Ultime notizie per Dorman Prods (NASDAQ:DORM) Azioni

Dorman Prods

Dorman Products Inc is a supplier of original equipment parts for automobiles. The company produces automotive and heavy-duty replacement parts, automotive hardware, brake parts, and fasteners for the automotive and heavy-duty aftermarket. The products are sold under the Dorman brand and its sub-brands OE Solutions, Help!, Conduct-Tite, and HD Solutions through aftermarket retailers, regional and local warehouse distributors, specialty markets, and salvage yards. It operates as a single reportable operating segment, namely, the sale of replacement and upgrades parts in the motor vehicle aftermarket industry, serving passenger cars, light-, medium-, and heavy-duty trucks as well as specialty vehicles. The company operates in the United States.

Dorman Products

Dorman Products Inc

DORMAKABA HLD AG UNSP/ADR by Dormakaba Hldg AG

dorma+kaba Holding AG

DORMAKABA HLD AG ORD by Dormakaba Hldg AG

WIIM

DORM

Dorman Products shares are trading higher after the company reiterated its Buy rating and raised its price target on the stock from $126 to $153.

Roth MKM analyst Scott Stember reiterates Dorman Prods (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DORM#NASDAQ">DORM</a>) with a Buy and raises the price target from $126 to $153.

News

Price Target

Reiteration

Analyst Ratings

Roth MKM Reiterates Buy on Dorman Prods, Raises Price Target to $153

Dorman Products shares are trading higher after the company raised its FY24 adjusted EPS guidance.

U.S. stocks were higher, with the Dow Jones index gaining around 450 points on Friday.
Shares of Amazon.com, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) rose sharply during Friday's session as the company posted stronger-than-expected results for the <a href="https://www.benzinga.com/quote/AMZN">third quarter on Thursday</a>.
Amazon reported third-quarter net sales of $158.9 billion, up 11% year-over-year. The total beat a Street consensus estimate of $157.2 billion, according to data from Benzinga Pro. The company said it sees fourth-quarter net sales to come in a range of $181.5 billion to $188.5 billion, up 7% to 11% year-over-year.
Amazon.com shares jumped 7.1% to $199.63 on Friday.
Here are some other big stocks recording gains in today's session.
<ul>
<li>Proto Labs, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PRLB#NYSE">PRLB</a>) shares jumped 31.8% to $36.10 after the company reported better-than-expected third-quarter financial results and issued fourth-quarter adjusted EPS guidance with its midpoint above estimates.</li>
<li>Interface, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TILE#NASDAQ">TILE</a>) gained 30% to $22.72 after the company reported better-than-expected third-quarter financial results and raised its FY24 net sales guidance above estimates.</li>
<li>Globalstar, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GSAT#NYSE">GSAT</a>) jumped 25.3% to $1.3145 after the company amended its services agreement with Apple to launch an extended MSS network with new satellites and infrastructure.</li>
<li>ADMA Biologics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADMA#NASDAQ">ADMA</a>) gained 19.7% to $19.52.</li>
<li>Waters Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAT#NYSE">WAT</a>) rose 17.3% to $378.98 after the company reported third-quarter earnings and sales that beat analyst estimates.</li>
<li>Avis Budget Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CAR#NASDAQ">CAR</a>) gained 16.5% to $96.73 following third-quarter results.</li>
<li>Atlassian Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TEAM#NASDAQ">TEAM</a>) climbed 15.8% to $218.37 after the company reported better-than-expected first-quarter financial results and issued second-quarter revenue guidance above estimates.</li>
<li>Pediatrix Medical Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MD#NYSE">MD</a>) rose 15.6% to $14.26 following better-than-expected quarterly earnings.</li>
<li>ASP Isotopes Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASPI#NASDAQ">ASPI</a>) gained 14.2% to $7.98. ASP Isotopes announced the pricing of public offering of common stock.</li>
<li>Select Medical Holdings Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEM#NYSE">SEM</a>) surged 13.2% to $36.32 following better-than-expected quarterly earnings.</li>
<li>Charter Communications, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>) gained 12% to $366.93 after the company reported better-than-expected quarterly EPS and revenues.</li>
<li>Liberty Broadband Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LBRDA#NASDAQ">LBRDA</a>) gained 11.5% to $89.49.</li>
<li>Halozyme Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HALO#NASDAQ">HALO</a>) gained 9.9% to $55.56 after the company reported better-than-expected quarterly financial results and issued FY24 adjusted EPS guidance above estimates.</li>
<li>Mobileye Global Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MBLY#NASDAQ">MBLY</a>) rose 9.6% to $14.92.</li>
<li>MasTec, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTZ#NYSE">MTZ</a>) surged 8.2% to $133.01 after the company raised its FY2024 adjusted EPS guidance.</li>
<li>Chart Industries, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GTLS#NASDAQ">GTLS</a>) gained 8.1% to $130.46 following quarterly results.</li>
<li>Dorman Products, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DORM#NASDAQ">DORM</a>) gained 7.9% to $123.05 following upbeat earnings.</li>
<li>Magna International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGA#NYSE">MGA</a>) jumped 7.8% to $42.54 following third-quarter results.</li>
<li>Cardinal Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAH#NYSE">CAH</a>) gained 7.1% to $116.21 after the company reported better-than-expected first-quarter EPS and revenues and raised its FY2025 adjusted EPS guidance.</li>
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Amazon Posts Upbeat Results, Joins Cardinal Health, Waters, Atlassian, Charter Communications, MasTec And Other Big Stocks Moving Higher On Friday

