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Tuesday Ticker: AutoCanada reports highest second-quarter revenue ever; Tesla confirms stock split

Toronto, Ontario ⁠— AutoCanada reports its highest second-quarter revenue ever; Tesla confirms an upcoming three-to-one stock split and PPG breaks its all-time quarterly sales record in this weekly Tuesday Ticker financial report. 

Ups for AutoCanada

AutoCanada says it reported its highest second-quarter revenue ever, marking revenues of $1,686 million⁠—a 32 percent increase over the same period last year, said the company.

Net income for the period was $29.1 million, which includes $10.0 million of incremental inventory writedowns versus income of $37.7 million in the prior year. 

The Edmonton, Alta.-based company said its performance in the second quarter allowed it to add more collision centres to its portfolio.

“This strength allowed us to continue to advance our acquisition strategy with the recent addition of Burwell Auto Body and Kelleher Ford, further expanding our national collision centre footprint and our dealership platform across Canada. We remain well positioned to continue to execute on our acquisition pipeline in the coming quarters with a number of dealerships and collision centres being evaluated,” it wrote alongside its earnings statement.

To the power of three, says Tesla

Tesla has confirmed with the U.S. Securities and Exchange Commission (SEC) that a three-to-one stock split will happen on August 25, 2022.

The 8-K form sent to the SEC reads:

Tesla announced today that the Board of Directors has approved and declared a three-for-one split of Tesla’s common stock in the form of a stock dividend to make stock ownership more accessible to employees and investors. Each stockholder of record on August 17, 2022 will receive a dividend of two additional shares of common stock for each then-held share, to be distributed after close of trading on August 24, 2022. Trading will begin on a stock split-adjusted basis on August 25, 2022.

This is the second stock split for Tesla in less than two years.

The EV automaker’s stock dropped $61.39 in response to the news, closing nearly seven percent down from the previous day’s close on August 5, the day the three-to-one split was confirmed.

Shares of Tesla have since recovered, trading at US$927.28 per share as of Monday morning; up three percent from Friday’s close. 

In 2020, Tesla completed a five-to-one stock split, where the company says stocks surged 60 percent from the day of the announcement to the execution date.

All-time records for automotive coatings

PPG reported its Q2 2022 financial results last month, marking “all-time quarterly sales records” in its automotive refinish coatings segment. 

PPG’s Performance Coatings segment earned US$2,929 million in net sales in Q2 2022; seven percent higher than the same period last year. 

“Automotive refinish coatings organic sales grew by a low teen percentage with higher selling prices and strong sales volumes that continued to outpace industry growth,” wrote PPG alongside its financial results. 

Automotive OEM coatings organic sales were also up⁠—in “high-single-digit percentages⁠—due to “higher selling prices that were partially offset by lower sales volumes,” said PPG.

Selling price increases in the automotive OEM coatings business also exceeded PPG’s average price gains, noted the company. 

 

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