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New words:
APAC, Asia, bear, carefully, Cooperation, daily, decision, east, hold, introduced, invoiced, middle, OECD, passed, Pillar, prospective, public, qualify, recourse, restated, Robert, Topic, transition, transparency, Tunisia, turbulent, Vallance
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attempt, charge, civil, claim, conclude, conduct, conflict, consumer, deliver, demand, Department, depend, determine, dividend, Eastern, equipment, Europe, export, extend, extraordinary, fabrication, fire, forecasted, government, half, Halla, harm, HVAC, HVCC, identifying, impacting, impair, impose, India, investigation, Iran, Japan, jointly, Justice, led, locally, matter, minimize, negatively, notice, notified, OFAC, Office, operational, personnel, predict, pressure, rapidly, realizable, reallocate, received, recoverable, referral, refund, reputation, reserving, resulted, review, reviewing, Russian, serve, situation, southern, supplementary, surge, terminated, Treasury, Ukraine, uncertain, unrealized, updated, vigorously, voluntarily, voluntary, warrant, weather
Financial report summary
?Management Discussion
- Net sales for the three months ended March 31, 2024 totaled $933 million, representing a decrease of $34 million compared with the same period of 2023. Volumes and net new business increased net sales by $10 million due to market outperformance as a result of recent product launches partially offset by lower customer vehicle production volumes. Customer pricing decreased net sales by $39 million as a result of lower customer recoveries due to improving supply chain dynamics and annual price reductions. Unfavorable currency decreased net sales by $5 million, primarily attributable to the Chinese renminbi and Japanese yen, partially offset by the euro.
- Cost of sales decreased by $43 million for the three months ended March 31, 2024 compared with the same period in 2023. Volume, mix and net new business increased cost of sales by $7 million. Net engineering costs, excluding currency, increased cost of sales by $4 million. Favorable currency decreased cost of sales by $2 million, primarily attributable to the Japanese yen, partially offset by the Brazilian real and Mexican peso. Favorable cost performance, design changes and other decreased cost of sales by $52 million primarily due to improved supply chain dynamics as well as manufacturing efficiencies.
- Gross engineering costs relate to forward model program development and advanced engineering activities and exclude contractually reimbursable engineering costs. Net engineering costs of $60 million for the three months ended March 31, 2024, including the impacts of currency, were $4 million higher than the same period of 2023. This increase is primarily related to the timing of recoveries.