Dorman Prods (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DORM#NASDAQ">DORM</a>) reported quarterly earnings of $1.96 per share which beat the analyst consensus estimate of $1.53 by 28.1 percent. This is a 40 percent increase over earnings of $1.40 per share from the same period last year. The company reported quarterly sales of $503.773 million which missed the analyst consensus estimate of $510.153 million by 1.25 percent. This is a 3.19 percent increase over sales of $488.186 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

Dorman Prods Q3 2024 Adj. EPS $1.96 Beats $1.53 Estimate, Sales $503.773M Miss $510.153M Estimate

Dorman Prods (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DORM#NASDAQ">DORM</a>) raises FY2024 Adj EPS guidance from $6.00-6.20 to $6.85-6.95 vs $6.14 analyst estimate..

Guidance

Dorman Prods Raises FY2024 Adj EPS Guidance from $6.00-6.20 to $6.85-6.95 vs $6.14 Est;  Anticipate net sales growth to be in the range of 3.5% to 4.5%.

General Motors&#39; (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gm#NYSE">GM</a>) autonomous vehicle division, Cruise, is set to pay a $1.5 million fine after failing to fully report a crash involving a pedestrian, per the National Highway Traffic Safety Administration (NHTSA). The incident, which occurred in October 2023 in San Francisco, involved a robotaxi that dragged a pedestrian for 20 feet after she got hit by another vehicle. It led Cruise to halt its driverless operations nationwide after California regulators deemed its vehicles a public safety risk. As a result, the California Department of Motor Vehicles revoked Cruise&#39;s license to operate without human drivers in San Francisco.
The U.S. Department of Justice and the Securities and Exchange Commission are still investigating the incident. A GM-commissioned report revealed that Cruise employees attempted to dissuade the NHTSA from launching an investigation into the pedestrian&#39;s injuries and failed to disclose that the pedestrian had been dragged.
Per Reuters, the NHTSA pointed out that Cruise filed incomplete reports for multiple crashes involving its automated driving systems, which includes two reports related to the October 2023 accident. The California Public Utilities Commission also fined GM $112,500 for not providing full details about the crash.
One month after the incident, Cruise recalled all 950 of its vehicles to update software. Under a consent order with NHTSA, Cruise is required to submit a corrective action plan outlining how it will improve compliance with regulations for crashes involving automated driving systems. The consent order lasts two years and the NHTSA holds the option to extend it for a third year.
Per Steve Kenner, Cruise&#39;s chief safety officer, the agreement with NHTSA marks a positive step in a new phase for Cruise, reflecting the company&#39;s advancements under new leadership, enhanced processes and culture and a strong commitment to increased transparency with regulators. The company is committed to working closely with the NHTSA to enhance road safety. Cruise will meet quarterly with the NHTSA to review the periodic reporting and development toward the requirements of the consent order. Cruise will submit a final report summarizing its compliance and operations 90 days before the consent order&#39;s term ends.
<h2>General Motors&#39; Zacks Rank &amp; Key Picks</h2>
GM currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Dorman Products, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dorm#NASDAQ">DORM</a>), Blue Bird Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/blbd#NASDAQ">BLBD</a>) and BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>), each sporting a Zacks Rank #1 (Strong Buy) at present.
The consensus estimate for DORM&#39;s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BLBD&#39;s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BYDDY&#39;s 2024 sales and earnings suggests year-over-year growth of 21.88% and 17.12%. EPS estimates for 2024 and 2025 have each improved by a penny in the past 60 days.
<a href="https://www.zacks.com/stock/news/2344210/general-motors-to-pay-1-5m-penalty-for-failing-a-crash-disclosure?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2344210">To read this article on Zacks.com click here.</a>

