Wall Street Beat archive
Gehl Amends Credit Facility with Bank Lenders
Manitou last week announced that its subsidiary, Gehl Co., has entered into an amendment of its bank credit agreement allowing continued borrowing for the next 24 months. Gehl’s amended credit agreement with its U.S. bank lenders provides for a total credit commitment of $105 million and a term of 24 months....
The Stock Block
Check in on some of the latest stock prices for publicly traded rental companies and popular construction equipment and general tool manufacturers related to the rental equipment industry. ...
Hertz Announces 2Q and Full-Year 2009 Earnings Guidance
Hertz Global Holdings last week forecast worldwide revenues in the range of $1.70 to $1.75 billion, corporate EBITDA in the range of $260 million to $270 million, adjusted pre-tax income in the range of $65 to $70 million and adjusted diluted earnings per share in the range of $0.09 to $0.10 for the second quarter 2009....
Caterpillar Inc. Maintains Dividend Rate
The Board of Directors of Caterpillar Inc. last week declared a quarterly cash dividend of $0.42 per share of common stock, payable August 20, 2009, to stockholders of record at the close of business July 20, 2009....
Terex Completes Capital Markets Transactions
Terex Corp. last week completed its previously announced financing, with total net proceeds to Terex of approximately $612 million. Details of the public offerings include $300 million principal amount of 10.875 percent senior notes due 2016 at an issue price of 97.633 percent, and 12.65 million shares of common stock, priced at $13.00 per share to the public....
Terex Proposes SEC Settlement
Terex Corp. has proposed a settlement with the Securities & Exchange Commission staff that includes an $8 million civil penalty to settle an investigation over accounting practices and financial statements....
CERF Revenue Drops 21.9 Percent in First Quarter
Canadian Equipment Rental Fund posted a 21.9-percent decline in revenue for the first quarter of 2009, with CD $4.17 million (about U.S. $3.82 million), compared with CD $5.15 million for the first quarter of 2008. Net income was $894,589 for the first quarter, compared with $1.94 million for the year-ago period....
Texada Software Posts First-Quarter Profit
Texada Software posted a small profit of CA$28,000 (about U.S. $25,032 million) for the first quarter of 2009, compared with a loss of CA$74,000 for the first quarter of 2008. It is the first quarter under the leadership of a new management team led by president and CEO Brian Spilak....
Deere & Co.’s $472 Million Second-Quarter Earnings Off 38 Percent
Deere & Co. last week announced worldwide net income of $472.3 million, or $1.11 per share, for the second quarter ended April 30, compared with $763.5 million, or $1.74 per share, for the same period last year. For the first six months of the year, net income was $676.2 million, or $1.60 per share, compared with $1.13 billion, or $2.56 per share, last year....
Toro’s 2Q09 Earnings Plummet 41 Percent
The Toro Co. last week reported net earnings of $36.9 million, or $1.00 per share, on net sales of $499.9 million for its fiscal second quarter ended May 1. In the comparable fiscal 2008 period, the company posted net earnings of $62.8 million, or $1.60 per share, on net sales of $638.5 million....
IronPlanet First-Quarter Sales Jump 26 Percent
Pleasanton, Calif.-based IronPlanet last week reported a record-breaking first quarter performance, with gross auction sales of $91.3 million — an increase of 26 percent over the first quarter of 2008....
Wacker Neuson Drops Nearly 40 Percent in First Quarter
Although first-quarter sales and profit declined in the first quarter of fiscal 2009 because of the economic crisis and a harsh winter, Wacker Neuson maintained a high equity ratio, positive cash flow and low net financial debt of 7 percent, the company said last week....
Essex Crane Revenue Drops 12 Percent in First Quarter
Essex Crane Rental Corp. last week posted $15 million in rental-related revenue for the first quarter of 2009, a 12.8-percent decline compared to $17.2 million for the first quarter of 2008. The revenue included rentals, repairs and maintenance, and transportation services, but excluded used equipment sales....
Canadian Distributor Wajax Drops 10.5 Percent in First Quarter
Consolidated revenue for Canadian distributor Wajax declined 10.5 percent in the first quarter to CAD $255.8 million (about U.S. $221 million) compared to $285.7 for last year’s first quarter. Revenue in the mobile equipment division, which includes Wajax’s rental operations, dropped 28.9 percent from CAD $106.1 million in the year-ago quarter to CAD $75.6 million....
Oshkosh Reports $17.7 Million Loss in 2Q09
Oshkosh Corp., parent company to JLG Industries, last week reported fiscal 2009 second-quarter net sales of $1.3 billion and a net loss of $17.7 million, or $0.24 per share, excluding non-cash intangible asset impairment charges compared with earnings per share of $0.97 on net sales of $1.8 billion and net income of $72.6 million for the second quarter of fiscal 2008. Including previously announced pre-tax non-cash impairment charges of $1.20 billion ($15.78 per share, net of taxes) related to goodwill and other long-lived assets, the company reported a net loss of $1.19 billion, or $16.02 per share, for the second quarter of fiscal 2009....
