE, said, “In the first half of 2022, Plastic Omnium demonstrated strong performanc...
    Texas Instruments reports Q2 2022 revenue at USD5.21 billion, up 13.75% y/y
    Texas Instruments Incorporated (TI) has reported second-quarter 2022 revenue at USD5.21 billion, up 13.75% year on year (y/y) from USD4.58 billion in the previous year for three months ended 30 June, according to a filing by the company on 26 July. Operating income for the quarter was reported at USD2.72 billion compared with USD2.21 billion from the previous year. Net income was reported at USD2.29 billion, up 18.65% y/y from USD1.93 billion in 2021. Rich Templeton, TI’s chairman...
    KPIT’s Q1 revenue up 21% y/y to USD86 million
    KPIT reported a 21% year-on-year (y/y) jump in first-quarter revenue at INR6.86 billion (USD86 million), according to its press filing on 26 July. Net profit during the period came in at INR854.3 million compared with INR602.5 million a year earlier. “The vehicle manufacturers are aiming to earn revenues over the life of the vehicle for sustainable growth. This change will be enabled by CASE and centralized architecture programs, essentially Software Driven Vehicles. KPIT is uniquely p...
    Forvia reports H1 2022 net sales at USD11.86 billion, up 49.37% y/y
    Forvia reports first–half 2022 net sales at EUR11.62 billion (USD11.86 billion) with a year-on-year (y/y) increase of 49.3% compared with EUR7.78 billion in 2021, according to a filing by the company on 25 July. Operating income was reported as EUR426 million, down 16.47% compared with EUR510 million in the previous year. Net income was down EUR233 million for first half 2022. Patrick Koller, CEO, Faurecia, said, “Since the beginning of the year, in addition to implementing the ...
    NXP reports Q2 2022 revenue at USD3.31 billion, up 27.6% y/y
    NXP has reported second-quarter net sales at USD3.31 billion with year-on-year (y/y) growth of 27.6% compared with USD2.59 billion in the second quarter of 2021 for the three months ended 3 July 2022, according to a filing by the company on 25 July 2022. Operating income for the second quarter grew 65% to USD943 million compared with USD573 million in the second quarter of 2021. “NXP delivered quarterly revenue of USD3.31 billion, an increase of 28% y/y and above the mid-point of our guidan...
    Sogefi reports H1 2022 revenues at USD776.2 million, up 12.3% y/y
    Milan-headquartered global supplier of suspension parts, filtration products. and air and cooling systems Sogefi Group’s consolidated revenue during the first half of 2022 is at EUR756 million (USD776.2 million), growing 12.3% year on year (y/y), the company said on 22 July 2022. “Production volumes were substantially in line with those of the first half of 2021 and the group outperformed the market, which declined by 1.8% globally and by 7.6% in Europe,” the company said in its results...
    Gentex reports Q2 2022 net sales at USD463.4 million, up 8% y/y
    Gentex reports second–quarter 2022 net sales at USD463.4 million with a year-on-year (y/y) increase of 8% compared with USD428 million in 2021, according to a filing by the company on 22 July 2022. Net income was reported at USD72.4 million for 2022, down 16.3% y/y from USD86.5 million in second quarter 2021. Automotive net sales in second quarter 2022 were USD452.9 million, compared with USD420.6 million in second quarter 2021. Auto-dimming mirror unit shipments increased 3% during the quarte...
    Autoliv’s Q2 sales up 2.9% y/y to USD2.08 billion
    Automotive safety systems company Autoliv has reported a 2.9% year-on-year (y/y) increase in second-quarter net sales at USD2.08 billion, according to a filing by the company on 22 July. Operating income for the first quarter was down 25% y/y to USD124 million, while net income was down 24% y/y to USD79 million, compared with USD105 million in the second quarter of 2021. “Supply chains remained distressed in the quarter, aggravated by lockdowns in China. Raw material cost increases, currenc...
    PPG reports Q2 2022 net sales at USD4.69 billion, up 7.81% y/y
    PPG reports second–quarter 2022 net sales at USD4.69 billion with a year-on-year (y/y) increase of 7.81% compared with USD4.35 billion in 2021, according to a filing by the company on 21 July. Net income was reported at USD441 million for 2022, up 2.32% y/y from USD431 million. Michael H. McGarry, chairman and CEO, PPG, said, “For the seventh consecutive quarter, we delivered record quarterly sales driven by our continued implementation of real-time selling price increases to fully c...