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BYDDY

General Motors to Pay $1.5M Penalty for Failing a Crash Disclosure

THOR Industries, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tho#NYSE">THO</a>) has solidified its leadership in recreational vehicle (RV) innovation by introducing the THOR Test Vehicle, the world&#39;s first hybrid Class A motorhome. Built on an electric vehicle&nbsp;platform developed in collaboration with EV manufacturer Harbinger, the vehicle features a low-emissions gasoline range extender capable of recharging the battery system, with an estimated range of 500 miles.
The hybrid RVs will be available in 2025 through the THOR family of companies and are expected to meet Near-Zero Emission Vehicle standards under Advanced Clean Truck legislation adopted by the California Air Resources Board. Per Bob Martin, president and CEO of THOR Industries, the innovative hybrid platform and the ongoing partnership with Harbinger underscore THOR&#39;s leadership and introduce significant product differentiation.
The THOR Test Vehicle is uniquely designed for RV range requirements, exclusively for THOR. This is the first electrified chassis specifically tailored for Class A motorhomes. This platform aims to reduce range anxiety while enhancing travel freedom and sustainability. The hybrid chassis is powered by a 140-kWh battery pack, supplemented by a gasoline range extender and solar rooftop. Its 800-volt electrical system enables fast charging at DC Fast Charger stations, which aids extended travel. Charging can also occur at campsites, through the range extender, or via solar energy to provide flexibility for both on-road and off-grid use.
The hybrid platform can serve as a backup power source for homes and may eventually allow users to sell excess energy back to the grid. The electric powertrain delivers exceptional acceleration and torque, providing up to twice the torque of a diesel engine, ensuring strong highway performance on mountain roads and tough terrain. Harbinger&#39;s chassis design includes all the core systems of an EV, such as the drivetrain, high-voltage battery system, steering and brakes. With a double-wishbone front suspension, a steer-by-wire system and an advanced driver assistance system, the chassis ensures a smooth and safe ride, even for large vehicles.
The THOR Test Vehicle is available for test drives by RV dealers on the THOR RV Experience Track at the Elkhart Dealer Open House, the largest dealer event in North America, from Monday, Sept. 23, 2024, in Elkhart, IN. Dealers will get to experience this future-forward RV and contribute to its market launch.
<h2>THO&#39;s Zacks Rank &amp; Key Picks</h2>
THO currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Dorman Products, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dorm#NASDAQ">DORM</a>), Blue Bird Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/blbd#NASDAQ">BLBD</a>) and Douglas Dynamics, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/plow#NYSE">PLOW</a>), each sporting a Zacks Rank #1 (Strong Buy) at present.
The consensus estimate for DORM&#39;s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for BLBD&#39;s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 60 days.
The Zacks Consensus Estimate for PLOW&#39;s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 60 days.
<a href="https://www.zacks.com/stock/news/2340663/thor-harbinger-introduce-world-s-first-hybrid-class-a-motorhome?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2340663">To read this article on Zacks.com click here.</a>

Tech

PLOW

THOR & Harbinger Introduce World's First Hybrid Class A Motorhome

Li Auto Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/li#NASDAQ">LI</a>) reported second-quarter 2024 adjusted earnings per ADS of 20 cents, down from 36 cents reported in the year-ago quarter. Rising costs and price reductions due to higher competition amid falling EV demand resulted in a year-over-year decline. The China-based EV maker generated total revenues of $4.36 billion, up from $3.95 billion reported in the year-ago quarter on higher year-over-year vehicle deliveries. It sold 108,581 units, up from 86,533 in the second quarter of 2023.
The company reported gross profit of $850 million, down from $859.9 million in the year-ago quarter. The gross margin fell to 19.5% compared with 21.8% in the second quarter of 2023 due to a dip in vehicle margin. Research and development expenses rose to $416.6 million from $334.5 million in the second quarter of 2023 due to higher expenses to support the expanding range of products and technologies as well as increased employee compensation resulting from a larger workforce. Selling, general and administrative expenses increased to $387.4 million from $318.5 million in the year-ago period due to increased employee compensation and higher rental and other expenses on sales and servicing network expansion.
As of June 30, 2024, Li Auto had cash and cash equivalents of $11.12 billion, up from $8.38 billion as of June 30, 2023. It had a long-term debt of $1.1 billion compared with $199.9 million as of June 30, 2023.
In the second quarter of 2024, net cash used in operating activities was $59.1 million compared with net cash provided by operating activities of $1.53 billion in the second quarter of 2023. In the second quarter of 2024, Li Auto reported a negative free cash flow of $254.9 million compared with a positive free cash flow of $1.33 billion reported in the second quarter of 2023.
Li Auto&#39;s second-quarter results were also adversely affected by the costs associated with ramping up production of the new Li L6 five-seat family SUV. However, the company anticipates improvements in margins and cash flow in the second half of the year as Li L6 production stabilizes and measures to reduce costs and enhance efficiency are fully implemented. For the third quarter of 2024, Li Auto expects total vehicle deliveries in the range of 145,000-155,000, suggesting a rise of 38-47.5% from the third quarter of 2023. It expects total revenues in the range of $5.4-$5.8 billion, indicating a rise of 13.6-22.1% from the year-ago quarter.
<h2>Zacks Rank &amp; Key Picks</h2>
LI currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Dorman Products, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dorm#NASDAQ">DORM</a>), Blue Bird Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/blbd#NASDAQ">BLBD</a>) and Douglas Dynamics, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/plow#NYSE">PLOW</a>), each sporting a Zacks Rank #1 (Strong Buy) at present.
The consensus estimate for DORM&#39;s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for BLBD&#39;s 2024 sales and earnings suggests year-over-year growth of 17.58% and 215.89%, respectively. EPS estimates for 2024 and 2025 have improved 65 cents and 80 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for PLOW&#39;s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 30 days.
<a href="https://www.zacks.com/stock/news/2329104/li-auto-q2-earnings-fall-y-y-due-to-higher-costs-pricing-pressures?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2329104">To read this article on Zacks.com click here.</a>

