Last Updated Nov 6, 2008 8:45 PM EST A third auto dealer chain, the nation's largest, reported a third-quarter net loss. Like the others, AutoNation Inc. cited a "toxic" combination of the downturn in U.S. auto sales, the credit crunch, falling consumer confidence, and a big write-down on the value of its Detroit 3 domestic franchises. AutoNation on Nov. 6 reported a net loss of $1.4 billion in the third quarter, versus net income of $72.1 million in the year-ago quarter. Without the effect of a $1.46 billion charge, net income from continuing operations was $44 million. Mike Jackson, AutoNation chairman and CEO, said the company now expects U.S. auto sales this year to fall to the low 13-million range, the lowest in 18 years. For 2009, he didn't make his own prediction, but cited "the most conservative industry forecast" of around 12 million units. In response to the slowdown, Jackson said the company plans to pay down debt and cut expenses by $100 million a year. In a conference … [Read more...] about AutoNation Net Loss Tops $1 Billion
Net loss
Recession Drags Daimler to Second-Quarter Net Loss
Last Updated Jul 29, 2009 8:12 AM EDT Daimler earnings fell to a net loss of about $1.5 billion in the second quarter, versus net income of close to $2 billion in the year-ago quarter. The company's spinmeisters stressed that Daimler narrowed its loss versus the first quarter of 2009, and that the company expects passenger-car sales to improve in the second half. That's because of greater availability and new variants coming to market for a new-generation E-Class and the all-new GLK crossover. However, Daimler Chairman Dieter Zetsche conceded the results show Daimler has "a lot more work to do," with regard to cost-cutting and efficiency measures. For the full year, Daimler expects sales to fall in each of its industrial divisions: passenger cars are expected to be down 15 to 20 percent; commercial trucks, down 40 to 50 percent; vans down 35 to 40 percent. In the slumping U.S. market, the company said passenger-car unit sales fell 26 percent to 50,714 in the first quarter, or 30 … [Read more...] about Recession Drags Daimler to Second-Quarter Net Loss
Nissan Posts a Small Net Loss; Belt-Tightening Continues
Last Updated Jul 30, 2009 11:19 AM EDT Nissan reported a small net loss of $170 million â€" small, considering revenue for the quarter ended June 30 fell 35.5 percent versus the year-ago quarter. Nissan President and CEO Carlos Ghosn said Nissan will stick with a program of belt-tightening. Nissan has reduced inventories of unsold cars and trucks, and cut spending nearly across the board, including a 20â€"percent cut in budgets for marketing and sales; a 75-percent cut in factory overtime; plus a 75-percent cut in travel. Nissan left unchanged its forecast for a net loss for the full fiscal year ended March 31, 2010. The company expects a net loss of about $1.8 billion for the fiscal year. The quarter just ended was the first quarter of Nissan's 2009 fiscal year. Separately this week, Japanese rival Honda reported net income of just $79 million for the same quarter, on 30.2 percent lower revenues. In Germany, Mercedes-Benz parent Daimler reported a net loss for … [Read more...] about Nissan Posts a Small Net Loss; Belt-Tightening Continues
For some, “big time net loss” after attending Trump University
At a speech in South Carolina Wednesday, Republican presidential candidate Donald Trump brought up one of his former ventures: Trump University. It's been the subject of increased scrutiny ever since New York's attorney general sued Trump in 2013, saying the school was a scam. While a number of students said they were satisfied with the value of their Trump University investment, 150 filed affidavits with an attorney general, and two class-action lawsuits were filed by students demanding their money back. The lawsuits are still ongoing and just last week, a judge decertified part of one class-action suit relating to Trump University, handing Trump a partial victory. During a three-month investigation, CBS News reached out to dozens of former students and reviewed hundreds of comments about the program. Trump has become the Republican frontrunner in part because of his reputation as a top businessman who gets things done, reports CBS News correspondent Julianna Goldman. But that's also … [Read more...] about For some, “big time net loss” after attending Trump University
Zynga to report net loss, take charge
NEW YORK Zynga (ZNGA) expects a loss for the third quarter and says its preliminary results reflect weak demand for some games. It's also taking a charge related to its acquisition of OMGPop, a mobile game maker. The San Francisco-based online game company said Thursday that it sees a net loss of 12 to 14 cents per share. Excluding one-time items the company expects to break even or post a loss of 1 cent per share. Zynga also forecast revenue of $300 million to $305 million. Silicon Valley isn't sharing Zynga's miseryZynga counters suit against Electronic ArtsZynga chief marketing, revenue officer resignsAnalysts expect breakeven earnings on revenue of $286.7 million, according to FactSet. Zynga will take a charge of $85 million to $95 million on its OMGPop acquisition, the company behind "Draw Something." Zynga shares tumbled 15 percent in after-hours trading. … [Read more...] about Zynga to report net loss, take charge