    Dow reports Q2 2022 net sales at USD15.66 billion, up 12.82% y/y
    Materials company Dow reports second–quarter 2022 net sales at USD15.66 billion with a year-over-year (y/y) increase of 12.82% compared with USD13.88 billion in 2021, according to a filing by the company on 21 July. Operating income was reported at USD2.37 billion for 2022, down 15.95% y/y. Net income was reported at USD1.68 billion for 2022, down 12.95% y/y. Jim Fitterling, chairman and CEO, Dow, said, “Team Dow once again delivered net sales growth both year over year and sequentia...
    Continental releases preliminary Q2 2022 results; net sales at USD10.11 billion
    German automotive supplier Continental reports preliminary second–quarter 2022 sales at EUR9.4 billion (USD10.11 billion), according to a filing by the company on 20 July. Continental’s automotive business sector revenue amounted to EUR4.3 billion. The company’s tire segment reported sales at EUR3.4 billion. Meanwhile, ContiTech reported sales at EUR1.6 billion. Significance: According to Continental’s preliminary financial report, the business recorded goodwill and property, pla...
    Eberspaecher posts 1.2% y/y revenue drop in FY2021 to USD2.30 billion
    German automotive thermal components supplier Eberspaecher has posted a 1.2% year-on-year (y/y) drop in FY2021 revenue at EUR2.27 billion (USD2.30 billion) from EUR2.30 billion registered in FY2020, according to a company press release on 19 July. Consolidated net income came in at EUR21 million. FY2021 was impacted by the global shortage of semiconductors and raw materials, which resulted in a slight decline in net revenue. FY2022 is likely to see impact due to the ongoing pandemic...
    Georg Fischer’s H1 sales rises 7.4% y/y to USD2.02 billion
    Georg Fischer (GF+) has reported a 7.4% year-on-year (y/y) rise in first half sales at CHF1.97 billion (USD2.02 billion), a press filing on 20 July showed. Sales was CHF1.84 billion a year ago. Net profit for the period rose to CHF125 million from CHF108 million a year earlier. EBIT margin was 9.1% compared to 7.7% last year. The company said that despite ongoing geopolitical and macroeconomic headwinds like high inflation and disruptions in supply chains, its financial outlook for the full y...
    HELLA releases preliminary FY 2021/22 results; revenue declines 3.05% y/y to USD6.67 billion
    Global automotive supplier HELLA, a Forvia company has released preliminary fiscal year (FY) 2021/22 financial results for the year ended 31 May 2022, according to a filing by HELLA on 20 July. On a preliminary basis, the portfolio-adjusted sales reduced 3.05% year-on-year (y/y) to EUR6.2 billion (USD6.67 billion) compared to EUR6.4 billion from the previous year citing lower worldwide vehicle production. Adjusted EBIT was reduced to around EUR280 million compared to EUR510 million from the prev...
    TomTom’s Q2 revenue falls marginally y/y to USD133.2 million
    TomTom has reported a marginal year-on-year (y/y) decrease in second quarter revenue at EUR132.6 million (USD133.2 million), a press filing by the mapmaker on 15 July showed. Revenue was EUR133.1 million a year ago. Net loss for the quarter widened to EUR55 million from a net loss of EUR23.6 million a year earlier. Gross margin came in at 83% from 77% last year. Overall research and development (R&D) expenses for the period was EUR89.3 million. "We had a solid first half of the year, desp...
    Autoliv adapts to new business conditions, confirms 2022 financial targets
    According to a press release on 20 June 2022, Autoliv, a supplier of automotive safety systems, has said that it is adapting to new business conditions and is beginning to see results from its price increase negotiations with customers to offset inflationary pressures. According to the component supplier, worldwide light-vehicle manufacturing has been constrained so far in 2022 due to supply-side problems and COVID-19 virus-related lockdowns in China. The company said in a statement, “Autol...