Li Auto Q2 Earnings Fall Y/Y Due to Higher Costs & Pricing Pressures

Toyota Motor Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tm#NYSE">TM</a>) and BMW AG (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bmwyy#OTC">BMWYY</a>) are set to deepen their collaboration on fuel cell vehicles (FCV) to boost the competitiveness of their hydrogen-powered cars.
Per Nikkei Asia, under this expanded partnership, which is expected to be officially announced on Sept. 5, 2024, Toyota will supply essential components like hydrogen tanks and fuel cell systems to BMW, which will then manufacture and sell mass-produced FCVs over the next few years.
Toyota and BMW originally teamed up on FCV development in 2012 to create greener vehicles amid stricter environmental regulations. Hydrogen fuel-cell vehicles produce only water as emissions and don&#39;t face the range anxiety associated with battery electric vehicles (BEVs). They also refuel as quickly as traditional internal-combustion-engine vehicles. However, FCVs are currently expensive to produce, resulting in low profit margins, and require hydrogen storage at extremely low temperatures. The expanded partnership aims to standardize components and reduce the cost of FCVs, which have struggled to gain popularity due to affordability issues.
Toyota, a leader in FCV technology, launched the world&#39;s first mass-produced FCV, the Mirai, in 2014. However, due to the high price of the model of more than 7 million yen compared with the average car price in Japan of 2.64 million yen in 2023, TM sold only about 26,000 units since then, making a small fraction of the company&#39;s total annual sales of more than 10 million vehicles.
Per WardsAuto, BMW has developed a concept FCV, the iX5 Hydrogen, which features two hydrogen tanks and offers a range of more than 310 miles, with a refueling time of just 3-4 minutes. Incorporating Toyota&#39;s fuel cell system could help BMW accelerate the iX5 Hydrogen&#39;s production timeline. Despite the potential of FCVs, they have not yet achieved widespread success, mainly due to the scarcity of hydrogen refueling stations. The expanded alliance is also expected to focus on the development of hydrogen infrastructure in Europe. Per the European Automobile Manufacturers&#39; Association, there are currently only 270 hydrogen filling stations, much less than 632,000 public BEV charging stations in the European Union as of the end of 2023.
<h2>Zacks Rank &amp; Key Picks</h2>
TM &amp; BMWYY currently carry a Zacks Rank #3 (Hold) each.
Some better-ranked stocks in the auto space are Dorman Products, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dorm#NASDAQ">DORM</a>) and Douglas Dynamics, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/plow#NYSE">PLOW</a>), each sporting a Zacks Rank #1 (Strong Buy) at present.
The consensus estimate for DORM&#39;s 2024 sales and earnings suggests year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 51 cents and 37 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for PLOW&#39;s 2024 earnings suggests year-over-year growth of 60.4%. EPS estimates for 2024 have improved 15 cents in the past 30 days.
<a href="https://www.zacks.com/stock/news/2328316/toyota-bmw-to-solidify-partnership-to-expedite-fcv-development?cid=CS-BENZ-FT-analyst_blog|company_news_corporate_actions-2328316">To read this article on Zacks.com click here.</a>

