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CUTS MEAN BLEAK OUTLOOK FOR SUPPLIERS
Gli alti prezzi spuntati dalle materie prime, ad esempio nel caso del nickel, continuano a esigere un oneroso tributo - Per l'industria Usa dei componenti d'auto si profila una fase di grandi difficoltà - Il pessimismo nasce dalla necessità di forti tagli produttivi, dettati dal livello esorbitante delle giacenze dei principali costruttori
Bernard Simon

Business is going from bad to worse for the North American automotive parts industry.
Rating agencies have warned of a fresh round of credit downgrades and equity analysts have reined in earnings and share-price expectations.
Several companies are widely rumoured to be on the brink of bankruptcy or liquidation, joining dozens of others that have filed for court protection over the past two years. Those in the throes of restructuring are struggling to find buyers for unwanted plants.
In a report titled "It's Hard Out There as a Supplier", Morgan Stanley last week cut its industry earnings projections for the third time in a month.
Three of the biggest component makers - BorgWarner, Lear and TRW - have issued profil waenings. Quoting a client, Jonathan Steinmetz, Morgan Stanley's auto analyst, says: «When the most sober guys in the bar are admitting to a drinking problem, you know there are issues with the rest of them.»
JPMorgan has identified another seven at risk of earnings disappointments. They include Magna International and Johnson Controls - two of the sector's bluest chips - plus Visteon, American Axle, Tennenco, Arvin-Meritor and Gentex. BorgWarner said on Friday it was laying off 850 people, or 13 per cent of its North American workforce. Its shares have lost one-fifth of their value since July.

The latest bout of pessimism stems from deep production cuts announced by the Detroit-based carmakers, especially Ford and Daimler-Chrysler Chrysler division. The carmakers have been forced into drastic action by bulging inventories and, in the longer term, by their eroding market share.
Chrysler warned last week that output would be 16 per cent lower in the second half than a year earlier. Ford plans to cut output of pick-up trucks and sport utility vehicles by 28 per cent in the fouth quater General Motors has announced a 12 per cent production cut, reflecting its strategy of trimming back low-margin sales to car-rental operators.

The Detroit carmakers' fourth-quarter production is expected to be the lowest in 13 years.
High commodity prices continue to take a toll. BorgWarnes uses almost 3,000 tons of nickel a year in turbo-chargers.
The metal's price has soared from $6.50 per Lb in the first three months of this year to an expected $12 in the second haif.
Asian carmakers' expanding market share has been of little comfort.
The North American suppliers' efforts to broaden their customer base has been "painfully slow", says Jim Gillette, analyst at CSM Worldwide, an automotive consultancy. «It's still very tough to break down longtime loyalties in this industry.»

Bernard Simon
Tratto dal «Financial Times» del 25 settembre


  • Auto analyst: analista del settore automobilistico
  • Automotive consultancy: agenzia di consulenza per il settore automobilistico
  • Automotive parts industry: industria dei componenti automobilistici
  • Bankruptcy: bancarotta
  • Blue chip: azione industriale di prim'ordine
  • Carmakers: case automobilistiche, costruttori di automobili
  • Car-rental operators: operatori del settore del noleggio auto
  • Commodities: (qui) materie prime
  • Court protection: procedura giuridica di protezione (secondo il famoso Charter 11)
  • Credit downgrades: declassamenti crediziti
  • Equity analysts: analisti azionari/del mercato azionario
  • Industry earnings projections: proiezioni sui profitti di un settore industriale
  • Inventories: Giacenze (nel senso di autoveicoli non ancora venduti/messi sul mercato)
  • To lay off: Licenziare (ma anche: sospendere temporaneamente dal lavoro)
  • Lb (pound): libbra
  • Low-margin sales: vendite a basso margine
  • Market share: quota di mercato
  • Profit warning: allarme sui profitti/utili
  • Rating agencies: agenzie di classamento creditizio
  • Share-price expectations: attese in materia di corsi azionari
  • Turbo(-charger): (turbo) compressore (rotante)
  • Workforce: forza lavoro