    Tachi-S reports FY 2021 net sales at USD1.69 billion, up 4.32% y/y
    Japan-based Tachi-S reports fiscal year (FY) 2021 net sales at JPY206.44 billion (USD1.69 billion) with a year-on-year (y/y) decrease of 4.32% compared to JPY198.50 billion in 2021 for the twelve months ended 31 March 2022, according to a filing by the company on 13 May. Operating loss was reported at JPY4.20 billion for 2022. Net loss was reported at JPY2.06 billion for 2022. Research and development (R&D) expenses was reported at JPY642 million for FY 2022, down 21.61% y/y. Significance...
    Covestro reports Q1 2022 net sales at USD5.21 billion, up 41.57% y/y
    Covetsro reports first quarter 2022 net sales at EUR4.68 billion (USD5.21 billion) with a year-on-year (y/y) increase of 41.57% compared to EUR3.30 billion in 2021 for the three months ended 31 March 2022, according to a filing by the company on 3 May. Operating income was reported at EUR806 million for 2022, up 8.5% y/y. Net income was reported at EUR416 million for 2022, up 5.9% y/y. The company’s Performance Materials business reported net sales at EUR3.04 billion, up 36.93% y/y, while C...
    Grupo Antolin reports Q1 2022 net sales at USD1.09 billion, down 8.82% y/y
    Grupo Antolin has reported first quarter net sales at EUR981 million (USD1.09 billion) with a year-on-year (y/y) decrease of 8.82% compared to EUR1.07 billion in the first quarter of 2021 for the three months ended 31 March 2022, according to a filing by the company on 30 May. Operating income was reported at EUR59.5 million for the first quarter of 2022, down 38.27% compared to EUR96.4 million in 2021. According to a company filing, Grupo Antolin’s sale in North America was down 1% to EUR3...
    Vitesco Technologies report Q1 2022 revenues at USD2.4 billion, down 1.9% y/y
    Vitesco Technologies’ first quarter of 2022 revenues stood at EUR2.26 billion (USD2.41 billion), down 1.9% y/y, the company said reporting its financial results on 13 May 2022. Vitesco’s sales for the March quarter in the last year stood at EUR2.3 billion (USD2.46 billion). The company said that adjusted for changes in the scope of consolidation and exchange rate fluctuations, its quarterly revenues fell by 5.6% y/y. Furthermore, the company said that it narrowed its net loss in firs...
    Modine reports FY 2021/22 net sales at USD2.05 billion, up 13.88% y/y
    Modine reports financial year (FY) net sales of USD2.05 billion with a 13.88% increase and full year ended 31 March 2021, according to a filing by the company on 25 May. Operating income for 2021 was reported at USD119.2 million. Net income for 2021 was reported at USD85.2 million. Research and development (R&D) expenses was down 22.18% to USD46.3 million compared against USD59.5 million in the previous year. Modine President and CEO, Neil D. Brinker, said, "We generated strong growth in ...
    Ichikoh reports Q1 2022 net sales at USD260.59 million, down 8.52% y/y
    Ichikoh has reported first quarter net sales at JPY31.78 billion (USD260.59 million) with a year-on-year (y/y) decrease of 8.52% compared to JPY34.74 billion in the first quarter of 2021 for the three months ended 31 March 2022, according to a filing by the company on 12 May. Operating income was reported at JPY2.43 billion for the first quarter of 2022 compared to JPY895 million in 2021. Net income was reported at JPY1.89 billion, compared to JPY1.31 billion for the first quarter of 2021. Ic...
    Lidar supplier Quanergy reports Q1 2022 revenue at USD1.4 million, up 257% y/y
    Quanergy has reported first-quarter revenues at USD1.4 million with a year-on-year (y/y) increase of 257% compared to USD383 thousand in the first quarter of 2021 for the three months ended 31 March 2022, according to a filing by the company on 17 May 2022. Operating loss increased to USD62.2 million in first quarter 2022, compared to USD8.7 million operating loss for the first quarter of 2021. Net loss was USD104.6 million, compared to USD14.7 million net loss for the first quarter of 2...
    Bekaert reports Q1 2022 net sales at USD1.46 billion, up 23% y/y
    Bekaert has reported first-quarter net sales at EUR1.38 billion (USD1.46 billion) with a year-on-year (y/y) growth of 23% compared to EUR1.12 billion in the first quarter of 2021 for the three months ended on 31 March 2022, according to a filing by the company on 11 May 2022. Bekaert’s Rubber Reinforcement business reported net sales at EUR535 million, up 7.6% from last year. The Steel Wire Solutions joint venture in Brazil reported 22.3% sales growth and generated EUR214 million in revenue...