BMWYY

Toyota & BMW to Solidify Partnership to Expedite FCV Development

Shares of Magna International (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mga#NYSE">MGA</a>) have lost 7.9% since the company reported second-quarter 2024 results. The auto equipment provider reported adjusted earnings of $1.35 per share, which declined from the year-ago quarter&#39;s $1.50 and missed the Zacks Consensus Estimate of $1.46.
Net sales remained flat year over year at $11 billion and missed the Zacks Consensus Estimate of $11.11 billion.
<div class="chart_embed">
<h3>Magna International Inc. Price, Consensus and EPS Surprise</h3>
<img alt="Magna International Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/84/1723643008.png" style="height:268px; width:574px" title="" />
Magna International Inc. price-consensus-eps-surprise-chart | Magna International Inc. Quote
</div>
<h3>Segmental Performance</h3>
The Body Exteriors &amp; Structures segment&#39;s revenues were $4.47 billion, down 2% year over year. This can be attributed to the end of production of certain programs, the weakening of foreign currencies against the U.S. dollar and customer price concessions. Revenues also lagged the Zacks Consensus Estimate of $4.59 billion. The segment reported an adjusted EBIT of $341 million, down from $394 million recorded in the year-ago period. The metric also missed the Zacks Consensus Estimate of $371 million because of higher production input costs net of customer recoveries, reduced earnings on lower sales and higher supply chain and restructuring costs.
The Power &amp; Vision segment&#39;s revenues increased 13.4% year over year to $3.93 billion on higher production on certain programs, smart pricing, the launch of new programs and benefits from acquisitions. The metric, however, missed the Zacks Consensus Estimate of $3.96 billion. Segmental adjusted EBIT rose from $124 million to $198 million due to an increase in earnings on higher sales and lower engineering costs. The metric, however, missed the Zacks Consensus Estimate of $214 million.
Revenues from the Seating Systems segment fell 9.2% year over year to $1.46 billion and missed the Zacks Consensus Estimate of $1.51 billion on customer price concessions, the end of production of certain programs and net weakening of foreign currencies against the U.S. dollar. Segmental adjusted EBIT fell from $67 million to $53 million due to reduced earnings on lower sales. The metric, however, surpassed the Zacks Consensus Estimate of $52 million.
The Complete Vehicles segment&#39;s revenues decreased 18.6% year over year to $1.24 billion and missed the Zacks Consensus Estimate of $1.26 billion due to lower assembly volumes. The segment reported an adjusted EBIT of $20 million, which fell from the $34 million reported in the year-ago period but outpaced the Zacks Consensus Estimate of $5.55 million.
<h3>Financials</h3>
Magna had $999 million in cash and cash equivalents as of Jun 30, 2024, down from $1.2 billion as of Dec 31, 2023. As of Jun 30, 2024, long-term debt was $4.86 billion, up from $4.18 billion as of Dec 31, 2023.
In the reported quarter, cash provided from operating activities totaled $736 million, up from the year-ago figure of $547 million.
The company declared a second-quarter dividend of 47.5 cents per common share. The dividend will be paid on Aug 30, 2024, to shareholders of record as of Aug 16, 2024.
<h3>Updated 2024 View</h3>
Magna has revised its full-year projections. It now expects 2024 revenues in the band of $42.5-$44.1 billion, down from $42.6-$44.2 billion guided earlier. Adjusted EBIT margin is now projected in the band of 5.4-5.8%, down from the earlier estimate of 5.4-6%. Adjusted net income is estimated between $1.5 billion and $1.7 billion. Capex is projected in the band of $2.3-$2.4 billion, down from the previous estimate of $2.4-$2.5 billion.
<h3>Zacks Rank &amp; Key Picks</h3>
MGA currently carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the auto space are Dorman Products, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dorm#NASDAQ">DORM</a>), BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) and Douglas Dynamics, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/plow#NYSE">PLOW</a>), each sporting a Zacks Rank #1 (Strong Buy) at present.
The consensus estimate for DORM&#39;s 2024 sales and earnings suggests a year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 4 cents each in the past seven days.
The Zacks Consensus Estimate for BYDDY&#39;s 2024 sales and earnings suggests year-over-year growth of 21.11% and 14.73%, respectively. EPS estimates for 2024 and 2025 have improved 14 cents and 19 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for PLOW&#39;s 2024 sales and earnings suggests year-over-year growth of 6.45% and 60.4%, respectively. EPS estimates for 2024 and 2025 have improved 15 cents and 2 cents, respectively, in the past 30 days.
<a href="https://www.zacks.com/stock/news/2322137/magna-mga-shares-fall-7-9-since-q2-earnings-miss-estimates?cid=CS-BENZ-FT-analyst_blog|earnings_article-2322137">To read this article on Zacks.com click here.</a>

