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A United Auto Workers (UAW) union member wears a pin while picketing outside Ford's Kentucky truck plant after going on strike in Louisville, Kentucky, U.S. October 12, 2023. With the United Auto Workers (UAW) strike entering its 36th day and the total economic cost pegged at more than $7 billion, companies are counting the cost of lost revenue amid an uncertain economy and persistent inflation. "The damage from the strikes will last long after UAW members return to work," University of Michigan professor Erik Gordon said. Earlier this week, consultancy firm Anderson Economic Group estimated the economic losses related to supplier wages and earnings of about $2.67 billion through fourth week of the strike. An agreement remains elusive so far and shares of automakers and suppliers have fallen since the strike began on Sept. 15.

Persons: Luke Sharrett, Erik Gordon, Gordon, Lear, John Murphy, Aptiv, Mikael Bratt, Raechel Thankam, Shivansh, Marie, Nathan Gomes, Arun Koyyur Organizations: United Auto Workers, UAW, REUTERS, Detroit Three, University of Michigan, Workers, Delta Air Lines, Detroit . Paints, PPG Industries, railroader Union, Analysts, General Motors, Ford Motor, Trucking, Magna International, Global Research, Anderson Economic Group, Reuters, EV, Auto, Marie Mannes, Thomson Locations: Ford's Kentucky, Louisville , Kentucky, U.S, Detroit, French, Forvia, Bengaluru, Stockholm

☆ Apple unveils iPhone 15 Pro with titanium case, holds line on prices
▼ + stars: | 2023-09-12 | by ( Stephen Nellis | ) www.reuters.com time to read: +5 min

IPHONE 15 LAUNCHBoth the Pro and other iPhone 15 models will have a brighter display and a 48-megapixel camera as well as 100% recycled cobalt in their batteries. [1/6]New iPhone 15 and iPhone 15 Plus are displayed during the 'Wonderlust' event at the company's headquarters in Cupertino, California, U.S. September 12, 2023. Apple said that USB-C charging cables are coming to both its iPhone 15 and the charging case of its AirPods Pro devices. She said the shift "brought some differentiation to the iPhone Pro, because there's faster throughput for data transfer. The iPhone 15 costs $799, the iPhone 15 Plus starts at $899 and the Pro series starts at $999.

Persons: Apple, Jeff Williams, Loren Elliott, Carolina Milanesi, Milanesi, Greg Joswiak, Bob O'Donnell, Pro Max, Lisa Jackson, Stephen Nellis, Aditya Soni, Pushkala, Raechel, Yuvraj Malik, Peter Henderson, Lisa Shumaker Organizations: Apple, Huawei Technologies, Huawei, Securities Times, REUTERS, American Automobile Association, AAA, Creative, TECHnalysis Research, Pro, Counterpoint Research, Thomson Locations: CUPERTINO , California, Cupertino , California, China, U.S, United States, Bengaluru

☆ Cummins misses profit expectations on high manufacturing costs
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File PhotoCompanies Cummins Inc FollowAug 3 (Reuters) - Engine maker Cummins (CMI.N) reported a second-quarter profit on Thursday that missed analysts' estimates, hurt by high manufacturing costs. Increasing production costs have battered the auto industry's earnings over the months. Despite taking pricing actions, automakers and parts suppliers have struggled to cover costs related to raw materials and labor. The company reported a second-quarter profit of $5.05 per share, missing analysts' estimates of $5.29, according to Refinitiv. However, the company's revenue for the second quarter rose 31.2% to $8.64 billion, compared with estimates of $8.37 billion.

Persons: Dado Ruvic, Cummins, Jennifer Rumsey, Raechel Thankam, Shivansh, Shounak Dasgupta Organizations: Cummins, REUTERS, Thomson Locations: China

☆ O'Reilly Automotive names insider CEO, lifts profit view on strong parts demand
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

Companies O'Reilly Automotive Inc FollowJuly 26 (Reuters) - Auto parts distributor O'Reilly Automotive (ORLY.O) on Wednesday named Brad Beckham as its top boss and raised its annual profit and sales outlook on strong demand for aftermarket products. Inflationary pressures such as high interest rates on leases have led to consumers opting to repair their vehicles instead of buying new ones, bolstering the aftermarket sales of parts suppliers. The company now expects 2023 profit between $37.05 and $37.55 per share, up from prior guidance of $36.50 to $37 per share. O'Reilly now sees full-year revenue to be between $15.4 billion and $15.7 billion, compared to prior expectation of $15.2 billion to $15.5 billion. The company also beat its second-quarter results with profit of $10.22 per share, above estimates of $10.09.

Persons: Brad Beckham, Beckham, Greg Johnson, Johnson, O'Reilly, Christopher Horvers, Raechel Thankam, Anandita, Pooja Desai, Arun Koyyur Organizations: O'Reilly, O'Reilly Automotive, Wednesday, Revenue, Thomson Locations: U.S, , Puerto Rico, Mexico, Bengaluru

Demand for used vehicles, which accelerated during the pandemic, has taken a hit after automakers started to ramp up production as the global supply chain crisis gradually eases. Consumers wanting to buy vehicles with advanced safety technology and a lower turnover for newer models in the pre-owned market have also dented demand for used vehicles. AutoNation said its second-quarter unit sales of new retail vehicles rose 8%, while unit sales of used vehicles fell 11%. Manley attributed the decline in AutoNation's used vehicle sales during the quarter to decisions to keep inventories lean amid choppy pricing. "As we built our used vehicle inventory in the quarter...we exited the quarter in line with industry: flat year over year," he said.

