Auto Stocks Jump On Chrysler’s Earnings (F, HMC, TSLA, GM, Hyundai Motor)

Auto Stocks Jump On Chrysler’s Earnings (F, HMC, TSLA, GM, Hyundai Motor)

Shares of U.S. car manufactures jumped in early session ahead of their earnings soon as couple of big international companies including  Chrysler and Hyundai Motor reported strong quarterly numbers driven by strong sales in U.S,  easily offset a slower demand in Europe and China.

Ford Motor Company(NYSE:F) shares are trading higher by 0.34% ahead of its first-quarter  earnings on Friday. Analysts are estimating the company to report 35 cents a share on an average, down 12 cents from a year ago profit of 47 cents a share. Revenue is projected to rise marginally to $31.49 billion, from $31 billion a year ago. A sharp decline in net income is expected due to a sharp fall in vehicle demand in Europe and slowing sales growth in South America and Asia.

Chrysler this morning stated that the company earned $473 million in the first quarter, up sharply from a year ago profit of $116 million. Revenue during the quarter grew 25% to $16.4 billion. Its market share in the United States jumped two%age points in the first quarter, to 11.2%. Sales at American dealerships increased 39%, with passenger-car deliveries up 89%, versus an 11% gain for the rest of the industry. In Canada, Chrysler surged ahead of General Motors and the Ford Motor Company to become that country’s top-selling carmaker for the first time.

Hyundai Motor reported sharp jump in its first quarter profit boosted by strong sales in the United States. The company earned $2.15 billion, its highest since changing accounting methods a year ago. The company said it expects to beat an aggressive sales target for Europe – of an increase of 15.4 percent to 465,000 vehicles this year – even though the market is seen falling 5 percent. Hyundai increased its European sales by 11 percent last year.

HONDA MOTOR CO., LTD. (ADR)(NYSE:HMC) shares are up 0.25% to $35.70. Analysts are estimating the company to report a profit of 64 cents a share, up from a year ago profit of 30 cents a share. Revenue is estimated to grow by 11.30% to $30 billion, from a year ago revenue of $56.61 billion.

General Motors Company (NYSE:GM) shares jumped 1.16% to $23.58. Analysts are estimating the company to report a profit of 85 cents a share, up from a year ago profit of 95 cents a share. Revenue is estimated to grow by 2.90% to $37.25 billion, from a year ago revenue of $36.19 billion.

Tesla Motors Inc (NASDAQ:TSLA) shares jumped 0.70% to $33.14. Analysts are estimating the company to report a loss of 69 cents a share, up from a year ago loss of 44 cents a share. Revenue is estimated to fall by 34.70% to $32 million, from a year ago revenue of $49.03 million.