Nexteer Automotive Group Limited, an investment holding company, designs, engineers, manufactures, and distributes steering and driveline systems and components primarily for automobile manufacturers and other automotive-related companies worldwide. The company offers steering systems and components, such as electric power steering, hydraulic power steering, and steering columns; and driveline systems and components comprising front wheel drive, intermediate drive, and rear wheel drive halfshafts, as well as propeller shaft joints. It also provides torque overlay solutions that analyze input from multiple vehicle systems to determine the appropriate response to various conditions. The compan...
3900 East Holland Road
Saginaw, MI 48601
Founded in 1906
Nexteer Automotive Group Limited Announces Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2014
Aug 28 14
Nexteer Automotive Group Limited announced unaudited consolidated earnings results for the six months ended June 30, 2014. For the six months, revenue was USD 1,434,372,000 against USD 1,164,815,000 a year ago. Operating profit was USD 122,181,000 against USD 83,460,000 a year ago. Profit before income tax was USD 111,750,000 against USD 72,774,000 a year ago. Profit for the year was USD 81,601,000 against USD 58,819,000 a year ago. Profit for the year attributable to equity holders of the company was USD 80,900,000 against USD 58,153,000 a year ago. This increase was attributable to the significant revenue growth from previously booked business; increased customer demands due to market strength; cost efficiency initiatives offset by one-time warranty costs; and improved product line mix (continued conversion from Hydralic Power Steering (HPS) to Electric Power Steering (EPS)). Basic and diluted earnings per share were USD 0.03 against USD 0.03 a year ago. Cash generated from operations was USD 76,179,000 against USD 53,678,000, a year ago. The increase in cash flows from operating activities is primarily due to increased earnings. This was partially offset by increased demands for working capital driven by higher sales volumes. Increased earnings were also offset by an increase in income taxes paid which was USD 25.4 million for six months ended June 30, 2014, an increase of USD 21.8 million from USD 3.6 million for the six months ended June 30, 2013. Purchase of property, plant and equipment was USD 87,132,000 against USD 91,554,000, a year ago. Addition of intangible assets was USD 52,933 against USD 50,856,000, a year ago.
Nexteer Automotive Mulls Acquisitions
Aug 28 14
Nexteer Automotive Group Limited (SEHK:1316) is looking for acquisitions. Nexteer Automotive Group Limited stated, "We also may pursue selected strategic acquisitions and alliances globally, including in developing markets. We plan to expand our manufacturing plants in certain countries, such as China, to increase our production capacity. We believe that by offering tailored products, building upon existing relationships, pursuing strategic acquisitions and alliances and expanding our manufacturing plants, our brand recognition and revenue in developing markets will continue to grow."
Nexteer Automotive Group Limited to Report First Half, 2014 Results on Aug 28, 2014
Aug 19 14
Nexteer Automotive Group Limited announced that they will report first half, 2014 results on Aug 28, 2014