Persons: AutoNation, Mike Manley, Manley, Nathan Gomes, Raechel, Shilpi Majumdar, Mike Harrison Organizations: Reuters, Thomson Locations: Bengaluru

☆ Carvana shares surge on plans to cut debt load
▼ + stars: | 2023-07-19 | by ( Nathan Gomes | ) www.reuters.com time to read: +4 min

Companies Carvana Co FollowJuly 19 (Reuters) - Carvana (CVNA.N) shares soared as much as 43% on Wednesday after the troubled used-car retailer struck a deal with most of its term bondholders to cut its outstanding debt by more than $1 billion. Carvana had long-term debt of $6.54 billion as of June end, relatively unchanged from a year earlier. But Carvana has been struggling to sell cars acquired at elevated prices as buyers, hit by inflation and worried about a recession, cut spending. Carvana shares have lost 87% of their value in the past two years. In premarket trading on Wednesday, Carvana's shares rose as high as $57, in what traders said looked like a short squeeze.

Persons: John Zito, Carvana, Ernest Garcia's, Carvana's, Ortex, they're, Dennis Dick, Nathan Gomes, Bansari Mayur, Shivansh, Raechel, Medha Singh, Sriraj Kalluvila, Saumyadeb Chakrabarty, Anil D'Silva Organizations: Triple D, Carvana, Thomson Locations: Bengaluru

☆ Advance Auto Parts cuts full-year profit guidance as costs weigh
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +1 min

Companies Advance Auto Parts Inc FollowMay 31 (Reuters) - Advance Auto Parts Inc (AAP.N) lowered its full-year profit outlook on Wednesday on the back of elevated costs, sending the auto parts retailer's shares down 24% before the opening bell. The Delaware-based supplier now expects to report net sales between $11.2 billion and $11.3 billion for 2023, down from its prior guidance of $11.4 billion to $11.6 billion. Despite pricing actions, the company added that supply headwinds and unfavorable product mix pulled down its first-quarter earnings. The company posted net income of $0.72 per share, down from $2.26 reported last year. The Delaware-based supplier reported net sales of $3.42 billion for the quarter ended April 23, up 1.3% from the prior year.

Persons: Tom Greco, Raechel Thankam, Maju Samuel Organizations: Parts Inc, Thomson Locations: Delaware, The Delaware, Bengaluru

☆ S&P sees brighter outlook for UK credit rating as budget risks recede
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

April 21 (Reuters) - Ratings agency S&P Global revised up its outlook for Britain's sovereign credit rating on Friday, removing the "negative" label which it applied after September's "mini-budget" under then-Prime Minister Liz Truss. "The government's decision to abandon most of the unfunded budgetary measures proposed in September 2022 has bolstered the fiscal outlook for the UK," S&P said. S&P maintained its AA rating for British government debt and now has a "stable" outlook for the rating. Lower energy prices have brightened Britain's economic outlook - with the International Monetary Fund revising up its forecasts last week - although the squeeze on consumer spending from continued high inflation means the IMF still forecasts Britain's economy will contract by 0.3% in 2023. S&P said it expected British economic output to fall by 0.5% this year before growing by an average of 1.6% a year between 2024 and 2026.

☆ Genuine Parts raises 2023 profit outlook on strong demand for auto parts
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

Companies Genuine Parts Co FollowApril 20 (Reuters) - Genuine Parts Co (GPC.N) beat first-quarter profit estimates and raised full-year earnings forecast on Thursday, helped by growing demand for auto and industrial parts. Strong demand for cars and trucks has kept older vehicles on the road for longer, driving demand for components and aftermarket services at parts distributors. The segment contributed nearly two-thirds to the company's total sales in 2022. Genuine Parts affirmed its previous outlook for total annual sales growth at 4% to 6%. The company's total revenue in the first quarter rose 8.9% to $5.8 billion, beating average estimate of $5.67 billion.

☆ BorgWarner sees EV business to grow at least 72% in 2023
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

Feb 9 (Reuters) - BorgWarner Inc (BWA.N) said on Thursday it expects sales from its electric vehicle (EV) business to grow at least 72% in 2023 as the U.S. auto supplier increasingly shifts its focus toward EV makers. The company's sales were at $4.1 billion, compared with estimates of $3.90 billion. On an adjusted basis, the company's net income was $1.26 per share, compared with estimates of $1.08 per share. The Michigan-based company also expects net sales in the range of $16.7 billion to $17.5 billion for 2023, compared with estimates of $16.82 billion. It forecast adjusted net earnings of $4.50 to $5.00 per diluted share, compared with expectations of $4.92 per share.

☆ British cybersecurity firm NCC Group to cut workforce by 7%
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

Shares of the Manchester-headquartered FTSE Mid Cap (.FTMC) firm were down about 10% to an over two-and-a-half-year low of 147 pence in morning trade. NCC said the job cuts would lead to a one-off implementation cost of 4 million pounds ($5 million) in the second half of the fiscal year ending May 31. The company said delays in revenue recognition, particularly in North America and the UK, have weighed on annual outlook, and now expects single-digit revenue growth for the year. NCC also forecast an 8% growth in annual adjusted operating profit at about 52 million pounds, after it reported an about 28% jump in first-half earnings. ($1 = 0.8082 pounds)Reporting by Raechel Thankam Job and Prerna Bedi in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

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