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GM, Ford try to calm investors' jitters

(2011-06-09 16:04:31)
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分类: 财经

GM, Ford try to calm investors' jitters

通用、福特汽车努力缓解投资者的不安

DETROIT (AP) -- General Motors and Ford are trying to reassure investors that their sales and profits will keep growing despite a weaker U.S. economy and slower auto sales

Carmakers have been hit with a string of bad news this spring, from the March 11 earthquake in Japan that left dealers short on cars to rising gas prices and unemployment. U.S. auto sales fell in May, their first monthly decline this year.

The news has hurt. GM's shares have lost almost 13 percent of their value since selling for $33 per share in a public stock sale last November. Ford's stock price, meanwhile, has fallen more than 9 percent since the start of May.

On Tuesday, GM's CEO highlighted the company's healthier finances at its annual shareholder meeting in Detroit, while Ford unveiled an expansion plan to investors in New York. The message was the same: The companies' turnarounds remain on track following years of struggle and, for GM, bankruptcy.

"The bankruptcy, as difficult as it was, may have been not only a second chance, but a rebirth of a great 21st century global manufacturing company that is no longer burdened by the past," GM CEO Dan Akerson said.

The messages seemed to take. GM shares rose 1 percent to close at $28.78, while Ford's rose slightly to close at $13.95.

Jefferies auto analyst H. Peter Nesvold said larger economic worries have been overriding many companies' performance in recent weeks, including GM and Ford.

(底特律)--通用汽车和福特汽车正在努力消除投资者的疑虑。尽管美国经济萎靡,汽车销量下滑,但是通用和福特的销售和利润将保持增长。

今年春天,汽车制造商已被一连串坏消息打击,从今年3月的日本地震导致经销商汽车不够,到燃气价格和失业率的上涨。5月,美国汽车销量也已下滑,这是今年第一次月度下滑。

这些新闻已造成了一些严重后果。通用汽车的股票价格已比去年以每股33美元公开股票发行价下跌了13%。同时,福特的股票已比5月开始下跌了9%。

在周二,通用总裁在底特律的年度股东大会上强调了公司财政更健康,而福特公司在纽约向投资者透露扩展计划。这些信息都是相同的:在经历前一年的挣扎和破产后,特别是通用,公司扭亏为盈的局面仍然保持在正轨上。

“破产虽然是一件很艰难的事情,但是对于这家21世纪全球制造业巨头来说,不仅是又一次机会,而且是使其不再受过去负担拖累的伟大重生。”通用总裁A说到。

消息看起来起了作用。通用股票上涨了1%到达了28.78美元一股,而福特汽车的涨幅很小,接近13.95美元一股。

杰弗里斯汽车分析帅HPN说到更大的经济担忧已打击许多公司最近几个星期的业绩,包括通用和福特。

"It makes it very difficult for companies executing well to get recognition for it," he said.

Akerson said he isn't worried about GM's slumping stock price. The company has performed in line with its competitors, all of which have seen stock declines in recent months. Akerson recently spent $940,000 of his own money to buy 30,000 GM shares, a gesture executives often use to boost confidence in a company.

GM has many strengths, he said, including a "fortress" balance sheet with $36.5 billion in cash and available liquidity, and only $5 billion in debt. The company's senior management team also has the right mix of GM experience and outside perspectives, he said.

Shareholders elected all 11 current members of the board and approved Akerson's 2010 pay package, which was valued at just over $2.5 million for his four months of work as CEO.

Nesvold said Ford had taken a hit from some investors for not presenting a clear plan for growth in emerging markets. Ford tried to reverse that by announcing it will increase global sales by 50 percent by the middle of this decade, mostly through growth in Asia. Ford sold 5.3 million vehicles last year, and hopes to sell 8 million in the next five or six years, with a one-third of sales coming from fast-growing economies in Asia.

"We think it's really important that the investors understand that we have a plan. The plan isn't just `survival," Chief Financial Officer Lewis Booth said in a phone call with media before the investor meeting began.

