Thu, Nov. 12, 10:32 AM
Tue, Oct. 20, 5:40 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, Sep. 24, 11:22 AM
- Caterpillar's (CAT -6.3%) latest woes are wreaking havoc on other machinery stocks, including Deere (DE -3.4%), Joy Global (JOY -2.4%), Cummins (CMI -2.8%) and Terex (TEX -5.6%).
- CAT said today it is lowering its sales outlook for the year and will cut as many as 5K jobs between now and the end of 2016, and that sales and revenue could drop in 2016 for a record fourth straight year.
- Earlier this week, CAT gave its latest update on three-month rolling sales figures, which have now declined for 33 straight months.
Thu, Sep. 17, 9:15 AM
Thu, Sep. 17, 8:00 AM
- Terex (NYSE:TEX) -7.4% premarket after Finnish crane company Konecranes (OTC:KNCRF) lowered its full-year financial guidance; the two companies agreed to a merger last month.
- Konecranes cites rapidly changing market sentiments within its Business Area Equipment segment, which are expected to lead to lower than expected deliveries during the rest of the year.
- Konecranes now sees 2015 sales slightly higher than in 2014, and expects 2015 operating profit roughly the same as 2014; the company previously expected 2015 sales to be higher than in 2014 and 2015 operating profit to improve from 2014.
Tue, Aug. 11, 12:45 PM
Tue, Aug. 11, 9:16 AM
Tue, Aug. 11, 8:58 AM
- Terex (NYSE:TEX) +22.7% premarket in reaction to its merger with Finnish competitor Konecranes (OTC:KNCRF), but most analysts are not impressed, citing a lack of real synergies and potential European antitrust problems.
- BofA analysts think most of the synergies would be within the materials handling and port solutions business because there is very little elsewhere, and find it odd that TEX would merge with a foreign company that is under a CEO transition.
- Morgan Stanley says it is "completely surprised" by the deal, and notes that TEX has yet to name a CEO and the Konecranes CEO lacks experience.
- ISI Evercore upgrades TEX to Buy with a $35 price target, up from $27.
Mon, Aug. 10, 5:09 PM
- Terex (NYSE:TEX) +12% AH after Bloomberg reports it is in advanced talks to merge with Finnish crane and construction machinery maker Konecranes (OTC:KNCRF), and an agreement could be announced as early as this week.
- Konecranes, which serves manufacturing and process industries, shipyards, ports and terminals, had revenue of €~2B and net income of €74.4M in 2014.
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.
Thu, May 28, 3:58 PM
- United Rentals (URI -9.3%) sinks nearly 10% following earlier comments by CEO Michael Kneeland and other top execs at a KeyBanc conference presentation that May revenue would come in a "little softer" than previously expected.
- When asked about utilization rates so far in May, CFO William Plummer said "May is coming in a little softer than we had in mind at that point [on the last quarter earnings call], and that's certainly something that we're focused on to try to understand what might be driving that."
- Peer Terex (TEX -7.4%) also is sharply lower near the close.
Thu, May 28, 10:19 AM
- Terex (TEX -5.9%) has taken a dip in early trade after its presentation at KeyBanc's Industrial, Automotive and Transportation Conference last night.
- The company highlighted a "challenging environment" and noted "difficult end market demand," especially in Cranes and Materials Processing.
- The stock has fallen over 32% in the past 52 weeks.
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
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%.
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.
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