Atlas Copco’s Q1 Results Dip 3 Percent
Stockholm, Sweden-based Atlas Copco last week announced that the impact of the global economic crisis led to a fall in revenues and profits in the first quarter. Revenues during the quarter decreased 3 percent to SEK 16.58 billion (about U.S. $2.06 billion) from SEK 17.12 billion (U.S. $2.13 billion) a year ago, supported by positive currency effects. The organic decline was 17 percent. Order intake dropped 33 percent organically. The operating profit was MSEK 2.17 billion (U.S. $270.5 million) compared with SEK 3.25 billion (U.S. $404.5 million) a year ago. Excluding redundancy costs of SEK 230.0 million (U.S. $28.6 million), the profit corresponds to an operating margin of 14.5 percent, down from 18.9 percent in the year-ago period....
Komatsu’s Net Income Drops 63 Percent in Fiscal Year
Komatsu’s net income declined 63 percent in its 2009 fiscal year ended March 31, dropping from 78.8 billion yen (about U.S. $796 million) compared with 208.8 billion yen in fiscal 2008. Net sales dropped from 2.243 trillion yen to 2.021 trillion yen (about U.S. $20.4 billion)....
Manitowoc 1Q09 Sales Drop 4 Percent on Lower Crane Demand
The Manitowoc Co. last week reported sales of $1.03 billion for the first quarter of 2009, a 4-percent increase from $988.5 million in the first quarter of 2008. The sales increase was due primarily to the October 2008 acquisition of Enodis plc. On a pro-forma basis, which includes relevant Enodis sales in the prior year, sales declined 22 percent from $1.31 billion in the first quarter of 2008. This includes a negative 7 percent impact from foreign currency fluctuations. Excluding one-time items, adjusted earnings from continuing operations were $22.9 million, or $0.18 per share, versus similarly adjusted earnings of $95.4 million, or $0.72 per share in the first quarter of 2008....
Texada Software Posts 2008 Loss
Texada Software, Guelph, Ontario, Canada-based provider of equipment rental and mobile asset management software, last week posted a net loss of CAD $1.68 million (about U.S. $1.4 million) with an adjusted EBITDA loss of $0.71 for 2008. Revenue for the year was $4.28 million, compared with $4.04 in 2007....
Cummins First-Quarter Sales Slide 30 Percent
Cummins Inc. last week reported lower sales and profit in the first quarter 2009 as the global recession affected demand for the company’s products around the world....
Manitex International Announces 3-Year Renewal of Credit Facility
Bridgeview, Ill.-based Manitex International last week announced that it has been notified by Comerica Bank, that it was approved for a renewal of its credit facility effective April 28....
Caterpillar Reports Steep 22-Percent First-Quarter Loss
Peoria, Ill.-based Caterpillar Inc. last week reported a loss of $0.19 per share, down $1.64 per share from the first quarter of 2008. Excluding redundancy costs, first-quarter profit was $0.39 per share. Redundancy costs related to reducing employment were $558 million before tax or $0.58 per share in the quarter. Sales and revenues were $9.23 billion, down 22 percent from $11.80 billion in the first quarter 2008....
Terex Endures $74.9 Million First Quarter Loss
Terex Corp. last week posted a $74.9 million loss in the first quarter of 2009, $0.79 per share, compared to net income of $163.3 million or $1.59 per share for the first quarter of 2008. Net sales were $1.3 billion in the first quarter of 2009, a decrease of 45 percent compared with $2.36 billion for the first quarter of 2008. Adjusting for foreign currency exchange rate changes, net sales declined 37 percent year over year....
Toromont Increases First-Quarter Revenue, Although Equipment Segment Drops
Toromont Industries, which includes the Caterpillar dealership for Ontario, Manitoba, Newfoundland, and most of Labrador and Nunavut, posted a 15-percent revenue increase in the first quarter, although its equipment group dropped 5 percent with lower new and used machines sales. Toromont’s overall increase was the result of a 36-percent boost in U.S. natural gas compression sales....
Volvo Net Sales Decline 46 Percent in First Quarter
Volvo Construction Equipment experienced a major first-quarter decline in sales and income as the world market for heavy, compact and road machinery continued to drop. Volvo’s net sales in the first quarter plunged 46 percent to SEK 8.17 billion (about U.S. $1 billion), compared with SEK 15.1 billion in the first quarter of 2008. The operating loss was about SEK 1.395 billion (about U.S. $172 million), compared with operating income of SEK 1.3 billion in the year-ago quarter....
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