    ROHM reports FY2021 net sales at USD3.45 billion, up 25.6%
    ROHM has reported a 25.6% year-on-year (y/y) rise in net sales to JPY452.12 billion (USD3.45 billion) for the full year FY2021, compared to JPY359.88 billion in the last year, a company press release read on 11 May. Operating profit for the year was reported at JPY71.47 billion for the FY2022 compared to JPY38.48 billion in the last financial year. Net income was reported at JPY66.82 billion against JPY37 billion in the last year. ROHM has developed new products and technologies for power, an...
    CTS posts 15% y/y growth in Q1 sales at USD147.7 million
    CTS Corp has announced a 15% y/y increase in net sales for the first quarter of fiscal year 2022, a company filing on 28 April. Net sales came in at USD147.7 million compared with USD128.4 million a year earlier. Net earnings for the same period grew to USD20.2 million from USD12 million. “Our solid first quarter results highlight the progress of our diversification strategy and our ability to deliver enhanced profitability, with revenue growing 15% and adjusted EBITDA margin expanding 350-...
    Wejo’s Q1 net revenue surges 86% y/y to USD568,000
    Wejo has reported a net revenue of USD568,000 in the first quarter, representing an 86% year-on-year (y/y) increase over last year, according to a company press release on 16 May. Net loss narrowed to USD40.3 million from the previous corresponding quarter. Revenue increase was driven by growth in the Traffic Management product line of the Wejo Marketplace Data Solutions and a 122% increase in customers compared last year. The improvement is net result was offset by a loss on fair value on...
    Tachi-S reports 4% y/y rise in net sales for FY 2021 at USD1.60 billion
    Japanese interior parts supplier Tachi-S has reported a 4% year-on-year (y/y) growth in net sales for FY 2021 at JPY206.44 billion (USD1.60 billion), according to a company press release on 13 May. The company posted a net loss of JPY2.06 billion compared with operating loss of JPY13.70 billion in the previous fiscal year. Operating loss for FY 2021 narrowed to JPY3.54 billion, from JPY7.27 billion a year earlier. Significance: Tachi-S specializes in developing automotive seat systems and var...
    ABC Technologies reports Q3 2022 net sales at USD285.77 million, up 31.13% y/y
    ABC Technologies has reported third quarter net sales at USD285.77 million with a year-on-year (y/y) increase of 31.13% from USD217.92 million in the third quarter of 2021 for the three months ended 31 March, according to a filing by the company on 13 May. Operating income for the quarter was reported at USD9.61 million for the third quarter of 2022 compared to USD6.29 million from the third quarter of 2021. Net income was reported at USD6.32 million against USD20.69 million from the third quart...
    Kongsberg Automotive reports Q1 2022 revenue at USD228.3 million, up 0.6% y/y
    Kongsberg Automotive has reported first-quarter revenues at EUR218.8 million (USD228.3 million) with a year-on-year (y/y) increase of 0.6% compared to EUR217.5 million in the first quarter of 2021 for the three months ended 31 March 2022, according to a filing by the company on 13 May 2022. Operating profit was reported at EUR8 million, compared to EUR21.3 million for the first quarter of 2021. Net profit was EUR16.4 million, compared to EUR15.1 million for the first quarter of 2021. The comp...
    Lidar supplier Aeye reports Q1 2022 revenue at USD1.1 million, up 229% y/y
    Aeye has reported first-quarter revenues at USD1.1 million with a year-on-year (y/y) increase of 229% compared to USD0.617 million in the first quarter of 2021 for the three months ended 31 March 2022, according to a filing by the company on 13 May 2022. Operating loss increased to USD24.9 million, compared to USD10.7 million loss for the first quarter of 2021. Net loss was USD24.8 million, compared to USD11.5 million loss for the first quarter of 2021. The company’s research and developmen...
    Lidar supplier Innoviz Technologies reports Q1 2022 revenue at USD1.77 million, up 144% y/y
    Innoviz Technologies has reported first-quarter revenues at USD1.77 million with a year-on-year (y/y) increase of 144% compared to USD0.727 million in the first quarter of 2021 for the three months ended 31 March 2022, according to a filing by the company on 11 May 2022. Operating loss increased to USD31.71 million, compared to USD20.43 million for the first quarter of 2021. Net loss was USD30.22 million, compared to USD20.67 million for the first quarter of 2021. The company’s research and...
