Sept. 24, 2007 – Finance Digest
September 24, 2007
Filed under Features
Bridgestone’s first-half tire sales increase
Bridgestone Corp. reported double-digit growth in both its first-half sales and revenue.
The Japanese tire manufacturer said its overall sales rose 13 percent in its first half, which ended June 30, compared to the year-ago period.
Its revenue growth in North and South America mirrored its overall sales growth, up 13 percent compared to June 2006.
For its Americas market, sales of car and light truck tires remained unchanged from last year. The company did not state how its motorcycle tire sales have done in North and South America.
Overall, Bridgestone posted a 61 percent increase in its first-half net profit, up to $429 million.
LoJack reports improved revenue in first half
In posting its second-quarter results, LoJack Corp. cited strong growth in its motorcycle business.
The Westwood, Mass., company connected with the stolen vehicle recovery market said its revenue grew by 3 percent in the second quarter and by 5 percent for its first half compared to the year-ago period. The six-month sales totaled $112.3 million for the period, which ended June 30.
More impressively, LoJack’s net income rose 52 percent for its first half to $12.8 million.
LoJack CEO Richard Riley cited successful efforts at reducing the cost of manufacturing to the increase in net income and gross margin.
Although the company’s motorcycle sales have been strong, Riley said “our domestic revenue and unit sales in the second quarter were less than expected primarily due to the previously mentioned softness in the automotive market in Southern California and to a lesser extent continued economic challenges in the construction sector.”
Giant Motorsports cuts cost to increase net income
Giant Motorsports Inc., a powersports retailer with stores that include Chicago Cycle, reported decreased revenue but increased net income for its quarter that ended June 30.
Giant Motorsports’ quarterly revenue of $35.3 million was a 10 percent decrease from the year-ago period. But the company said it reduced expenses, resulting in income of $2.4 million, a 20 percent increase from the prior-year period.
“This increase in income from operations has been achieved through better sales execution and a keen focus on expenses,” Giant Motorsports COO Greg Haehn said in a press release.
Deere & Co. elects new member to its board of directors
Deere & Co. announced the election of Clayton Jones, Rockwell Collins’ chairman, president and CEO, to its board of directors, which will commence Aug. 28 of this year, according to the company’s press release.
Jones will serve on Deere & Co.’s compensation and pension plan oversight committees. Its board of directors includes 13 members, and 12 of those are independent including Jones.
Deere & Company’s chairman and CEO Robert Lane says that Jones has proven himself as a corporate leader in commercializing advanced technology.