Latest news with #OriginalEquipmentManufacturers
Business Recorder
23-07-2025
- Automotive
- Business Recorder
Pakistan Single Window: Auto makers can now apply for import quotas digitally
Auto manufacturers no longer have to apply manually to the government's Engineering Development Board (EDB) for the issuance of import quotas, as the board has successfully integrated with the Pakistan Single Window (PSW) with effect from July 17, 2025. The PSW is a digital platform that enables centralized, and paperless trade by allowing parties involved in imports, exports, and transit to submit information and documents through a single entry point - The move is meant to enhance ease of doing business and ensuring transparency in regulatory approvals. It will enable automotive manufacturers and Original Equipment Manufacturers (OEMs) to submit electronic requests for import quota approvals for further processing by customs. The manufactures and OEMs have been asked to obtain PSW User IDs from July 17. All requests will now be submitted through PSW and no manual request will be accepted or processed directly by the EDB. The data will be maintained in both PSW and WeBOC systems - Pakistan Customs' electronic clearance platform - ensuring seamless processing and record integrity as well as real time visibility to both Customs and EDB. As per EDB data, more than 100 OEMs are registered with the department. Talking to Business Recorder, the PSW team said previously, automotive manufacturers were required to manually apply to the EDB for the issuance of import quotas under SRO 656(I)/2006 dated 22.06.2022 in order to avail exemptions and concessions on the import of components. This paper-based process was time-consuming and lacked transparency as manufacturers had no visibility into the status of their applications. PSW CEO explains trade facilitation, regional connectivity agenda A fully digital system To address these challenges, the PSW, in consultation with the EDB and OEMs, has developed and launched a fully digital system. The new system allows OEMs to submit their quota applications to the EDB electronically through the PSW platform, eliminating the need for physical documentation and enabling real-time visibility and tracking of application status by the OEMs. Further, any requests for additional information or clarifications from the EDB will also be managed through the PSW platform, ensuring seamless and transparent communication between stakeholders. Once approved by EDB, the import quota will be integrated with the WeBOC system, allowing manufacturers to use the quota directly during the import of components. The newly-launched digital system eliminates the need for manual, paper-based processing, and replaces approximately 32 paper documents with real-time electronic validations from relevant agencies. This transformation is expected to significantly reduce both the time and cost involved for OEMs in obtaining quota approvals from the EDB. Exporters in PSW system: SBP amends 'undertaking' for payments via ADs Moreover, the PSW's digital processing system enhances application visibility and tracking, resulting in greater transparency and efficiency throughout the entire process. Finally, improved data visibility and analytics will help informed decision making. According to PSW officials, multiple engagement sessions were held with key stakeholders to gather their input in designing a more efficient system that addresses the challenges faced by OEMs for clearance of their goods. This was followed by comprehensive change management sessions jointly led by PSW and EDB to train stakeholders on the use of the new digital system, ensuring a smooth transition from the manual to the electronic platform. More than 100 OEMs are engaged in the manufacturing/assembling of automotive parts. They have welcomed the new initiative and expressed appreciation for the PSW's digital solution, recognizing its potential to eliminate redundancies and inefficiencies inherent in the earlier paper-based system. The PSW provides a digital platform that brings together multiple stakeholders involved in cross-border trade to reduce both the time and cost associated with trading across borders. The PSW primarily serves as a platform for integrating customs and regulatory clearance of import, export and transit goods and is predicated on a harmonized and coordinated approach towards cargo reporting, management, and clearance procedures. Phase 1 of the Pakistan Single Window was rolled out on June 30, 2022,and it continues to add new services, features, and entities to the platform.
