Friday, March 8, 2013

US Big Motor Vehicle and Parts Corps 2012 Annual Earnings Down 3%

I found 5 US Motor Vehicle and Parts Corps filing with the SEC which generated Non-GAAP Adjusted After-tax Net Income or Net Loss of over $1 bil each in either annual 2012 or annual 2011.

Non-GAAP Adjusted After-tax Net Income, which is generally used by the investment community to value common stocks, was used when this amount was disclosed in the company's earnings release, and it excludes Special, Unusual Items which are significant in amount relative to Reported GAAP Net Income. 

The Total Non-GAAP Adjusted After-tax Net Income of these 5 US Motor Vehicle and Parts Corps was $15.0 bil in annual 2012, down 3% from 2011.

On an Earnings Per Share basis, the total growth was precisely flat, due mainly to Delphi's EPS growing by a very robust 38%, substantially better than its 6% earnings growth.  This was due to Delphi's large common stock buybacks.

Chrysler did extremely well in 2012, with its earnings more than doubling.  On the other hand, both Ford and GM had earnings declines in 2012, due mainly to poor European operating results.

Below here is the Non-GAAP Adjusted After-tax Net Income for both annual 2012 and 2011 for each of these 5 US Big Motor Vehicle and Parts Corps:



Annual Annual


2012 2011

Adjusted Earnings


EPS Growth

Adjusted Adjusted Increase Increase Increase Positive

Net Net (Decrease) (Decrease) (Decrease) %

FYE Income Income Amount % % Spread

mils of $s mils of $s mils of $s

Motor Vehicle and Parts

Ford Motor Dec 5,596 6,119 (523) -8.5% -6.6% 1.9%
General Motors Dec 5,390 6,424 (1,034) -16.1% -16.5% -0.4%
Chrysler Dec 1,668 734 934 127.2% NA NA
Delphi Dec 1,240 1,169 71 6.1% 38.1% 32.0%
Paccar Dec 1,112 1,042 70 6.7% 9.1% 2.4%

Total all 5 Motor Vehicle and Parts 15,006 15,488 (482) -3.1%