    Radar supplier Arbe Robotics reports Q1 2022 revenue at USD0.9 million, up 51% y/y
    Arbe Robotics has reported first-quarter revenues at USD876 thousand with a year-on-year (y/y) increase of 51% compared to USD580 thousand in the first quarter of 2021 for the three months ended 31 March 2022, according to a filing by the company on 12 May 2022. Operating loss increased to USD10.6 million, compared to USD4.5 million operating loss for the first quarter of 2021. Net loss was USD7.8 million, compared to USD18.3 million net loss for the first quarter of 2021. The company’s res...
    ArcelorMittal reports Q1 2022 net sales at USD21.8 billion, up 34.85% y/y
    ArcelorMittal has reported first-quarter net sales at USD21.8 billion with a year-on-year (y/y) increase of 34.85% compared to USD16.1 billion in the first quarter of 2021 for the three months ended 31 March 2022, according to a filing by the company on 5 May 2022. Operating income increased to USD4.4 billion, compared to USD2.6 billion for the first quarter of 2021. Net income was USD4.1 billion, compared to USD2.2 billion for the first quarter of 2021. Aditya Mittal, CEO of ArcelorMittal sa...
    Pirelli reports Q1 2022 revenue at USD1.6 billion, up 22.2% y/y
    Pirelli has reported first-quarter net sales at EUR1.52 billion (USD1.6 billion) with a year-on-year (y/y) increase of 22.21% compared to EUR1.24 billion in the first quarter of 2021 for the three months ended 31 March 2022, according to a filing by the company on 10 May 2022. Net income was EUR109.8 million, compared to EUR42.2 million for the first quarter of 2021. The volume trend for motorcycles was negative in the first quarter (-8.5% for volumes). This trend was influenced by the s...
    Brembo's Q1 2022 revenues up 27% y/y to USD904.8 million
    Italian manufacturer of automotive braking components and systems, Brembo has generated a revenue of EUR857.6 million (USD904.8 million) during first quarter of 2022, representing an increase of 27% from the previous corresponding period. Its net profit increased to EUR71.7 million from EUR61.4 million a year earlier, it said in a press release on 11 May. “The figures for the first quarter of 2022, approved today by the Board of Directors, show increased turnover and margins compared to the...
    Yokohama Rubber Q1 revenue rises 28.3% y/y to USD1.43 billion
    Yokohama Rubber has reported a 28.3% year-on-year (y/y) increase in first quarter revenue at JPY185.59 billion (USD1.43 billion), according to its press filing on 13 May. Profit attributable to owners of parent slumped to JPY10.16 billion from JPY27.82 billion last year. Operating profit totaled JPY13.53 billion. The company said that its revenue increase for the quarter was down to it securing price increases for tires in North America and in other markets and the weakening of the yen agains...
    Arconic reports Q1 2022 net sales at USD2.19 billion, up 31.13% y/y
    Arconic Corporation has reported first quarter net sales at USD2.19 billion with a year-on-year (y/y) increase of 31.13% compared to USD1.67 billion in the first quarter of 2021 for the three months ended 31 March 2022, according to a filing by the company on 3 May. Operating income was reported at USD96 million for the first quarter of 2022 compared to USD113 million in 2021. Net income was reported at USD42 million, compared to USD52 million for the first quarter of 2021. Arconic’s Rolled...
    Novelis records 39.6% y/y growth in FY 2022 net sales at USD17.15 billion
    Novelis has reported a 39.6% year-on-year (y/y) increase in its net sales to USD17.15 billion for the full year ended 31 March 2022, according to a company press release on 11 May. Net income for the 12-month period more than quadrupled to USD955 million. Research and development (R&D) expenses for the year were USD92 million compared to USD83 million a year earlier. During the fourth quarter, net sales rose 33.5% from the prior year period to USD4.85 billion. Net income for the period rose ...
    Hankook reports Q1 2022 net sales at USD1.39 billion, up 11.18% y/y
    Hankook tire has reported first quarter net sales at KRW1.79 billion (USD1.39 billion) with a year-on-year (y/y) increase of 11.18% compared to KRW1.61 billion in the first quarter of 2021 for the three months ended, according to a filing by the company on 11 May. Operating income was reported at KRW126 billion for the first quarter of 2022 compared to KRW186 billion in 2021, down 32.25% y/y. Significance: Hankook’s 32.25% decline in operating profits was attributed to uncertain global busi...
    SABIC reports Q1 2022 revenue at USD14.01 billion, up 3% y/y
    Saudi Basic Industries Corporation (SABIC) has reported first quarter revenue at SAR52.64 billion (USD14.01 billion) with a year-on-year (y/y) increase of 3% from the first quarter of 2021 for the three months ended, according to a filing by the company on 12 May. Net income was reported at SAR6.47 billion for the first quarter of 2022 compared to SAR4.86 billion in first quarter of 2021. Yousef Al-Benyan, SABIC Vice Chairman and CEO, said, SABIC’s first quarter financial performa...
    Bridgestone posts 22.5% y/y growth in Q1 2022 revenue to USD6.84 billion
    Bridgestone has posted a revenue of JPY891.01 billion (USD6.84 billion) during first quarter, the Japan-based tire manufacturer said in a press release on 11 May. This implies a 22.5% year-on-year (y/y) increase from the JPY727.22 billion it posted last year. The company’s operating profit rose to JPY87.63 billion from JPY83.36 billion during the first quarter of last year while net profit grew 3.4% y/y to JPY65.42 billion this year. Significance: Bridgestone said that due to the ongoing co...
    Cepton reports Q1 2022 revenue at USD1.5 million, up 239% y/y
    Cepton has reported first-quarter revenue at USD1.5 million with a year-on-year (y/y) increase of 239% compared to USD0.438 million in the first quarter of 2021 for the three months ended on 31 March 2022, according to a filing by the company on 11 May 2022. The operating loss was reported at USD15.5 million in the first quarter of 2022, compared to an operating loss of USD8.3 million in the first quarter of 2021. Net income was reported at USD41.1 million in first quarter 2022, compared...
    Leoni reports Q1 2022 revenue at USD1.32 billion, down 6.9% y/y
    Leoni has reported first-quarter revenue at EUR1.26 billion (USD1.32 billion) with a year-on-year (y/y) decrease of 6.9% compared to EUR1.35 billion in the first quarter of 2021 for the three months ended on 14 March 2022, according to a filing by the company on 11 May 2022. The EBIT was reported at EUR74.7 million in the first quarter of 2022, compared to EUR50.8 million in the first quarter of 2021. Net income was reported at EUR47.1 million in the first quarter of 2022, compared to a ...
    Panasonic’s FY 2022 net sales up 10.2% y/y to USD56.75 billion
    Panasonic has reported a 10.2% year-on-year (y/y) rise in net sales to JPY7.39 trillion (USD56.75 billion) for the full year, a company press release read on 11 May. Net profit came in at JPY255.3 billion compared to JPY165.1 billion a year earlier. On a standalone basis, net sales from domestic business fell to JPY2.07 trillion from JPY2.66 trillion while net sales from exports came down to JPY681.8 billion from JPY1.15 trillion last year. Segment wise, Automotive sales increased by 4.9% y/y...
    Continental’s Q1 revenue rises 8.2% y/y to USD9.79 billion
    Continental posted an 8.2% year-on-year (y/y) increase in first quarter revenue to EUR9.28 billion (USD9.79 billion), according to a press filing on 11 May. Net income fell to EUR245.4 million from EUR447.6 million a year earlier. Research and Development expenses for the quarter was EUR771.2 million compared to EUR624.4 million last year. “The past quarter was overshadowed by the war against Ukraine and its drastic effects on already high energy prices and strained logistics chains and com...
    Cerence posts 12.5% y/y fall in Q2 revenue to USD86.3 million
    Cerence has reported a 12.5% year-on-year (y/y) fall in second-quarter revenue at USD86.3 million, the company said in a press release on 10 May. Net loss for the period came in at USD500,000 compared with an income of USD11.2 million in the year-ago period. Gross margin was 74.7% versus 77% last year. “We generated solid financial results fueled by deepened relationships with long-term customers, new wins with innovative EV makers, and expansion in newer areas like heavy trucking and two-w...
