To: lee kramer who wrote (43066 ) 6/3/1999 9:51:00 PM From: Jenna Respond to of 120523
HAZ Beats First Call Estimates of $.46 By More Than 10% ROMULUS, Mich., June 3 /PRNewswire/ -- Hayes Lemmerz International, Inc. (NYSE: HAZ - news), one of the world's leading suppliers of wheels, brakes, suspension, structural and other lightweight components to the automotive and commercial highway markets, today announced record first quarter results. Net income for first quarter 1999 was $16.3 million or $.51 diluted earnings per share compared to last year's first quarter net income and diluted earnings per share of $14.7 million and $.45 respectively. Diluted earnings per share beat the First Call consensus estimate of $.46 by more than 10 percent. First quarter sales increased from $414 million in 1998 to $588 million in 1999 as a result of several global acquisitions made in 1998 and the acquisition of CMI completed at the start of 1999. The record first quarter performance was the result of strong vehicle production in North America and significant productivity improvements, including acquisition-related synergies. ''The first quarter was another record quarter for Hayes Lemmerz,'' said Ron Cucuz, Chairman and C.E.O. ''Hayes Lemmerz has delivered significant sales and earnings growth in 1997, 1998 and now in first quarter 1999. Sales continue to grow, driven by strategic acquisitions, strong customer demand, and successful new product launches, in both North America and Europe. We also have a strong book of business and several important incremental platforms launching later this year HIFN is also going to be trading options.. I'll be looking for more earnings plays tonight even though I still didn't get the first call report. Seems that although there are fewer earnings plays than usual, they are hitting pretty good. Seems that other sectors have to be tapped in these times of somewhat of a 'famine'..in the sectors. I had so much fun yesterday that I knew it was too good to be true!!!