Dividends

Magna Shares Fall 7.9% Since Q2 Earnings Miss Estimates

Shares of Goodyear Tire (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gt#NASDAQ">GT</a>) plunged 33.5% since the company reported second-quarter 2024 results. It reported second-quarter 2024 adjusted earnings per share of 19 cents, surpassing the Zacks Consensus Estimate of 9 cents. The company had incurred a loss of 34 cents in the year-ago quarter.
The company generated net revenues of $4.57 billion, which declined 6.1% on a year-over-year basis and missed the Zacks Consensus Estimate of $4.79 billion due to lower replacement volume.
In the reported quarter, tire volume was 40.1 million units, down 1.7% from the year-ago period&#39;s levels.
<div class="chart_embed">
<h3>The Goodyear Tire &amp; Rubber Company Price, Consensus and EPS Surprise</h3>
<img alt="The Goodyear Tire &amp; Rubber Company Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/d7/1723551225.png" style="height:268px; width:568px" title="" />
The Goodyear Tire &amp; Rubber Company price-consensus-eps-surprise-chart | The Goodyear Tire &amp; Rubber Company Quote
</div>
<h3>Segmental Performance</h3>
In the reported quarter, the Americas segment generated revenues of $2.69 billion, which declined 8.2% year over year and missed our estimate of $2.82 billion due to lower replacement volume and unfavorable price/mix. The segment registered an operating income of $241 million, which surged 134% from the year-ago period&#39;s figures. The operating margin benefited from lower transportation costs, Goodyear Forward initiatives and favorable net price/mix. The figure surpassed our expectation of $224.4 million.
Revenues in the Europe, Middle East and Africa segment were $1.28 billion, down 4.6% from the year-ago period&#39;s levels due to the adverse impact of foreign currency exchange rates and lower replacement volume. The figure also missed our estimate of $1.35 billion. The operating income for the segment was $35 million, which rose 284.2% on a year-over-year basis due to favorable net price/mix, a net gain on insurance recoveries and the Goodyear Forward plan.
Revenues in the Asia Pacific segment rose 1.2% year over year to $594 million due to higher original equipment volume but missed our estimate of $615.3 million. The segment&#39;s operating profit was $63 million, up 57.5% from the year-ago quarter&#39;s figure due to favorable net price/mix, higher volume and benefits from the Goodyear Forward plan. The figure, however, missed our estimate of $65.2 million.
<h3>Financial Position</h3>
Selling, general &amp; administrative expenses rose to $731 million from $708 million in the year-ago period.
Goodyear had cash and cash equivalents of $789 million as of Jun 30, 2024, down from $902 million as of Dec 31, 2023.
Long-term debt and finance leases amounted to $6.83 billion as of Jun 30, 2024, the same as of Dec 31, 2023.
Capital expenditure in the quarter was $634 million, up from $536 million reported in the year-ago quarter.
<h3>Updated 2024 Outlook</h3>
Based on recent commodity rates, the company expects a benefit of $260 million on raw material costs in 2024, down from the previous estimate of a benefit of $325-$350 million.
Capital expenditures are expected to be $1.25 billion compared with the previous estimate of $1.2-$1.3 billion.
For the full year, interest expenses are estimated between $510 million and $530 million, down from the previously guided range of $520-$540 million. Depreciation and amortization is expected to be $1 billion.
<h3>Zacks Rank &amp; Key Picks</h3>
GT currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Dorman Products, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dorm#NASDAQ">DORM</a>), BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) and Douglas Dynamics, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/plow#NYSE">PLOW</a>), each sporting a Zacks Rank #1 (Strong Buy) at present.
The consensus estimate for DORM&#39;s 2024 sales and earnings suggests a year-over-year growth of 3.71% and 35.46%, respectively. EPS estimates for 2024 and 2025 have improved 20 cents and 22 cents, respectively, in the past seven days.
The Zacks Consensus Estimate for BYDDY&#39;s 2024 sales and earnings suggests year-over-year growth of 21.11% and 14.73%, respectively. EPS estimates for 2024 and 2025 have improved 14 cents and 19 cents, respectively, in the past seven days.
The Zacks Consensus Estimate for PLOW&#39;s 2024 sales and earnings suggests year-over-year growth of 6.45% and 60.4%, respectively. EPS estimates for 2024 and 2025 have improved 15 cents and 2 cents, respectively, in the past 30 days.
<a href="https://www.zacks.com/stock/news/2321365/goodyear-s-gt-shares-fall-33-5-since-q2-earnings-beat?cid=CS-BENZ-FT-analyst_blog|earnings_article-2321365">To read this article on Zacks.com click here.</a>

