Zipcar Wows Amid Downturn, Other Autos a Mixed Bag
Zipcar Inc (NASDAQ:ZIP) is one of the only stocks in the green Thursday, jumping 3.42% on news of a strong second quarter. “Our strong second quarter performance underscores the business momentum we have established based on solid execution and the benefits associated with our first mover advantage,” said Scott Griffith, Chairman and CEO.” Revenue increased 34% to $61.6 million compared to $46.0 million in the prior year period. Usage revenue represented $53.3 million in the second quarter of 2011, compared to $40.8 million in the prior year period with fee revenue representing the balance of total revenue. The company among the leading gainers on the NYSE, with most competitors slumping deeply amid one of the worst days for the market in the past several years.
Other automakers are struggling today, such as Tesla Motors (NASDAQ:TSLA), which recently reported its second quarter earnings. The stock is down -6.29% today, due to fiscal marks that lagged. The company reported a loss that widened to $58.9 million (60 cents per diluted share) from $38.5 million (loss of $5.04 per share) in the same quarter a year earlier. Revenue rose more than twofold to $58.2 million from the year earlier quarter. TSLA reported an adjusted net loss of 53 cents per share. The company is among the biggest losers in auto stocks today.
General Motors Co. (NYSE:GM) is another major car maker that recently reported its quarterly results. Profits at GM nearly doubled last quarter, as net income for the company rose to $2.5 billion ($1.54 per share) vs. $1.3 billion ($0.85 cents per share) a year earlier. Revenues were also up to $39.4 billion vs. $33.2 billion in the year ago quarter, an 18.7% rise. Despite the car-makers’ recent success, investors are not being won over easily today, and the stock has trickled down -4.90% in trades.