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Daily industrial news and top headlines for plant and maintenance managers

U.S. Steel 3Q Profit Doubles Despite Revenue Drop

October 30, 2012 10:28 am | by The Associated Press | News | Comments

U.S Steel doubled its third-quarter net income as a tax benefit helped balance pressure from price decreases and a challenging global economy. The manufacturer said Tuesday that it earned $44 million, or 28 cents per share, in the quarter that ended Sept. 30. That compares with $22 million, or 15 cents per share, a year ago.

Analysts: Sandy Unlikely To Damage U.S. Economy

October 30, 2012 10:22 am | by Christopher S. Rugaber, Martin Crutsinger, AP Economics Writers | News | Comments

Airlines have canceled thousands of flights, stranding travelers around the globe. Insurers are bracing for possible damages of $5 billion. Retailers face shrunken sales. The economic impact could be more severe if the storm damages a port or a major manufacturing facility such as an oil refinery, Zandi noted.

Ford Earns $1.63 Billion In 3Q

October 30, 2012 10:19 am | by Dee-Ann Durbin, AP Auto Writer | News | Comments

Ford's third-quarter profit eased 1 percent to $1.63 billion as European losses swamped record North American profits. Ford Motor Co. said Tuesday its per-share net income was 41 cents, unchanged from the July-September period a year earlier. Before special items, including severance payouts, it earned 40 cents, beating Wall Street's forecast of 30 cents, according to analysts polled by FactSet.


Entrepreneurial Nation

October 30, 2012 8:13 am | Articles | Comments

Ro Khanna spent two years as deputy assistant secretary of the U.S. Department of Commerce, where he worked with the country’s most influential labor leaders to rebuild the nation’s manufacturing sector and increase America’s exports. He recently discussed what manufacturers can learn from the aerospace industry, why Solyndra is not a U.S. solar manufacturing failure, and what he sees for the future of American manufacturing.

Chrysler 3Q Profit Up 80 Percent

October 29, 2012 2:27 pm | by Tom Krisher, AP Auto Writer | News | Comments

Strong U.S. sales powered Chrysler to a healthy third-quarter profit. The company reported net income of $381 million, up 80 percent from $212 million a year earlier. The profit was due mainly to a 13-percent sales increase in the U.S., where Chrysler does three quarters of its business. The company sold nearly 417,000 cars and trucks in the U.S. under the Jeep, Dodge, Ram and Chrysler brands.

Honda Profit Jumps, Lowers Forecasts On China Woes

October 29, 2012 2:16 pm | by Yuri Kageyama, AP Business Writer | News | Comments

Honda's quarterly profit surged 36 percent as Japanese automakers bounced back from last year's tsunami disaster in northeastern Japan, but the company lowered its annual forecasts Monday because of a sales plunge in China. Honda Motor Co. raked in an 82.2 billion yen ($1 billion) net profit for the July-September quarter. Sales jumped 20 percent to 2.27 trillion yen.

Toyota Headed To Record Global Sales

October 29, 2012 10:11 am | by Yuri Kageyama, AP Business Writer | News | Comments

Toyota is shrugging off a sales plunge in China set off by a territorial dispute and says it is headed to a record year on the back of strong growth in the rest of Asia and the U.S. Toyota Motor Corp. Executive VP Funo acknowledged that achieving the company's target of 9.76M vehicle sales this year will be harder because of the problems in China.

U.S. Industrial Manufacturers Remain Positive

October 29, 2012 8:13 am | by PwC | Articles | Comments

Despite continued uncertainty about the prospects of both the U.S. and global economies, the majority of U.S. industrial manufacturers remain positive regarding the overall revenue outlook for the next 12 months, according to the Q3 2012 Manufacturing Barometer released today by PwC US.


Toyota Widens Global Sales Lead Over GM In 3Q

October 26, 2012 1:59 pm | by Tom Krisher, Yuri Kageyama, AP Business Writers | News | Comments

Toyota has widened its global sales lead over General Motors after bouncing back from a series of natural disasters. The company said Friday it sold 7.4 million vehicles globally in the first nine months of this year — 450,000 more than General Motors. While Toyota's sales rose 28 percent in that period, GM's rose 2.5 percent, to 6.95 million cars and light-duty trucks.

Copper Falls On Persistent Global Growth Worries

October 26, 2012 1:56 pm | by Sandy Shore, AP Business Writer | News | Comments

The price of copper has dropped after unimpressive home sales and orders for long-lasting goods failed to ease questions about demand for the metal. Copper for December delivery dropped 1.75 cents Thursday to finish at $3.5505 per pound. It's the sixth consecutive day that the price has fallen for the metal used in everything from construction to consumer cookware.

Dana Holding 3Q Net Income Falls By More Than Half

October 26, 2012 1:52 pm | by The Associated Press | News | Comments

Auto parts maker Dana Holding Corp. said Friday that its third-quarter net income sank by more than half, hurt by soft demand from North American commercial vehicle makers and South America. The company cut its full year guidance, citing expectations of further reductions in North American commercial vehicle production, along with weaker construction demand in Europe.

U.S. Economic Growth Up To Modest 2 Percent Rate

October 26, 2012 10:38 am | by Christopher S. Rugaber, AP Economics Writer | News | Comments

The U.S. economy grew at a slightly faster 2 percent annual rate from July through September, buoyed by more spending by consumers and the federal government. Growth accelerated from the 1.3 percent rate in the April-June quarter, the Commerce Department said Friday.