Goodyear's Shares Fall 33.5% Since Q2 Earnings Beat

Shares of AutoNation, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/an#NYSE">AN</a>) fell 7.4% since the company reported second-quarter 2024 results. It reported adjusted earnings of $3.99 per share, which decreased 37% year over year and missed the Zacks Consensus Estimate of $4.31.
In the second quarter, revenues amounted to $6.48 billion, which missed the Zacks Consensus Estimate of $6.76 billion and declined from $6.89 billion reported in the second quarter of 2023.
<div class="chart_embed">
<h3>AutoNation, Inc. Price, Consensus and EPS Surprise</h3>
<img alt="AutoNation, Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/ae/1722951103.png" style="height:268px; width:587px" title="" />
AutoNation, Inc. price-consensus-eps-surprise-chart | AutoNation, Inc. Quote
</div>
<h3>Key Takeaways</h3>
In the reported quarter, new vehicle revenues were down 4.8% year over year to $3.12 billion and missed our estimate of $3.14 billion due to lower-than-expected average selling price. New vehicle retail units sold totaled 61,268 units (down 1.9% year over year), topping our projection of 60,482 units. The ASP per new vehicle unit retailed was $50,965 (down 3% year over year), missing our estimate of $52,063. Gross profit from the segment came in at $190.4 million, declining 33.8% year over year but topping our estimate of $175 million.
Retail used-vehicle revenues contracted 10.6% from the year-ago quarter&#39;s figure to $1.74 billion and missed our projection of $1.94 billion due to lower-than-expected sales volume and ASP. Used vehicle retail units sold totaled 65,504 units (down 4.8% year over year), missing our projection of 68,900 units. ASP per used vehicle unit retailed came in at $26,617 (down 6% year over year) and lagged our projection of $28,196. Gross profit from the segment came in at $107.3 million, which fell 16.6% and missed our projection of $125 million.
Revenues from wholesale used vehicles were up 20.7% to $167.6 million and topped our estimate of $138 million. Gross profit declined 26.8% to $4.1 million and lagged our estimate of $5.6 million.
Net revenues in the finance and insurance business amounted to $324 million, which decreased 12.3% from the year-ago quarter and missed our projection of $375.5 million. Gross profit was $324 million, which decreased 12.3% and missed our estimate of $375.5 million.
Revenues from the parts and service business fell 2.5% to $1.12 billion and missed our estimate of $1.25 billion. Gross profit from this segment came in at $536.6 million, which dipped 1.1% year over year and missed our estimate of $591.2 million.
<h3>Segmental Details</h3>
Revenues from the Domestic segment declined 11.1% year over year to $1.74 billion and missed our projection of $1.89 billion. The segment&#39;s income plunged 56.6% to $50.3 million, missing our estimate of $82 million.
Revenues from the Import segment rose 1.1% from the prior-year quarter to $2 billion and missed our forecast of $2.07 billion. The segment&#39;s income contracted 37.5% to $108.2 million and missed our model estimate of $134.1 million.
The Premium Luxury segment sales fell 8.5% to $2.4 billion, missing our projection of $2.58 billion. The segmental income declined 35.9% year over year to $141.9 million in the reported quarter and missed our estimate of $174.6 million.
<h3>Financial Tidbits</h3>
AutoNation&#39;s cash and cash equivalents were $85.9 million as of Jun 30, 2024. The company&#39;s liquidity was $1.6 billion, including $86 million in cash and nearly $1.5 billion available under its revolving credit facility.
The firm&#39;s inventory was valued at $3.6 billion. At the end of the second quarter, non-vehicle debt was $4.01 billion. Capital expenditure in the quarter was $88 million.
During the second quarter of 2023, AutoNation repurchased 2 million shares of common stock for an aggregate purchase price of $311 million. Since the beginning of the year through Jul 29, the company had bought back 2.2 million shares for $350 million. As of Jul 29, it had $971 million remaining under its share repurchase program.
<h3>Zacks Rank &amp; Key Picks</h3>
AN currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Dorman Products, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dorm#NASDAQ">DORM</a>), BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) and Modine Manufacturing Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mod#NYSE">MOD</a>), each sporting a Zacks Rank #1 (Strong Buy) at present.
The consensus estimate for DORM&#39;s 2024 sales and earnings suggests a year-over-year growth of 4.9% and 24.23%, respectively. EPS estimates for 2024 and 2025 have improved 9 cents and 15 cents, respectively, in the past 90 days.
The Zacks Consensus Estimate for BYDDY&#39;s 2024 sales and earnings suggests year-over-year growth of 21.11% and 9.93%, respectively. EPS estimates for 2024 and 2025 have improved 19 cents and 29 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for MOD&#39;s fiscal 2025 sales and earnings suggests year-over-year growth of 8.11% and 17.54, respectively. EPS estimates for fiscal 2025 and 2026 have improved 11 cents each in the past seven days.
<a href="https://www.zacks.com/stock/news/2317207/autonation-an-stock-falls-7-4-since-q2-earnings-miss?cid=CS-BENZ-FT-analyst_blog|earnings_article-2317207">To read this article on Zacks.com click here.</a>

