On Jan. 25, MEMA joined more than 1,000 other businesses and associations in a message urging Congress to move quickly on transportation reauthorization. Current highway funding levels expire on Saturday, March 31.
The letter called for “federal highway, transit and safety legislation that, at a minimum, maintains investment levels before the current law expires.” It went on to state, “maintaining -- and ideally increasing -- federal funding for road, bridge, public transportation and safety investments can sustain and create jobs and economic activity in the short-term, and improve America’s export and travel infrastructure, offer new economic growth opportunities, and make the nation more competitive over the long-term.”
BB&T Capital Markets has raised its fourth-quarter 2011 estimates on O’Reilly Automotive (Springfield, Mo.) from 3.9 percent same-store sales growth to 5.2 percent same-store sales growth based on the belief that quarterly trends were solid.
BB&T also has raised its earnings-per-share estimate from $0.83 to $0.87, which is above management’s $0.80 to $0.84 range and above analysts’ consensus of $0.85.
WASHINGTON -- The Washington Auto Show in recent years has featured politicians riding to Detroit's rescue or debates over fuel economy standards.
In contrast, the Jan. 26 press preview day was mostly a love fest, with administration and congressional officials lavishing praise on Detroit's automakers.
DETROIT -- Delphi Automotive PLC reported a nearly four-fold increase in fourth-quarter earnings on stronger sales of vehicle electronics and engine systems in its first results since returning as a public company.
The results exceeded the high end of analyst expectations and were the first for the restructured auto supplier since it sold shares in an initial public offering in November.
CANTON, Ohio -- The Timken Co. reported record sales of $5.2 billion for 2011, up 28 percent from the prior year on strong demand from diverse industrial markets. The increase primarily reflects growth from the energy, heavy truck, mining, rail and industrial distribution sectors, as well as favorable pricing, material surcharges and acquisitions.
In 2011, the company generated $454.3 million in income from continuing operations, net of non-controlling interest, or $4.59 per diluted share, up 65 percent from $274.8 million, or $2.73 per diluted share, a year ago. Higher volume, favorable mix, surcharges and pricing drove the improvement, more than offsetting increased raw material and administrative costs.