Fri, Nov. 13, 12:28 PM
- Manitowoc (MTW +3.1%) shares rack up strong gains as Jefferies analyst Stephen Volkmann raises his price target to $21 from $17 and says the company is getting no credit for its weak Cranes business.
- "MTW will split food from crane in mid 1Q16, and the market at this point is basically valuing the crane business near zero, which we find absurd given the strong global franchise, leading brands and significant installed base supported by a broad and deep distribution capability," Volkmann writes.
- MTW’s depressed crane business should generate at least $1.5B in revenue in 2016, according to the analyst.
Wed, Oct. 28, 6:17 PM
Wed, Oct. 28, 5:58 PM
- Manitowoc (NYSE:MTW) says Glen Tellock has resigned as Chairman, President and CEO to pursue other opportunities, and names board member Kenneth Krueger to assume all three positions on an interim basis, effective immediately.
- Krueger most recently served as COO at Bucyrus International before retiring; he had been CFO at A.O. Smith and Rockwell Automation.
- Earlier: Manitowoc misses by $0.01, misses on revenue
Wed, Oct. 28, 5:38 PM
Tue, Oct. 27, 5:35 PM
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Tue, Oct. 27, 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)
Mon, Oct. 26, 9:19 AM
- Manitowoc (NYSE:MTW) is shuttering its manufacturing facility in Cleveland, Ohio, and expects to close its Irwindale, California distribution warehouse, as part of the next steps in its global Foodservice manufacturing strategy.
- "These efforts are essential as we continue preparations for the eventual spin-off of the company’s Foodservice business in the first quarter of 2016," the company said in a press release.
Thu, Oct. 15, 2:58 PM
- Manitowoc (MTW -10.7%) is downgraded at Stifel and Baird following the company's worse than expected preliminary Q3 revenue guidance amid a "deteriorating" demand environment in its Cranes segment.
- Stifel cuts MTW to Hold from Buy, noting the company has issued two preannouncements this year alone that have dampened the hopes for a crane recovery during this cycle; while the planned split of the foodservice and crane businesses should help support shares in the mid-teens, the firm now sees no identifiable demand catalyst on the near-term horizon.
- Baird cuts shares to Neutral from Outperform with a $15 price target, lowered from $22, are crane fundamentals deteriorate more than expected, adding risk to the business separation as the foodservice unit likely will be saddled with more than 5x debt-to-EBITDA while risk aversion is creeping back into high yield markets.
Thu, Oct. 15, 12:46 PM
Thu, Oct. 15, 9:14 AM
- Terex (NYSE:TEX) -3.6% premarket after Manitowoc (NYSE:MTW) pre-announced lower than expected Q3 revenue following yesterday's close, pointing specifically to weakness in its cranes segment.
- MTW said its cranes segment continues to be hurt by a deteriorating demand environment, particularly in the Middle East and Asia, and lower than expected tower and crawler crane shipments exacerbated the Q3 shortfall in revenues.
- Other companies in the commercial equipment sector include Accuride (NYSE:ACW), Meritor (NYSE:MTOR), Deere (NYSE:DE) and Caterpillar (NYSE:CAT).
- MTW -14.4% premarket.
Thu, Oct. 15, 9:13 AM
Wed, Oct. 14, 7:14 PM
- Manitowoc (NYSE:MTW) -6.8% AH after issuing below consensus Q3 results,
- MTW now sees Q3 revenues of ~$863M, -12.5% Y/Y and well below the $945M analyst consensus estimate, and earnings of ~$5M from $73M in Q3 2014.
- MTW says improvement in its Foodservice business continues, but its Cranes segment continues to be hurt by a deteriorating demand environment, particularly in the Middle East and Asia; lower than expected tower and crawler crane shipments exacerbated Q3's revenue shortfall.
- MTW expects Cranes full-year 2015 revenues to fall 15%-20% Y/Y, with operating margins in the low single-digits; it reaffirms guidance for Foodservice revenues to come in roughly flat for the full year, with operating margins in the mid-teens.
Fri, Sep. 25, 11:20 AM
- Barclays analyst Robert Wertheimer begins coverage of the U.S. machinery sector with a negative view, seeing consensus estimates too high across the board with revenue for the current cycle already peaking for most of the sector.
- The analyst expects a sharper than expected downturn for North American trucks, with another peak level eight years away; the tractor supercycle is only two years in a downturn, while the prior two supercycles saw seven consecutive down years in machinery sales, Wertheimer says.
- Of the 15 companies in the firm's sector coverage universe, only two are rated Overweight: United Rentals (URI +1.5%) and Allison Transmission (ALSN +0.4%).
- Started with Equal Weight ratings: Actuant (ATU -1.2%), AGCO (AGCO +1%), Caterpillar (CAT -1%), Joy Global (JOY -2.9%), Lincoln Electric (LECO -0.8%), Manitowoc (MTW -1.9%), Terex (TEX -0.7%) and WABCO (WBC -1.2%).
- Rated Underweight: Deere (DE -0.3%), CNH Industrial (CNHI +1.5%), Cummins (CMI -0.8%), PACCAR (PCAR -1%) and Navistar (NAV -2.9%).
Wed, Sep. 2, 7:50 AM
Wed, Jul. 29, 5:18 PM
Mon, Jul. 27, 12:29 PM
- Goldman Sachs analyst Jerry Revich cuts his view on the machinery sector to Cautious from Neutral given a continued challenging environment, and downgrades Manitowoc (MTW -2.8%), Terex (TEX -3.6%) and Navistar (NAV -1.2%) to Sell from Neutral.
- Revich notes a challenging crane demand outlook due to a challenging outlook for commodity capital expenditure, a slowing infrastructure investment for commodity export regions, and high crane capital stock following a 10-plus year build-out cycle.
- On NAV, the company's debt, pension, warranty and truck trade-ins are "high and rising" amid softening used truck prices and U.S. trucking rates, which could push out its margin recovery story, Revich writes.
- Deere (DE -0.7%) and AGCO (AGCO -0.6%) are upgraded to Neutral from Sell even as the analyst is negative on the end market outlook for agriculture equipment.
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