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Yesterday, 4:41 PM
Yesterday, 8:02 AM
Thu, Feb. 4, 8:48 AM
- Net income of $355M, or $2.02 per diluted share vs. $465M, or $2.56 per diluted share in the same quarter a year ago.
- Revenue by segment: Engine -11%; Distribution +1%; Components -6%; Power Generation -14%.
- Took a pretax charge of $90M during the quarter relating to previously announced layoffs.
- "As a result of weakening market conditions in Q4, the company reviewed its global manufacturing footprint and now expects to scale back the range of light duty engines it plans to manufacture in North America," CEO Rich Freeland declared.
- The firm also expects full year 2016 revenues to decline between 5%-9%, due to a "weak macroeconomic environment."
- CMI -0.7% premarket
- Q4 results
Thu, Feb. 4, 7:42 AM
Wed, Feb. 3, 5:30 PM
- ABC, ABG, ABMD, ARW, AZN, BCE, BCO, BR, BSX, BZH, CARB, CFX, CHTR, CI, CLX, CMI, CMS, COP, COTY, CRS, CS, CSL, CUB, DFT, DLPH, DNKN, EQM, EQT, GLPI, GRUB, HIMX, ICE, IT, ITG, KELYA, LQDT, LVLT, MD, MHFI, MHO, MMC, MMP, MMS, MSCI, MSG, NAO, NYT, ODFL, OXY, PBH, PM, PPL, PRLB, PTEN, RDS.A, RFP, RL, RSTI, SBH, SNA, SPH, SQNS, STRA, TDC, TDY, TE, TPX, UTEK, VLP, VMC, WEC, XYL
Mon, Jan. 25, 5:15 PM
- Citigroup analysts upgrade PACCAR (NASDAQ:PCAR) to Buy from Neutral with a $54 price target, issue a Buy rating on Wabco (NYSE:WBC) with a $110 target, and downgrade Cummins (NYSE:CMI) to Neutral from Buy with a $95 price target.
- Citi says that while freight fundamentals remain sluggish and excess truck inventories will weigh on near-term build rates,” history suggests relative share underperformance could be diminishing, with PCAR as an earlier cycle beneficiary as sentiment shifts.
- The firm prefers PCAR over CMI, as sustained growth in high-margin parts coupled with an ongoing rebound in western Europe "should help to drive more modest ’16 decrimentals than the bears assume.”
- Citi says WBC stand out in the machinery group, based on its top and bottom line growth outlook for 2016 and a return on investment capital above 40%.
Wed, Jan. 6, 3:10 PM
- Truck orders rose sharply in December on a M/M basis, according to forecaster FTR.
- Net orders were up 70% from the level seen in November to 27,800 units. The monthly volume was down 36% from last year's mark.
- The improvement seen in December isn't expected to be enough to reverse some planned production cuts in the sector.
- Related stocks: PCAR, OTCPK:VOLVY, NAV, CMI, OTCPK:DDAIF.
Tue, Jan. 5, 8:18 AM
- Analyst Alexander Potter says his firm's survey of 500 Class 8 truck fleets in December indicates the Cummins' (NYSE:CMI) drivetrain will win share in the Class 8 truck market.
- He also thinks investors will revisit the stock and reiterates an Overweight rating with a reduced price target of $115.
- CMI +0.5% premarket
Dec. 8, 2015, 3:18 PM
- It's been a rough run for value stocks over the past few years, but the metric used to determine value - price/book - may not be the right one, says Citi's Robert Buckland. Free-cash-flow yield is better, he argues. noting this metric tracked traditional value in the 1990s and 2000s, but has easily outperformed over the past decade.
- It's a sign of the times, he says, as FCF is a "capex-suspicious metric," and investors are concerned about the economic outlook, and cynical about capital allocation decisions of managements.
- The list of 28 U.S. value (as defined by FCF yield) plays: BHI, VIAB, WFM, ANTM, HPQ, ABC, LBTYA, M, AAPL, CTL, XRX, LYB, CMI, ETN, MRK, VLO, CSCO, WRK, IBM, LVS, ESRX, IP, CAH, ADM, INTC, CAT, ABBV, EMN
Dec. 3, 2015, 11:48 AM
- Truck orders were weak in November, according to preliminary data from ACT Research.
- Class 5 to Class 8 vehicle orders fell 26% M/M and 37% Y/Y to 35,300 units.
- A glut of trucking inventory has crushed demand for Class 8 trucks. The level of medium-duty truck orders was more stable, but still came in lower than a year ago.
- Related stocks: PCAR, OTCPK:VOLVY, NAV, CMI, OTCPK:DDAIF.
Dec. 1, 2015, 10:15 AM
- BofA Merrill Lynch downgrades the rating on Joy Global (JOY -10.8%) from Neutral to Underperform and on Cummins (CMI -6%) from Buy to Underperform.
- Analyst Ross Gilardi: "Rising risks of a further devaluation in the Chinese currency and poor industry fundamentals are expected to restrict the performance of the two companies."
Nov. 10, 2015, 12:24 PM
- Challenging conditions in a number of important markets are expected to have 2016 revenues coming in at least 5% below the 2015 level, says Cummins (CMI -1.7%) at its analyst day.
- The company sets a new $1B repurchase plan to start upon completion of the current $1B program (launched in July 2014).
- Analyst day webcast
Oct. 28, 2015, 12:24 PM
- Morgan Stanley slashes its rating on Cummins (CMI -0.8%) to Sell after the company warned of a global slowdown in its Q3 earnings report and plunged to a new 52-week low.
- Analyst Nicole DeBlase and her team write that while the market is finally starting to understand the cyclical headwinds Cummins faces, its future looks even rockier than the stock reflects at the present.
- "We believe CMI is facing three major headwinds that will drive share price underperformance...the secular growth story within the Components business...the NAFTA Engine business is likely to suffer from market share erosion...and consensus forecasts do not yet reflect the full impact of a NAFTA truck industry downturn."
- DeBlase downgraded CMI shares from Equal Weight to Underweight, and lowered her target price to $79, about 22.5% lower than Cummins' current price.
Oct. 27, 2015, 11:25 AM
- Select vehicle stocks are weaker after Paccar (PCAR -5.9%) fell short of revenue estimates with Q3 earnings and Cummins (CMI -8.5%) warned on demand trends in Brazil and China.
- Paccar reported deliveries to the U.S. and Canada were up 3% during the quarter. New truck deliveries to Europe increased 11%. The story at Cummins was darker as revenue guidance was dropped.
- There's a bit of a contagion effect as truck, heavy-duty machinery, and RV sellers such as Navistar (NAV -13.2%), Winnebago (WGO -3.5%), Thor Industries (THO -1.6%), Caterpillar (CAT -0.8%), Manitowoc (MTW -3.6%), Polaris Industries (PII -0.8%), Arctic Cat (ACAT -4.6%), and Spartan Motors (SPAR -4.3%) are all weaker.
- Ford is also down off after an earnings miss and GM issued another million-car plus recall.
- Previously: Ford Motor misses by $0.02, beats on revenue (Oct. 27 2015)
- Previously: GM recalls 1.4M older vehicles due to fire risk (Oct. 27 2015)
Oct. 27, 2015, 9:17 AM
Oct. 27, 2015, 7:52 AM
- Net income fell 10% to $380M, or $2.14 per diluted share vs. $423M, or $2.32 per diluted share in the third quarter of 2014.
- Revenue by segment: Engine -10%; Distribution +20%; Components -4%; Power Generation -13%.
- Expects to reduce its professional workforce by up to 2,000 people in order to lower costs.
- "We are disappointed with our results in the third quarter, but we are responding quickly to softening demand," COO Rich Freeland said.
- The company now expects full-year 2015 revenue to be flat to down two percent, compared to prior guidance of growth between two and four percent.
- Q3 results
- CMI -7.7% premarket
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