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Market Update

Ford, GM Sales Decline on Weather


Author: Mukesh Buch
ticker.com
Last Update: 12:02 PM ET February 03 2014

11:40 AM New York – Chrysler January sales jumped 8%. Ford sales declined 7% and GM sales fell 11.9% and blamed weather for weaker sales. Ingles Markets net declined 18%. Sysco net dropped 5%.

Chrysler Group LLC, the U.S. unit of Italy based Fiat SpA, said sales in January jumped 8% to 127,183 units, the group’s best January sales since 2008.

Chrysler Group extended its streak of annual sales gains to 46th month in a row in January.

Jeep brand sales in January surged 38% but Compass sales climbed 31%. Jeep Grand Cherokee sales jumped 10%. FIAT brand sales soared 29% in January.

Ford Motor Company (F) dropped 2.7% or car-maker said January sales dropped 7.1% to 154,644 units from 166,501 units and retail sales dropped 5% to 113,721 units a year earlier.

Lincoln sales surged 43% to 5,973 units and sales of Mustang jumped 8% to 3,881 units.

General Motors Company (GM) slipped 1.9% or 71 cents to $35.37 after the automobile company said January sales declined 11.9% to 171,486 a year ago. GM also blamed extreme weather in South, Midwest and Northeast for the sales decline.

The company added retail sales declined 10% although retail deliveries of passenger cars were slightly up. Fleet deliveries plunged 18% due to planned reduction in rental vehicle sales. Total sales were dropped 12%.

GM expects light vehicle sales for the year in the range of 16 million to 16.5 million units, the largest industry sales since 2007.

Ingles Markets, Incorporated (IMKTA) plunged 6.9% or $1.87 to $25.31 after the supermarket operator reported net sales in the first-quarter ending on December 28 rose 1.6% to $945.1 million. Comparable store sales in the quarter decreased 0.8%.

Net income in the quarter declined 18% to $9.53 million or 42 cents a diluted share compared to $11.6 million or 48 cents.

Sysco Corporation (SYY) fell 1% or 38 cents to $34.70 after the food products service provider reported sales in the second-quarter ending on December 28 increased 4.1% to $11.2 billion.

Net earnings in the quarter dropped 4.8% to $210.8 million or 36 cents a diluted share compared to $221.4 million or 38 cents.

Wesco International, Inc (WCC) slid 1.9% or $1.61 to $81.35 after the electric equipment provider said its Canadian subsidiary acquired Ontario-based LaPrairie, Inc.

The company said the purchase will be accretive to earnings by about $0.03 per diluted share in the first year of operation.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc