penske http://michiganradio.org en Business is solid for three Michigan companies http://michiganradio.org/post/business-solid-three-michigan-companies <p>Three big corporations in Michigan released their first quarter results today and according to the numbers, business is booming.</p><p><strong>Dow Chemical exceeds expectations</strong> (Midland, Michigan)</p><p>The <a href="http://www.dow.com/financial/earnings/2011/11q1earn.htm">company says</a> &quot;sales rose 20% to $14.7 billion versus the year-ago period, with double-digit increases in all operating segments and all geographic areas.&quot;</p><p>As Andrew Dodson of <a href="http://www.mlive.com/business/mid-michigan/index.ssf/2011/04/dow_chemical_sales_increase_to.html">Booth-Mid Michigan</a> pointed out, <a href="http://www.zacks.com/research/get_news.php?id=115l9645">analysts</a> had expected Dow to achieve $13.8 billion in sales.</p><p>Dow&#39;s earnings before interest, taxes, depreciation and amortization (a <span class="bdlink">measure</span> of a company&#39;s operating cash flow) went up more than $600 million to $2.4 billion, &quot;the second highest quarter in the Company&#39;s history,&quot; according to Dow.</p><p><strong>CMS Energy reports net income of $135 million</strong> (Jackson, Michigan)</p><p>CMS Energy&#39;s principal business is Consumers Energy. The Jackson-based company&#39;s reported income of $135 million translates into $0.52 per share, for the first quarter of 2011. That&#39;s compared to a net income of $85 million, or $0.34 per share, for the same quarter last year.</p><p>From the company&#39;s press release:</p><blockquote><p>The first quarter results reflect colder than normal winter temperatures that boosted natural gas and electric sales at the company&rsquo;s Michigan utility, Consumers Energy. Those sales increases partially were offset by costs the utility incurred in restoring service to electric customers after a series of unusually severe winter storms.</p></blockquote><p><strong>Penske Automotive has strong quarter </strong>(Bloomfield Hills, Michigan)</p><p>Penske Automotive Group Chairman, Roger Penske, said, &quot;our first quarter results exceeded my expectations. I am particularly pleased with the same-store retail revenue growth generated in all lines of our business.</p><p>From <a href="http://www.tradershuddle.com/20110428212078/Press-Releases/Penske-Automotive-Reports-First-Quarter-Results.html">Businesswire</a>:</p><blockquote><p>[Penske] reported a 51.7% increase in first quarter income from continuing operations attributable to common shareholders to $36.4 million, which compares to income from continuing operations attributable to common shareholders of $24.0 million in the first quarter last year. Earnings per share from continuing operations attributable to common shareholders increased 50.0% to $0.39 per share from $0.26 per share in the first quarter last year. Total revenue in the first quarter increased 15.3% to $2.9 billion, including an 11.6% increase in same-store retail revenues, due in large part to increases in new and used retail vehicle unit sales. Thu, 28 Apr 2011 16:33:16 +0000 Mark Brush 2267 at http://michiganradio.org Business is solid for three Michigan companies