AutoNation Stock Falls 7.4% Since Q2 Earnings Miss

Dorman Products Sees 2024 Adj. EPS $6-$6.20 vs $5.64 Est.

Dorman Prods (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DORM#NASDAQ">DORM</a>) reported quarterly earnings of $1.67 per share which beat the analyst consensus estimate of $1.19 by 40.34 percent. The company reported quarterly sales of $502.951 million which beat the analyst consensus estimate of $502.185 million by 0.15 percent. This is a 4.66 percent increase over sales of $480.568 million the same period last year.

Dorman Prods Q2 2024 Adj. EPS $1.67 Beats $1.19 Estimate, Sales $502.951M Beat $502.185M Estimate

Roth MKM analyst Scott Stember reiterates Dorman Prods (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DORM#NASDAQ">DORM</a>) with a Buy and maintains $116 price target.

Roth MKM Reiterates Buy on Dorman Prods, Maintains $116 Price Target

Dorman Products Announced The Grand Opening Of A New Drive Shaft Manufacturing Facility In Virginia Beach, Va (USA)

Dorman Products Announced The Release Of Hundreds Of New Aftermarket Automotive Components And Assemblies

Dorman Products Sees FY24 Revenue Growth Of 3% - 5%; Adj EPS Of $5.40 - $5.70 Vs. $5.55 Est.

Dorman Prods (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DORM#NASDAQ">DORM</a>) reported quarterly earnings of $1.31 per share which beat the analyst consensus estimate of $0.82 by 59.76 percent. This is a 133.93 percent increase over earnings of $0.56 per share from the same period last year. The company reported quarterly sales of $468.70 million which missed the analyst consensus estimate of $472.48 million by 0.80 percent. This is a 0.42 percent increase over sales of $466.74 million the same period last year.

Dorman Prods Q1 Adj $1.31 Beats $0.82 Estimate, Sales $468.70M Miss $472.48M Estimate

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Consensus $6.14. Narrows FY24 revenue view up 3.5%-4.5% from up 3%-5%. The company said, "We are pleased with our results through the third quarter...

Dorman Products raises FY24 adjusted EPS view to $6.85-$6.95 from $6.00-$6.20

Reports Q3 revenue $503.77M, consensus $510.15M. Kevin Olsen, Dorman's president and CEO, stated, "We delivered strong performance in the third qua...

Dorman Products reports Q3 adjusted EPS $1.96, consensus $1.53

Dorman Products Non-GAAP EPS of $1.96 beats by $0.43, revenue of $503.77M misses by $5.77M

Dorman Products, Inc. (DORM) Q3 2024 Earnings Call Transcript

Barrington raised the firm's price target on Dorman Products (DORM) to $130-$140 from $120 and keeps an Outperform rating on the shares following t...

Dorman Products price target raised to $130-$140 from $120 at Barrington

Dorman Products ( ($DORM) ) has released its Q3 earnings. Here is a breakdown of the information Dorman Products presented to its investors. Dorman...

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Roth MKM analyst Scott Stember raised the firm's price target on Dorman Products (DORM) to $153 from $126 and keeps a Buy rating on the shares, say...

Dorman Products price target raised to $153 from $126 at Roth MKM

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Dorman Products, Inc. Announces Date to Report Second Quarter 2024 Financial Results

Management

Dorman Names Alexander S. Whitelam as Vice President, Investor Relations & Risk Management

Dorman Products, Inc. Reports Second Quarter 2024 Results; Raises Full Year 2024 Earnings Guidance

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Dorman® OE FIX™, turbocharger system components and in-demand repair solutions highlight September new product releases

Gabelli Funds to Host 48th Annual Automotive Symposium at The Encore at Wynn, Las Vegas, Nevada

Dorman Products, Inc. Announces Date to Report Third Quarter 2024 Financial Results

Aftermarket exclusives top Dorman's October new product releases

Dorman Products, Inc. Reports Third Quarter 2024 Results; Raises Full Year 2024 Earnings Guidance

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