Business is solid for three Michigan companies
Three big corporations in Michigan released their first quarter results today and according to the numbers, business is booming.
Dow Chemical exceeds expectations (Midland, Michigan)
The company says "sales rose 20% to $14.7 billion versus the year-ago period, with double-digit increases in all operating segments and all geographic areas."
Dow's earnings before interest, taxes, depreciation and amortization (a measure of a company's operating cash flow) went up more than $600 million to $2.4 billion, "the second highest quarter in the Company's history," according to Dow.
CMS Energy reports net income of $135 million (Jackson, Michigan)
CMS Energy's principal business is Consumers Energy. The Jackson-based company's reported income of $135 million translates into $0.52 per share, for the first quarter of 2011. That's compared to a net income of $85 million, or $0.34 per share, for the same quarter last year.
From the company's press release:
The first quarter results reflect colder than normal winter temperatures that boosted natural gas and electric sales at the company’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.
Penske Automotive has strong quarter (Bloomfield Hills, Michigan)
Penske Automotive Group Chairman, Roger Penske, said, "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.
[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.