Time of India
18-07-2025
- Automotive
- Time of India
Wheels India bets big on exports biz; makes inroads in construction, tractor segments
Wheels India Ltd , a leading manufacturer of wheels for trucks, agricultural tractors , and passenger vehicles , is betting big on its exports business and has made inroads in the construction and tractor segments , a top official said. The city-based company was also confident that the overseas business to grow this year despite the uncertainty around tariffs. Wheels India Ltd Chairman S Ram, while addressing the shareholders at the 66th Annual General Meeting on Thursday, said the overseas subsidiaries in the United States and Europe would give further thrust to the business development and customer support in these geographies. "The company has made inroads in the construction and tractor segment in overseas markets and the prospects look good," he said, responding to a query from a shareholder. While there was an uncertainty at the moment, he exuded confidence stating his company was positive on the exports front. Referring to the bus segment where the company is a formidable player, Ram said, there has been a 'strong growth' in the bus segment where it supplies air suspension systems and wheels. On the agricultural tractor segment, he said, this segment recorded a 8 per cent growth in FY2025 driven by a favourable monsoon. The company commissioned a new tractor wheel line in March 2025 that would widen the product range and increase its presence in domestic and international markets, he said. On the passenger vehicle segment, Ram said the utility vehicles contribute to 65 per cent of the total units sold. With penetration of aluminium wheels coming close to 40 per cent of the fitment, the company started supplies to one of the big four car manufacturers last financial year, he said, without elaborating. On the air suspension segment, he said this segment has been doing well and his company not only supplied to traditional automobile manufacturers and OEMs ( Original Equipment Manufacturers ) but also has become a 'significant supplier' to electric vehicle makers. Wheels India expects infra-activity to pick up both in domestic and overseas markets in the construction and mining segment, where it supplies wheels, welded structural components and hydraulic cylinders, he said. In FY2025, Wheels India recorded a 56 per cent rise in its net profit at Rs 105.9 crore, breaching the milestone mark of Rs 100 crore as compared to the previous financial year, the company said.
Hamilton Spectator
14-05-2025
- Business
- Hamilton Spectator
Quorum Announces Q1 2025 Results Release Date, Conference Call and Webcast Details
CALGARY, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — Quorum Information Technologies Inc. (TSX-V: QIS) ('Quorum'), a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers ('OEMs') rely on for their operations, intends to release its Q1 2025 Results after markets close on Wednesday, May 28, 2025. Maury Marks, President and Chief Executive Officer and Marilyn Bown, Chief Financial Officer will present the Q1 2025 Results at a conference call with concurrent audio webcast, scheduled for: An updated Investor Presentation, replay of the results conference call, and transcripts of the conference call, will also be available at . About Quorum Information Technologies Inc. Quorum is a North American SaaS Software and Services company providing essential enterprise solutions that automotive dealerships and Original Equipment Manufacturers ('OEMs') rely on for their operations, including: Contacts: Maury Marks President and Chief Executive Officer 403-777-0036 Marilyn Bown Chief Financial Officer 403-777-0036 Forward-Looking Information This press release may contain certain forward-looking statements and forward-looking information ('forward-looking information') within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as 'anticipate', 'believe', 'plan', 'intend', 'objective', 'continuous', 'ongoing', 'estimate', 'expect', 'may', 'will', 'project', 'should' or similar words suggesting future outcomes. Quorum believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause Quorum's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information. Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this release and neither accepts responsibility for the adequacy or accuracy of this release. PDF available:
Yahoo
10-04-2025
- Automotive
- Yahoo
Q4 Rundown: Methode Electronics (NYSE:MEI) Vs Other Electrical Systems Stocks
As the craze of earnings season draws to a close, here's a look back at some of the most exciting (and some less so) results from Q4. Today, we are looking at electrical systems stocks, starting with Methode Electronics (NYSE:MEI). Like many equipment and component manufacturers, electrical systems companies are buoyed by secular trends such as connectivity and industrial automation. More specific pockets of strong demand include Internet of Things (IoT) connectivity and the 5G telecom upgrade cycle, which can benefit companies whose cables and conduits fit those needs. But like the broader industrials sector, these companies are also at the whim of economic cycles. Interest rates, for example, can greatly impact projects that drive demand for these products. The 13 electrical systems stocks we track reported a slower Q4. As a group, revenues were in line with analysts' consensus estimates while next quarter's revenue guidance was 6.1% below. Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 21.2% since the latest earnings results. Founded in 1946, Methode Electronics (NYSE:MEI) is a global supplier of custom-engineered solutions for Original Equipment Manufacturers (OEMs). Methode Electronics reported revenues of $239.9 million, down 7.6% year on year. This print fell short of analysts' expectations by 8.9%. Overall, it was a disappointing quarter for the company with revenue guidance for next quarter missing analysts' expectations and a significant miss of analysts' EBITDA estimates. Management CommentsPresident and Chief Executive Officer Jon DeGaynor said, 'Our journey to transform Methode is well underway. Our actions to improve execution, while still in an early phase, positively impacted our financial results but were partially masked by challenging market headwinds. Although we had a strong quarter for our power product sales into data center applications, they were more than offset by the overall weakness in the auto market and the slowing of new EV program ramp-ups. Despite the lower overall sales, our gross profit was higher than the prior year, as we began to realize benefits from the transformation actions like lower scrap and premium freight costs. At the operating line, despite the notable drop in sales, our loss improved from the prior year and demonstrated that our actions have clearly lowered the breakeven sales point for the company. Lastly, we returned to generating positive free cash flow, in part due to our actions on accounts receivable and inventory levels.' Methode Electronics delivered the weakest performance against analyst estimates of the whole group. The stock is down 38% since reporting and currently trades at $6.09. Read our full report on Methode Electronics here, it's free. Enhancing commercial environments, LSI (NASDAQ:LYTS) provides lighting and display solutions for businesses and retailers. LSI reported revenues of $147.7 million, up 35.5% year on year, outperforming analysts' expectations by 14.3%. The business had an incredible quarter with an impressive beat of analysts' EPS estimates and a solid beat of analysts' EBITDA estimates. LSI scored the biggest analyst estimates beat and fastest revenue growth among its peers. The stock is down 16.3% since reporting. It currently trades at $16.57. Is now the time to buy LSI? Access our full analysis of the earnings results here, it's free. Credited with introducing the first automatic washing machine, Whirlpool (NYSE:WHR) is a manufacturer of a variety of home appliances. Whirlpool reported revenues of $4.14 billion, down 18.7% year on year, falling short of analysts' expectations by 1.5%. It was a disappointing quarter as it posted full-year EPS guidance missing analysts' expectations. Whirlpool delivered the slowest revenue growth in the group. As expected, the stock is down 35.8% since the results and currently trades at $83.14. Read our full analysis of Whirlpool's results here. Allegion plc (NYSE:ALLE) is a provider of security products and solutions that keep people and assets safe and secure in various environments. Allegion reported revenues of $945.6 million, up 5.4% year on year. This number surpassed analysts' expectations by 0.8%. Zooming out, it was a mixed quarter as it also recorded a decent beat of analysts' EPS estimates but a significant miss of analysts' EBITDA estimates. The stock is down 9.8% since reporting and currently trades at $120.35. Read our full, actionable report on Allegion here, it's free. Founded in 1980, Sanmina (NASDAQ:SANM) is an electronics manufacturing services company offering end-to-end solutions for various industries. Sanmina reported revenues of $2.01 billion, up 7% year on year. This result topped analysts' expectations by 1.5%. Taking a step back, it was a mixed quarter as it also produced a decent beat of analysts' EPS estimates but EPS guidance for next quarter missing analysts' expectations. The stock is down 5.1% since reporting and currently trades at $74.63. Read our full, actionable report on Sanmina here, it's free. As a result of the Fed's rate hikes in 2022 and 2023, inflation has come down from frothy levels post-pandemic. The general rise in the price of goods and services is trending towards the Fed's 2% goal as of late, which is good news. The higher rates that fought inflation also didn't slow economic activity enough to catalyze a recession. So far, soft landing. This, combined with recent rate cuts (half a percent in September 2024 and a quarter percent in November 2024) have led to strong stock market performance in 2024. The icing on the cake for 2024 returns was Donald Trump's victory in the U.S. Presidential Election in early November, sending major indices to all-time highs in the week following the election. Still, debates around the health of the economy and the impact of potential tariffs and corporate tax cuts remain, leaving much uncertainty around 2025. Want to invest in winners with rock-solid fundamentals? Check out our 9 Best Market-Beating Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate. Join Paid Stock Investor Research Help us make StockStory more helpful to investors like yourself. Join our paid user research session and receive a $50 Amazon gift card for your opinions. Sign up here. Sign in to access your portfolio
