Refinish sales and volumes both up in the quarter. Axalta Coating Systems Ltd. (NYSE:AXTA) announced net sales increased 9.4% year-over-year, and 12.1% excluding the impact of foreign exchange (FX) rates, for the first quarter ended March 31. The strong growth was driven by 9.4% higher average price mix and 2.7% better volumes, offset by a […]
LKQ Corporation Reports Revenue of $3.3 Billion in First Quarter
Parts and services organic revenue growth was 7.9%. The LKQ Corporation (NASDAQ:LKQ) today reported revenue was $3.3 billion in the first quarter of both 2023, even with the first quarter of 2022. For the first quarter of 2023, parts and services organic revenue increased 7.9%, 7.1% on a per day basis, while the net impact […]
PPG Reports Record Sales of Nearly $4.4 Billion in First Quarter
Refinish coatings organic sales flat compared to last year. PPG (NYSE:PPG) yesterday reported net sales of $4.38 billion for the first quarter 2023, a record for the company and up 2% from 4.308 billion in the first quarter last year. According to the company, the year-over-year net sales change was the result of higher selling […]
Property/Casualty Insurance Underwriting Losses Soar, Net Income Shrunk in 2022
The $26.9 billion underwriting loss is the largest since 2011. Key financial results for private U.S. property/casualty insurers significantly worsened in 2022 from a year earlier, according to preliminary results from Verisk (NASDAQ: VRSK), a leading global data analytics provider, and the American Property Casualty Insurance Association (APCIA). The industry experienced a $26.9 billion net […]
PPG Raises First Quarter Financial Guidance
PPG (NYSE:PPG) yesterday announced that first quarter 2023 adjusted earnings per diluted share (EPS) is expected to be between $1.52 and $1.58, which exceeds the company’s previously communicated guidance of $1.10 to $1.20. “The pace of our operating margin recovery accelerated during the quarter, driven by higher sales volumes and additional selling price capture,” said […]
Boyd Group Reports Sales Up Nearly 30% in 2022
Same-store sales up nearly 20%. Demand for collision repair services exceeded capacity. Boyd Group Services Inc. (TSE:BYD) today announced the results for the the fourth quarter and full year ended December 31. For the year, sales increased by 29.9% to $2.4 billion from $1.9 billion in the same period of 2021, including same-store sales increases […]
U.S. Property/Casualty Insurance Industry Projected to Suffer $26.5 Billion Underwriting Loss in 2022
The U.S. property/casualty (P/C) industry recorded a $26.5 billion net underwriting loss in 2022, a slide of $21.5 billion from the prior year’s underwriting loss, according to a new AM Best report. These preliminary results are detailed in a new Best’s Special Report, titled, “First Look: 12-Month 2022 US Property/Casualty Financial Results,” and the data […]
CCC Reports Revenue of $782 Million in 2022
Up 14% compared to the previous year. CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) announced revenue was $782.4 million for the full year 2022, an increase of 14% from $688.3 million for the full year 2021. For the quarter ended December 31, total revenue was $204.1 million, up 9.1% compared to $187.1 million for the fourth […]
Berkshire Hathaway Reports GEICO Collision Claims Severity 14-16% Higher in 2022 Compared to Previous Year
Collision claim frequency was also up last year as company reports auto insurance underwriting loss. Berkshire Hathaway reported its 2022 earnings, including details about its GEICO subsidiary, the second largest private passenger auto insurer in the U.S. on February 25. The company reported claims frequencies in 2022 were higher for all coverages, including property damage […]
State Farm Reports Record Underwriting Losses in 2022
Auto insurance business reports underwriting loss of $13.4 billion. In 2022, State Farm’s auto insurance companies reported record underwriting losses due to rapidly increasing claims severity and significant additions to prior accident year incurred claims. While State Farm experienced unfavorable operating results in auto, State Farm Mutual Automobile Insurance Company remains financially strong. State Farm […]
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