Wed, Jan. 7, 8:35 AM
- Joy Global (NYSE:JOY) -1.2% premarket after KeyBanc downgrades shares to Hold from Buy, seeing limited near-term catalysts to spark a move higher and expecting further declines in mining capex to hurt order growth.
- The firm also cuts Terex (NYSE:TEX) and Kennametal (NYSE:KMT) to Hold from Buy in light of heightened uncertainty in the energy sector and the weakening euro, both of which should pressure earnings and are not yet fully reflected in Wall Street estimates.
Mon, Jan. 5, 6:57 PM
- Shares of United Rentals (NYSE:URI) fell 11% in today's trade after Evercore downgraded shares to Sell from Buy and lowered its price target to $87 from $123.
- The firm cited a Q4 construction equipment dealer survey that indicated the sharp decline in oil and commodity prices will adversely impact energy investments, and thus construction.
- Evercore made related downgrades to Terex (NYSE:TEX) and Caterpillar (NYSE:CAT), which was also downgraded this morning at JPMorgan to Underweight and fell 5.3%.
Dec. 22, 2014, 9:35 AM| Dec. 22, 2014, 9:35 AM | Comment!
Nov. 26, 2014, 5:37 PM
Oct. 30, 2014, 7:26 AM
- Adjusted income from continuing operations of $67.8M, or $0.59 per share vs. $84.5M, or $0.73 per share in the third quarter of 2013.
- Backlog for orders deliverable during the next twelve months was $1.7B at September 30, 2014, a decrease of 5.1% from September 30, 2013 and a decrease of 22.5% from June 30, 2014.
- The company's annual outlook expects EPS to be at or near the bottom of the previously announced range of $2.35-$2.50, excluding restructuring and other unusual items, on net sales of $7.3B-$7.5B.
- Q3 results
- TEX -3.5% premarket
Oct. 29, 2014, 5:27 PM
Oct. 9, 2014, 12:34 PM
Sep. 19, 2014, 2:28 PM
- Caterpillar (CAT -1.7%) says worldwide machinery sales by its dealers fell 10% for the three-month period ended in August, marked by a 29% plunge in Latin America sales; global sales had dropped 9% in the May-July period and 10% in April-June.
- North America was the only region where sales were up in the latest rolling period as sales rose 8%, but that was down from 11% growth in July and a 14% rise in June.
- CAT's worldwide mining equipment sales fell 33% Y/Y, while construction equipment sales fell 1%; a 12% sales increase in its North America construction division was offset by a 23% drop in Latin America and a 10% decline in Asia/Pacific.
- The lone bright spot was a 4% sales increase in its energy and transportation equipment division.
- Mining equipment peers also are weak in today's trade: JOY -2%, MTW -3.7%, TEX -1%.
Sep. 15, 2014, 9:15 AM
Sep. 15, 2014, 8:18 AM
- Terex (NYSE:TEX) -7.8% premarket after lowering FY 2014 earnings guidance, citing weakness in its cranes segment.
- TEX now sees FY 2014 adjusted EPS of $2.35-$2.50 vs. $2.56 analyst consensus estimate and down from the company's earlier outlook for $2.50-$2.80; also sees Q3 EPS of $0.55-$0.65 vs. $0.80 consensus.
- TEX says the order rate for cranes has dropped significantly in July and August despite a positive trend in book-to-bill ratios over H1; also, cranes customers in developing markets are struggling to secure financing for orders scheduled for delivery in H2.
Aug. 11, 2014, 10:28 AM
- Terex (TEX +3.4%) shares could rise up to 30% over the next year, according to a weekend report in Barron’s, which cited four major factors offering strong investment potential.
- A pickup in big construction jobs - office buildings, hospitals, schools, etc. - which tends to lag behind a home-building recovery by about two years, now seems afoot, which should be good news for TEX and other heavy-metal specialists.
- TEX is poised to benefit from efficiency moves; years of acquisitions have left it with, for example, more than 70 accounting departments worldwide, a number management says it can reduce to eight.
- TEX also has amassed a full suite of automated products for stacking and unloading cargo on giant ships - a good business to be in, because the Panama Canal is getting a major capacity increase over the next two years.
- Finally, TEX shares are cheap, trading at 13.8x this year's earnings forecast vs. Caterpillar (NYSE:CAT), which trades at 16.4x.
Jul. 23, 2014, 5:39 PM
Jul. 10, 2014, 11:04 AM
May 27, 2014, 10:09 AM
Apr. 30, 2014, 6:01 PM
Mar. 24, 2014, 4:44 PM
- Manitowoc (MTW) has been among the top-performing U.S. machinery stocks this year, but today it was one of the worst, -5.2% after a Jefferies downgrade due to valuation.
- The firm says its channel checks and conversations with industry participants continue support its belief that cranes - lattice-boom cranes, tower cranes, mobile telescopic cranes, boom trucks - will be a 2015 story.
- MTW shares trade at an EV/sales multiple of 137% and an EV/EBITDA multiple of 11.1x on 2014 estimates, significant premiums to the closest competitor (Terex: 80% EV/sales, 8.0x EV/EBITDA).
- YTD: MTW +32.3%, CAT +6.6%, TEX +2.3%, JOY -2.9%, DE -3.1%.
Terex Corp is a lifting & material handling solutions company. It is engaged in delivering reliable, customer-driven solutions for commercial applications including construction, infrastructure, quarrying, mining & manufacturing, among others.
Other News & PR