Porsche Gain Gives VW A Q3 Profit Boost

October 26, 2012 10:28 am | by David McHugh, AP Business Writer | News | Comments

German automaker Volkswagen AG saw net profit rise 58 percent in the third quarter thanks to an accounting boost from its takeover of Porsche. Operating earnings excluding the merger effects fell, however, and the company cautioned about an uncertain economic environment for the rest of the year.


Ford To Shut More Plants As Europe Losses Grow

October 25, 2012 1:58 pm | by Robert Barr, Associated Press | News | Comments

Ford pressed ahead Thursday with its plan to slash production in Europe, announcing another plant closure and 1,500 more job cuts, as it warned that annual losses in the region will exceed $1.5B this year and next. Ford is struggling in Europe, like many major carmakers, because there are too many plants, labor costs are relatively high, and demand for cars is sliding due to the economic crisis.

Strikes Dent Hyundai Motor's 3Q Profit

October 25, 2012 1:49 pm | by Youkyung Lee, AP Business Writer | News | Comments

Hyundai Motor Co. suffered a fall in third-quarter profit from the previous quarter after strikes dented vehicle production, but its stock jumped Thursday after the carmaker said annual output would exceed forecasts. South Korea's largest automaker estimated that its global vehicle production in the final three months of this year would reach 1.2 million vehicles, including 540,000 vehicles at factories in South Korea.

Bailout, Layoffs: New Pain Ahead For EU Carmakers

October 24, 2012 2:28 pm | by Lori Hinnant, Associated Press | News | Comments

The extent of the European car industry's troubles was laid bare when France's government tossed a financial lifeline to the continent's No. 2 automaker, Peugeot Citroen, and Ford said it would shut a Belgium plant, cutting 9,500 jobs. Experts say France's $9.1 billion bailout, a three-year loan guarantee, represents a desperate attempt to avoid the sort of layoffs that companies like Ford are slowly accepting as inevitable.

GE CEO: Economic Trends Still Mostly Positive

October 24, 2012 2:25 pm | by The Associated Press | News | Comments

General Electric CEO Jeff Immelt says overall economic trends continue to be positive, but business is volatile in the aftermath of the recession. Immelt appeared on CNBC Wednesday in a joint interview carried live with investor Warren Buffett.

Ford Closes Belgian Plant In 2014; 9,500 Jobs Hit

October 24, 2012 10:31 am | by Raf Casert, Associated Press | News | Comments

Ford will close a car plant in Belgium — one of its main European factories — by the end of 2014, a move that will result in 4,500 direct job losses and 5,000 more among subcontractors. Half a century after construction on the Genk plant started, Ford told a management council there that production was winding down since slumping European sales has forced a restructuring of its plants.

Survey Shows China's Manufacturing Improving

October 24, 2012 10:29 am | by Joe McDonald, AP Business Writer | News | Comments

China's manufacturing improved this month, adding to signs a recovery might be taking shape after a sharp slump in the world's No. 2 economy. A preliminary version of HSBC's monthly purchasing managers' index rose to a three-month high of 49.1 points on a 100-point scale, the bank said Wednesday.

AK Steel Shares Fall On Wider 3Q Loss

October 23, 2012 2:19 pm | by The Associated Press | News | Comments

AK Steel Holding Corp. said Tuesday that its third-quarter loss widened to $60.9 million, as steel prices dropped. The results fell significantly short of Wall Street predictions and AK Steel shares tumbled in morning trading. The West Chester, Ohio-based company's loss amounted to 55 cents per share compared with a loss of $3.5 million, or 3 cents per share, a year ago.

DuPont To Cut 1,500 Jobs After 3Q Profit Slides

October 23, 2012 11:39 am | by Randall Chase, AP Business Writer | News | Comments

Chemical maker the DuPont Co. will cut 1,500 jobs and take other steps to increase competitiveness after a third quarter in which earnings fell sharply. The company reported net income of $10 million Tuesday, or a penny per share, compared with $452 million, or 48 cents per share, for the same period last year. Excluding one-time items, DuPont earned 44 cents per share, compared with 69 cents per share for last year's third quarter.

Harley-Davidson 3Q Profit Falls 27 Percent

October 23, 2012 11:37 am | by The Associated Press | News | Comments

Harley-Davidson Inc. said Tuesday that its third-quarter net income fell 27 percent as motorcycle shipments slowed because of the start of a new production system at the company's biggest assembly plant. The Milwaukee-based company said it made $134 million, or 59 cents per share, during the quarter.

Analyst Cuts GE Rating On Slowing Order Growth

October 22, 2012 1:58 pm | News | Comments

Shares of General Electric Co. fell more than 3 percent Monday as an analyst lowered his rating on the industrial company on slowing order growth. GE reported on Friday that its infrastructure orders declined 5 percent in the period. The company posted a 1 percent drop-off in the second quarter.

Caterpillar Cuts 2012 Guidance On Weak Economy

October 22, 2012 9:25 am | by Joshua Freed, AP Business Writer | News | Comments

Caterpillar Inc. cut its profit and revenue guidance on Monday, saying the world's economic conditions "are weaker than we had previously expected." The Peoria, Ill., company is the world's largest construction and mining equipment maker, so its results are watched closely as a sign of where the broader economy is headed.

U.S. Unemployment Aid Applications Jump To 388K

October 19, 2012 2:21 pm | by Christopher S. Rugaber, AP Economics Writer | News | Comments

Weekly applications for U.S. unemployment benefits jumped 46,000 last week to a seasonally adjusted 388,000, the highest in four months. The increase marks a rebound from the previous week's sharp drop. Both swings were largely due to technical factors. A department spokesman said the last two weeks' figures were distorted by seasonal adjustments the department makes.

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