    Gestamp reports Q1 2022 revenue at USD2.49 billion, up 7.14% y/y
    Gestamp has reported first quarter revenue at EUR2.25 billion (USD2.49 billion) with a year-on-year (y/y) increase of 7.14% compared to EUR2.10 billion in the first quarter of 2021 for the three months ended 31 March 2022, according to a filing by the company on 10 May. Operating income was reported at EUR2.37 billion for the first quarter of 2022 compared to EUR2.16 billion in 2021. Gestamp’s Body-in-White and Chassis business has reported revenue at EUR1.96 billion, company’s Mechanism...
    Infineon reports Q2 2022 revenue at USD3.474 billion, up 22% y/y
    Infineon has reported second-quarter revenue at EUR3.298 billion (USD3.474 billion) with a year-on-year (y/y) growth of 22% compared to EUR2.700 billion in the second quarter of 2021 for the three months ended on 31 March 2022, according to a filing by the company on 9 May 2022. Operating profit increased to EUR618 million in the second quarter of 2022, compared to EUR314 million for the second quarter of 2021. Net profit increased to EUR469 million in Q2 2022, compared to EUR203 million...
    Illinois Tool Works (ITW) Q1 2022 revenue up 11.01% y/y to USD3.93 billion
    Illinois Tool Works (ITW) has reported first quarter revenue at USD3.93 million with a year-on-year (y/y) increase of 11.01% compared to USD3.54 billion in the first quarter of 2021 for the three months ended 31 March 2022, according to a filing by the company on 3 May. Operating income was reported at USD895 million for the first quarter of 2022 compared to USD905 million in 2021. Net income was reported at USD662 million, compared to USD671 million for the first quarter of 2021. ITW’s Aut...
    Adient reports Q2 2022 net sales at USD3.5 billion, down 8.2% y/y
    Adient has reported second-quarter net sales at USD3.5 billion with a year-on-year (y/y) decrease of 8.2% compared to USD3.8 billion in the first quarter of 2021 for the three months ended on 31 March 2022, according to a filing by the company on 5 May 2022. Equity income decreased to USD7 million in second quarter 2022, compared to USD85 million for the second quarter of 2021. Net loss was USD81 million, compared to a net profit of USD60 million for the second quarter of 2021. The compa...
    Cooper-Standard reports Q1 2022 net sales at USD613 million, down 8.4% y/y
    Cooper-Standard has reported first-quarter net sales at USD613 million with a year-on-year (y/y) decrease of 8.4% compared to USD669 million in the first quarter of 2021 for the three months ended on 31 March 2022, according to a filing by the company on 5 May 2022. The Company said that it is actively attempting to recover extra expenses related to rising raw material prices, higher salaries, and other general inflation. The Company currently has customer commitments to enhance the estimated...
    Goodyear’s Q1 net sales surge 39.8% y/y to USD3.97 billion
    Goodyear has reported sales of USD3.97 billion for the first quarter of fiscal 2022, representing an increase of 39.8% year over year (y/y) from the USD3.51 billion in the precious corresponding period. In a press release dated 6 May, the company reported a net income of USD96 million for the same period, compared to USD12 million last year. The increase in sales was driven by the Cooper Tire merger, improvements in price/mix, higher volume, and increased sales from other tire-related businesses...
    Rheinmetall posts marginal y/y fall in Q1 net sales to USD1.34 billion
    Rheinmetall has posted a 0.1% year-on-year (y/y) decline in first quarter sales at EUR1.27 billion (USD1.34 billion), the company said in a press release on 6 May. Operating result came in at EUR92 million compared with EUR84 million last year. Operating margin rose to 7.3% from 6.7%. “Rheinmetall is continuing its successful course. Along with consistently high sales, we even managed to further boost our performance in the first quarter. In the current security policy situation, we now con...
    ElringKlinger posts Q1 2022 revenue at USD459.33 million, up 2.5% y/y
    German automotive components supplier ElringKlinger AG has reported its first quarter of FY 2022 revenue at EUR434.6 million (USD459.33 million), recording a 2.5% y/y growth despite several global challenges such as semiconductor bottlenecks and supply chain volatility amid the Russia–Ukraine conflict that continue to impact the industry. The company had generated revenue of EUR424.1 million (USD448.22 million) in first quarter FY 2021. The company said that its first quarter FY 2022 r...
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