Wed, Oct. 14, 7:15 AM
- Adjusted net income of $29.5M, or $0.24 per diluted vs. $71.3M, or $0.57 per diluted share in the same quarter a year ago.
- Gas- and fluid-handling orders decreased by 17.6% to $444.2M vs. $539.4M (an organic order decrease of 12.5%).
- Gas- and fluid-handling finished the period with backlog of $1.3B.
- "Third quarter performance fell short of expectations," CEO Matthew Trerotola said. "By the end of 2016, we now expect to eliminate in excess of $100M from our cost structure and reduce the workforce by approximately 1,500."
- Q3 results
- CFX -5.2% premarket
Wed, Oct. 14, 6:18 AM
Mon, Oct. 5, 6:47 PM
- Barclays maintains a Neutral rating on the U.S. multi-industry sector due to a weaker emerging market outlook, higher emerging market foreign exchange risk and slower export markets, but initiates the firm's largest estimate cut since 2008 by downgrading five names within the sector.
- The firm cuts Eaton (NYSE:ETN), Rockwell Automation (NYSE:ROK), Rexnord (NYSE:RXN) and Tyco International (NYSE:TYC) to Equal Weight from Overweight, and downgrades Colfax (NYSE:CFX) to Underweight from Equal Weight.
- However, Barclays upgrades ADT Corp. (NYSE:ADT) to Equal Weight from Underweight, as the stock seems low enough to be considered fairly valued after a tough couple of years, and ADT's exposures to U.S. housing are "comfortable" vs. peers; the firm says its changed view on ADT is not a bullish upgrade, with long-term concerns related to rising technology threats such as home automation.
Thu, Sep. 3, 3:12 PM
- How bad a year has it been for multi-industry stocks? Year-to-date underperformance relative to the S&P 500 is among the poorest in a decade and has gotten worse in recent weeks, say Goldman analyst Joe Ritchie and team. The negative news is no secret: Broad industrial de-stock, softening oil capex, the strong dollar, and the troubles in China. Because of this, the team remains Neutral on the beaten-up sector, but does have a few names investors should steer clear of:
- With de-stock keeping U.S. industrial growth in a "headlock," the implications are particularly negative for Sell-rated Emerson Electric (NYSE:EMR), WW Grainger (NYSE:GWW), and Neutral-rated Parker-Hannifin (NYSE:PH) and Rockwell Automation (NYSE:ROK).
- With oil capex going from bad to worse, and oil lower for longer, the Street is underestimating the impact of price declines for Dover (NYSE:DOV), Emerson, and Flowserve (NYSE:FLS). On the flip side, lower input costs should be a boon to Buy-rated Illinois Tool Works (NYSE:ITW) and Neutral-rated 3M (NYSE:MMM).
- The weaker China backdrop is most negative for Emerson, and Neutral-rated Eaton (NYSE:ETN) and Colfax (NYSE:CFX). Though Buy-rated Honeywell (NYSE:HON) and ITT Corp (NYSE:ITT) have exposure, growth is more insulated due to their market share gains.
- Source: Barron's Ben Levinsohn
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Thu, Jan. 29, 10:47 AM
Dec. 16, 2014, 5:42 PM
- Colfax (NYSE:CFX) -1.7% AH after providing below consensus guidance for FY 2015, seeing EPS of $2.20-$2.40 vs. $2.58 analyst consensus estimate and revenues of $4.525B-$4.675B vs. $4.8B consensus.
- CFX foresees 2015 forex revenue headwinds of $180M-$190M, resulting in a $17M-$18M impact on operating profit.
- Expects continued improvement in a low growth environment, and believes its growth investments and acquisition pipeline position the company for expansion.
Oct. 24, 2014, 11:39 AM
Oct. 23, 2014, 7:29 AM
- Net income of $73.4M, or $0.59 per diluted vs. $55.5M, or $0.49 per diluted share in the same quarter a year ago.
- Gas- and fluid-handling orders totaled $539.4M vs. $533.3M in Q3 2013, an increase of 1.1% and an organic decrease of 8.3%.
- Gas- and fluid-handling finished the period with backlog of $1.5B.
- Q3 results
- CFX -0.45% premarket
Oct. 23, 2014, 6:28 AM
Oct. 22, 2014, 5:30 PM
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Colfax Corp is a manufacturing and engineering company. The Company provides gas- and fluid-handling and fabrication technology products and services to commercial and governmental customers around the world.
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