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.
Mon, Jun. 1, 5:58 PM
- Manitowoc (NYSE:MTW) +2.7% AH after hedge fund Glenview Capital discloses a 7.06% active stake totaling more than 9.6M shares in the company, up from the more than 8.6M shares held as of March 31.
- Larry Robbins' fund says it may discuss with MTW options for exploring alternatives that could enhance shareholder value.
Wed, Apr. 29, 5:09 PM
Thu, Apr. 16, 6:43 PM
- Manitowoc (NYSE:MTW) -3.5% AH after saying it now expects flat revenue from its food service segment this year, after projecting in January that revenue from the segment would improve modestly in the mid single-digits; last year, MTW reported $1.6B in food service revenue, representing 41% of overall sales.
- MTW also says it expects an overall Q1 pre-tax loss from continuing operations of $9.5M and Q1 revenues of $752M, down 17% Y/Y and below analyst consensus estimate of $835M in revenues; a year ago, MTW booked a pretax profit of $8.6M.
- MTW blames the reduced outlook on two strong product rollouts that benefited food service in 2014 and reduced spending by large restaurant chains.
Thu, Apr. 16, 5:37 PM
Fri, Mar. 27, 5:38 PM
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.
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