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.
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
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
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
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. 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.
Oct. 1, 2014, 2:00 PM
- Activist investor Relational Investors "plans to wind down its operations and dissolve its current funds by the end of next year," the WSJ reports. A new fund with the same name is expected to be be eventually launched, but founders Ralph Whitworth and David Batchelder "will cede day-to-day control."
- The report comes after Whitworth took a leave of absence in July to focus on his health. Relational has $6B in assets under management.
- Many of the companies Relational holds positions in have added to their Wedenesday losses following the report: MHR -6.8%. CLH -5.9%. MTW -4.3%. SPW -3.7%. BEAV -3.5%. TKR -3%. HOLX -2.8%. PMCS -3.6%.
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%.
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