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PPG Reports Third Quarter Refinish Coatings Sales Down 10% Due to Pandemic Impact on Driving

October 20, 2020 By CollisionWeek Editor

PPG (NYSE:PPG) reported third quarter 2020 net sales of about $3.7 billion, down approximately 4% versus the prior year. Selling prices increased by 1.3%. Sales volumes were down about 5% versus the prior year, which reflect ongoing negative economic impacts of the COVID-19 pandemic. Acquisition-related sales added less than 1% to sales growth, and the […]

Filed Under: News Tagged With: Earnings, PPG Industries

PPG Projects Strong Third Quarter Financial Results

October 9, 2020 By CollisionWeek Editor

PPG (NYSE:PPG) announced that its third quarter 2020 adjusted earnings per diluted share is expected to be between $1.90 and $1.94. This compares to adjusted earnings per diluted share of $1.67 in the third quarter of 2019. In addition, the company now anticipates that sales volumes versus the third quarter 2019 will be down about […]

Filed Under: News Tagged With: Earnings, PPG Industries

Uni-Select Says Market Conditions Improved in July and August

October 1, 2020 By CollisionWeek Editor

Uni-Select Inc. (TSE:UNS) provided a business update for July and August, including market conditions in the U.S., Canada and the U.K., its organic sales growth, the status of its Continuous Improvement Plan and its financial position. According to the company, key industry metrics in the U.S., Canada and the U.K. are showing clear signs of […]

Filed Under: News Tagged With: Earnings, FinishMaster, Uni-Select

AkzoNobel Reports Continued Improving Trend in the Third Quarter

September 11, 2020 By CollisionWeek Editor

As the complex situation regarding the global COVID-19 pandemic continues to evolve, Akzo Nobel N.V. (AKZA; AKZOY) yesterday provided an update on recent business performance. According to the company, market headwinds have continued to ease during recent months. Based on current trading, total revenue for the third quarter is expected to be close to previous […]

Filed Under: News Tagged With: AkzoNobel, Earnings

Copart Reports Fourth Quarter Revenue of $525 Million

September 3, 2020 By CollisionWeek Editor

Copart, Inc. (NASDAQ: CPRT) reported financial results for the quarter and year ended July 31 that its revenue, gross profit, and net income were $525.7 million, $250.4 million, and $165.5 million, respectively. These represent a decrease in revenue of $16.9 million, or 3.1%; an increase in gross profit of $7.8 million, or 3.2%; and an […]

Filed Under: News Tagged With: Copart, Earnings

U.S. Property/Casualty Industry’s Underwriting, Net Income Drops in First-Half 2020

August 26, 2020 By CollisionWeek Editor

AM Best

A.M. Best says COVID-19 related underwriting expenses and dividends will impact industry profitability. Underwriting income for the U.S. property/casualty (P/C) industry fell by 5.5% in the first half of 2020, compared with first-half 2019, on increases in underwriting expenses and policyholder dividends, largely stemming from COVID-19-related factors. This AM Best financial review is detailed in […]

Filed Under: News Tagged With: A.M. Best, Earnings, Property Casualty Insurance

Boyd Group Reports Sales Down Over 25% in Second Quarter Due to Pandemic

August 12, 2020 By CollisionWeek Editor

Same store sales down 33% compared to last year. Boyd Group Services Inc. (TSE: BYD) today announced sales decreased by 25.5% to CA$426.5 million ($321.6 million) in the second quarter ended June 30 from CA$572.5 million ($431.7 million) in the same period of 2019, including same-store sales decreases of 33.0%, which was negatively impacted by […]

Filed Under: News Tagged With: Boyd Group, Earnings

Universal Technical Institute Reports Fiscal Third Quarter of Revenue Down 31%

August 12, 2020 By CollisionWeek Editor

Universal Technical Institute, Inc. (NYSE: UTI), the provider of transportation technician training, reported revenue of $54.5 million for its fiscal third quarter ended June 30, down 31% from the prior year quarter reflecting timing of students returning from leave of absence (LOA) and overall student progression through make-up labs. The company reported new student starts […]

Filed Under: News Tagged With: Earnings, Universal Technical Institute

Hertz Global Holdings Reports Global Revenue Down 67% in Second Quarter

August 11, 2020 By CollisionWeek Editor

Hertz US RAC Q2 2020

Hertz Global Holdings, Inc. (NYSE:HTZ) today reported results for its second quarter 2020 with revenue of $832 million, a net loss of $847 million and adjusted Corporate earnings before interest, taxes, depreciation and amortization (EBITDA) of negative $587 million. Liquidity at the end of the second quarter was $1.4 billion. In May, Hertz filed for […]

Filed Under: News Tagged With: Earnings, Hertz

GEICO Reports Collision Claims Frequencies Were Down 24-26% in First Half of 2020

August 10, 2020 By CollisionWeek Editor

GEICO’s underwriting results

Collision severity up for first half. Overall premiums written were down 7% in the quarter and 1.1% for first six months. On August 8, Berkshire Hathaway Inc. reported its second quarter earnings, including details about its GEICO subsidiary, the second largest auto insurer in the U.S. According to the company’s quarterly report, GEICO generated pre-tax […]

Filed Under: News Tagged With: Berkshire Hathaway, Claim Frequency, Claim Severity, Earnings, GEICO

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