他说:“这将会造成运营良好的公司对其认知上的困难。”

A称他不担忧通用股票下跌。通用已和它的竞争者走在同一条路上。近几个月,所有的汽车公司的股票都在下跌。A最近自掏94万美元买了3万股通用汽车的股票,这种行为高管常常使用以鼓励公司的信心。

通用汽车有许多优势,他说到,包括一笔关键的365亿美元现金和可流动资产的资产负债表,其中负债只有50亿美元。公司高层也有着通用经历和海外前景的人脉黄金组合,他说到。

股东挑选了当年董事会全部11个成员,而且批准了A2010年的综合工资,在A上任总裁四个月的时间里领到了略高于250万美元的工资。

N称福特因没有呈交新兴市场增长的详细计划,而且遭受了一些股东的打击。福特通过宣称在2015年左右它将增长全球销量的50%,努力扭转局面。销量的增长大部分来自亚洲。福特去年卖出了530万台汽车,希望在未来五或六年里卖出800万台汽车,其中三分之一将来自经济高速发展的亚洲国家。

“我认为投资者知道我们已制定计划非常重要。此计划不仅是为了存活,”在投资者会议前,首席财政官LB在电话采访中说到。

Nesvold said Ford's plan is particularly impressive because it calls for increasing profit margins even though it will lower its car prices by $1,000 to $2,000 in some emerging markets. Ford can do that because it has cut costs by selling cars globally instead of designing different cars for different regions.

Analysts have been concerned that Ford is lagging behind rivals like GM and Volkswagen in Asia. It controls less than 3 percent of the market in India and China. The company said it will expand its offerings in India from three cars to eight by the middle of this decade, and will add 10 cars to its lineup in China.

Ford reported a $2.6 billion profit in the first quarter, its eighth straight quarterly profit, while GM earned $3.2 billion for the quarter. But that hasn't kept investors from getting skittish, particularly about the fragile economy, the rising cost of steel and other raw materials, high gas prices and tough competition from Hyundai Motor Co.

In addition, Japanese automakers didn't have enough cars to sell last month because of shortages caused by the earthquake, but they're sure to offer big promotions once their supplies come back, putting pressure on GM and Ford.

N称福特的计划给人留下的印象特别深刻,因为计划要求提高边际利益,尽管福特汽车在一些新兴市场的价格将下调1000到2000美元。福特可以做到这些因为它已通过把汽车卖往全球消减成本,而不是为不同的区域设计不同的汽车。

分析家已开始关心福特在亚洲的扩张正在落后像通用汽车和大众这样的竞争对手。福特在印度和中国的市场份额不到3%。福特公司称到2015年左右,它在印度出售的汽车将翻8/3倍,而在中国将比现在的水平多出10量。

福特公布第一季度的利润为260亿美元,这已是连续8个季度盈利了,而通用第一季度的盈利为320亿美元。但是这并不能让投资者远离不安,特别是萎靡的经济,钢铁和其它原材料成本的上涨,燃气价格上涨,还有来自现代汽车的激烈竞争那么多因素的影响下。

此外,日本汽车产商上个月没有足够的汽车出售,这是因为地震导致的产量的短缺,但是一但供应好转,他们肯定会有很好改善,这让通用和福特感到了压力。

George Magliano, an analyst with IHS Automotive, said both companies still have a lot to prove. GM has established its global footprint; it controls 14 percent of the market in China, for example. But he said the company has seen a lot of instability in its executive ranks -- Akerson is GM's third CEO in two years -- and needs to get more good small cars like the Chevrolet Cruze into the market.

Ford, he said, has solid leadership in CEO Alan Mulally and ambitious growth plans, but it will need to show results.

"Mulally's righted the ship in North America, but now he's really got to address the needs in the rest of the world," he said.

IHS Automotive分析家GM称两大汽车产商仍然有许多需要证明。通用已开始了它全球化的步伐;例如它占有了中国14%的汽车市场。但是他称通用在它的管理层上看到了很多不稳定---A已是通用两年内第三任总裁了—而且通用需要研发出像市场上科鲁兹这样的更好的小型汽车。

他说到,福特的管理层和稳定,他的CEO是AM,而且有一个非常庞大的增长计划,但是它需要拿出业绩来。

“M在北美市场做得很好,但是现在他真的需要增加其它地方福特的市场份额,”他说到。

http://finance.yahoo.com/

 

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