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%.
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.
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%.
Feb. 19, 2014, 9:13 AM
Oct. 23, 2013, 5:06 PM
TEX vs. ETF Alternatives
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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