Mon, Feb. 9, 9:59 AM
Thu, Jan. 29, 5:35 PM
Thu, Jan. 29, 4:50 PM
- Manitowoc (NYSE:MTW) +9.4% AH on its plan to separate into two stand-alone publicly-traded companies.
- MTW's Cranes business reported 2014 revenue of $2.3B; for 2015, MTW forecasts revenues to decline by mid-single digits.
- The Foodservice business reported 2014 revenue of $1.6B; for 2015, MTW expects revenues to grow by mid-single digit percentage.
- The move comes amid pressure from Carl Icahn, who disclosed a month ago that he owned a 7.77% stake in MTW and would seek a separation of the two businesses.
- Earlier: Manitowoc misses by $0.05, misses on revenue
Thu, Jan. 29, 4:20 PM
Wed, Jan. 28, 5:35 PM
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Tue, Jan. 27, 3:58 PM
- Cummins (CMI -3.8%) is downgraded to Market Perform from Outperform at First Global despite delivering a respectable performance for the final nine months of 2014.
- CMI’s industrial engines are highly exposed to the construction and mining industries which are being impacted by weak capital spending in China and other emerging markets, the firm says; also, demand in the Chinese and Brazilian truck markets remains weak.
- At 13.9x estimated CY 2015 earnings, CMI shares already trade at a moderate premium to peers such as Caterpillar, First Global adds.
- CMI and other equipment manufacturers are broadly lower following Caterpillar's (CAT -7.2%) disappointing quarter: JOY -5.3%, MTW -5.1%, DE -2.7%, CNHI -1.9%.
Dec. 29, 2014, 9:13 AM
Dec. 29, 2014, 7:16 AM
Oct. 27, 2014, 6:04 PM
- Manitowoc (NYSE:MTW) reported 2.5% Y/Y revenue decline to $986M.
- Foodservice segment +3.8% to $417M driven by higher sales of hot side brands and ice/beverage equipment.
- Crane segment -6.7% to $569M due to volume decreases in the boom truck and rough-terrain categories.
- Gross margin -100 bps to 24.9%.
- Operating margin -200 bps to 8.2% due to restructuring costs.
- Shares -3.8% AH.
Oct. 27, 2014, 5:22 PM
Oct. 27, 2014, 12:24 PM
- Caterpillar (CAT -1.5%) climbed 4.6% last week after its Q3 earnings easily beat Wall Street consensus, but Raymond James analyst Theoni Pilarinos thinks this is not the time for investors to chase the stock.
- CAT deserves credit for right-sizing inventory, bringing production levels in-line with demand, maintaining a solid balance sheet and generating strong cash flow funding $5.4B YTD in share buyback and dividends, but management's forecast for flat 2015 sales growth prompts the firm to lower its numbers accordingly, and Pilarinos believes the stock will be range-bound until end markets improve.
- AMong other big machinery makers: JOY -3.4%, MTW -1.7%, DE -0.8%.
Oct. 26, 2014, 5:35 PM
Oct. 21, 2014, 5:02 PM
Oct. 10, 2014, 2:22 PM
- Manitowoc (MTW -12.1%) shares rack up big losses after guiding Q3 revenues lower and analysts swoop in with downgrades and reduced stock price targets.
- BMO downgrades MTW to Underperform from Market Perform with a $24 price target, down from $24, believing the weakness in the crane segment likely will persist into H1 2015 and seeing no catalyst over the next 3-6 months to drive shares or forecasts higher.
- BB&T cuts shares to Hold from Buy and lowers its FY 2014 and 2015 earnings estimates to reflect the slower than expected recovery in cranes and additional setbacks within the food service segment amid several challenges both domestically and abroad (Briefing.com).
Oct. 10, 2014, 9:07 AM
Oct. 10, 2014, 7:43 AM
- Manitowoc (NYSE:MTW) -6.1% premarket after issuing downside guidance for Q3 revenues, saying results remain challenged by a constrained demand environment globally.
- Q3 EBITDA is forecast at ~$90M, vs. $112.4M in Q3 2013.
- For FY 2014, MTW now expects revenues in its crane segment to decline by mid-to-high single-digit percentages Y/Y, while crane operating margins are seen at ~7%.
- MTW sees FY 2014 food service segment revenues rising by low-to-mid single-digit percentages, with operating margins ~15%.
- BMO Capital downgrades shares to Underperform from Market Perform.
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