There's quite a story with the Big Two.....Ford and General Motors. Mainly due to the major collapse of the European economy, in the 2Q 2012, Ford reported a drop in Pretax Earnings of 36% as compared with the 2Q 2011, and General Motors a drop in Pretax Earnings of 29%, for a Total Pretax Earnings drop of 33% for the two combined.
So what happened in the most recent 3Q 2012? Well, both showed how well run and nimble they are by quickly turning around this significant earnings downtrend, with Ford reporting an incredible 11% earnings increase in the 3Q 2012 over the 3Q 2011, whereas General Motors reported a slight 1% increase, still quite an achievement in so short a time frame. Thus, in the 3Q 2012, the two combined reported a Total Pretax Earnings increase of 6%.
With the very weak world economy, as well as the much improved US economy still in need of some economic stimulus, the other 17 Motor Vehicle and Parts Corps reported a Total Pretax Income decrease of 4% in the most recent 3Q 2012, as compared with the 3Q 2011. Frankly, I think that is also quite an achievement, especially since in the prior year's comparable quarter, there was a highly stimulative, extremely robust first-year 100% tax expensing of US equipment purchases, which expired at the beginning of 2012.
The clear stick out winner of these 17 Remaining US Motor Vehicle and Parts Corps was Chrysler, followed by Terex.
Below here is the Ongoing, Core Pretax Income or (Loss) for each of these 19 US Motor Vehicle and Parts Corps for the most recent 3Q 2012, as well as such amount for the 3Q 2011.
| Pretax | Pretax | ||||
| Income | Income | Increase | Increase | ||
| State | (Loss) | (Loss) | (Decrease) | (Decrease) | |
| HQs | 3Q 2012 | 3Q 2011 | Amount | % | |
| mils $s | mils $s | mils $s | |||
| US Big Motor Vehicle and Parts Corps | |||||
| Big Two | |||||
| Ford Motor | MI | 2,163 | 1,944 | 219 | 11% |
| GM | MI | 1,871 | 1,857 | 14 | 1% |
| Total Big Two | 4,034 | 3,801 | 233 | 6% | |
| The Remaining 16 | |||||
| Chrysler | MI | 437 | 259 | 178 | 69% |
| Paccar | WA | 345 | 395 | (50) | -13% |
| Delphi Automotive plc | MI | 338 | 370 | (32) | -9% |
| TRW Automotive | MI | 244 | 223 | 21 | 9% |
| Harley Davidson | WI | 207 | 234 | (27) | -12% |
| Goodyear Tire & Rubber | OH | 186 | 305 | (119) | -39% |
| Autoliv | UT | 175 | 193 | (18) | -9% |
| Borg Warner | MI | 170 | 193 | (23) | -12% |
| Lear | MI | 154 | 138 | 16 | 12% |
| Dana Holding | OH | 95 | 80 | 15 | 19% |
| Tenneco | IL | 90 | 68 | 22 | 32% |
| Terex | CT | 87 | 21 | 66 | 314% |
| Oshkosh | WI | 78 | 60 | 18 | 30% |
| Thor Industries | OH | 63 | 54 | 9 | 17% |
| Gentex | MI | 62 | 64 | (2) | -3% |
| Allison Transmission | IN | 49 | 57 | (8) | -14% |
| Navistar | IL | (100) | 74 | (174) | -235% |
| Total Remaining 17 | 2,680 | 2,788 | (108) | -4% | |
| Grand Total all 19 | 6,714 | 6,589 | 125 | 2% |
====================================
| Late Additions Not Included in Above 19 | |||||
| Cooper Tire & Rubber | OH | 123 | 39 | 84 | 215% |
| Wabco Holdings | NJ | 76 | 96 | (20) | -21% |
| Visteon | MI | 72 | 81 | (9) | -11% |
