Wall Street Beat archive
Terex Updates 2008 Earnings Guidance
Terex Corp. last week announced that it is updating 2008 full-year guidance and providing quarterly guidance due to changing market conditions. Full-year 2008 earnings per share are expected to be between $6.35 and $6.65 compared to $5.85 for the full-year 2007, a 9- to 14-percent increase. Net sales for 2008 are expected to be in the range of $10.2 to $10.6 billion. This guidance compares to the previously announced range for 2008 earnings per share of $6.85 to $7.15 and net sales of $10.5 to $10.9 billion....
Texada Software Reduces Losses
Rental software provider Texada Software posted a second-quarter decline, but lower losses, the company announced last week. The Guelph, Ont.-based company generated total revenues of CA $1.11 million (about U.S. $1.04 million) and a loss for the period of CA $213,643 (about U.S. $200,000). Adjusted EBITDA loss was CA $182,694....
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. ...
Deutz Improves Revenue and Profitability in First Half of 2008
The Deutz Group increased its revenue and unit sales in the first six months of 2008 by 15 percent compared with the same period for 2007, with volume of €825.5 million (about U.S. $1.23 billion) compared to €717.7 million for the year-ago period. Deutz said the revenue growth results from strong performance in Europe and continued growth in Asia....
Deere Reports Higher 3Q Earnings on Strong Global Ag Equipment Sales
Moline, Ill.-based Deere & Co. last week announced worldwide net income of $575.2 million, or $1.32 per share, for the third quarter ended July 31, compared with $537.2 million, or $1.18 per share, for the same period last year. For the first nine months, net income was $1.7 billion, or $3.89 per share, compared with $1.4 billion, or $3.06 per share, last year....
Wacker Posts Strong First Half Revenue Jump
Wacker Construction Equipment AG grew sales 38.3 percent during the first six months of 2008, with sales of €472.4 million (about U.S. $699.4 million), compared with €341.7 million during the first six months of 2007. The dramatic increase was fueled by the merger of Wacker with Neuson Kramer Baumaschinen, which was finalized in October 2007. EBITDA increased for the first half from €55.3 million in the first half of 2007 to €63.2 million (about U.S. $93.6 million)....
Briggs & Stratton Corp. Posts 14 Percent Sales Decline in 4Q08
Wauwatosa, Wis.-based Briggs & Stratton last week announced fiscal 2008 fourth-quarter consolidated net sales of $581.1 million and consolidated net income of $0.5 million or $0.01 per diluted share. The fourth quarter of fiscal 2007 had restated consolidated net sales of $677.6 million and restated consolidated net income of $18.1 million, or $0.36 per diluted share. The consolidated net sales decrease of $96.5 million or 14 percent was due primarily to decreased shipment volumes in both the Engines and Power Products Segments. Included in net income for the fiscal 2008 fourth quarter is a $13.3 million pretax ($8.1 million after tax or $0.16 per diluted share) gain associated with the reduction of certain post closing employee benefit costs related to the closing of the Port Washington, Wis., manufacturing facility....
Ritchie Bros. Tops $1 Billion in Q2 Gross Auction Proceeds
Ritchie Bros. Auctioneers last week posted another record-breaking quarter, with quarterly gross auction proceeds exceeding $1 billion for the first time. Gross auction proceeds were $1.16 billion, compared with $945.3 million in last year’s second quarter, a 23 percent jump. Net earnings for the six months ended June 30 reached $62.3 million, or $0.59 per diluted share. ...
Harsco Posts Record Sales, Income in Second Quarter
International industrial services and scaffolding rental specialist Harsco recently posted record second quarter 2008 results, with sales for the quarter $1.1 billion, a 16 percent year-over-year hike from last year’s Q2 total of $946 million. Second quarter diluted earnings per share from continuing operations was a record $1.07, an 18 percent increase from $0.91 in last year’s second quarter....
Wajax Posts Small Q2 Revenue Decline
Wajax Income Fund, a major Canadian distributor with a strong rental division experienced a 2.5 percent decline in second quarter revenues on a year-over-year basis, the company said last week. The strength of the Canadian dollar negatively impacted Wajax revenues by about 6 percent — CA $18.7 million — as currency-related price reductions on products imported from the United States were generally passed on to customers....
JLG Parent Oshkosh Corp. Reports Overall 3Q Loss, AWP Sales Rise 5 Percent
Oshkosh Corp., a leading manufacturer of specialty vehicles and vehicle bodies, and parent company of McConnellsburg, Pa.-based JLG Industries, last week reported fiscal 2008 third-quarter earnings per share of $1.19, on sales of $2.0 billion and net income of $88.8 million, excluding impairment charges. Including pre-tax charges of $175.2 million ($2.33 per share, net of taxes) related to the previously announced non-cash impairment of intangible assets of the Geesink Norba Group, the company’s European refuse collection vehicle business, the company reported a net loss of $84.3 million, or $1.14 per share, for the third quarter of fiscal 2008. These results compare with EPS of $1.21 on sales of $1.8 billion and net income of $90.6 million for the third quarter of fiscal 2007....
RSC’s Rental Volume Increases Despite Higher Costs in Q2
RSC Holdings last week announced second-quarter rental revenue of $405 million, a 5.3-percent increase from $385 million in rental volume during the second quarter of 2007. Rentals represented 90 percent of RSC’s revenue, which totaled $449 million for the quarter, a 1.4-percent year-over-year increase....
United Rentals’ Revenues, Profits Decrease in Second Quarter
United Rentals last week announced second-quarter 2008 income from continuing operations of $47 million, compared with $67 million for the second quarter of 2007, a 44.8-percent drop. The decrease is primarily the result of lower gross profit in a softening rental environment as well as a $14 million after-tax provision relating to the Securities and Exchange Commission inquiry. The loss was partially offset by United’s cost-cutting initiatives, including reductions in SG&A expense of $21 million and $39 million for the first quarter and first half of 2008, respectively....
Gehl Co. Reports 2Q Earnings Decline; Adjusts Full Year Outlook
Gehl Co. last week reported second-quarter income from continuing operations of $5.2 million, or $0.43 per diluted share, for the quarter ended June 30, compared with income from continuing operations of $8.8 million, or $0.71 per diluted share, for the second quarter of 2007....
Preliminary Numbers Strong in First Half for Wacker
Based on preliminary figures, sales generated by Wacker Construction Equipment AG, soon to be Wacker Neuson SE, rose in the first six months of 2008 to about €472 million (about U.S. $734 million), compared to €341.7 million for the same period last year. The increase is the result of the merger of Wacker and Neuson....
Gorman-Rupp Reports Record 2Q08 on Strong International Sales
The Gorman-Rupp Co. last week reported record net sales and earnings for the second quarter and six months ended June 30, on strong international sales....
Cummins Reports Best Quarter Historically as International Demand Surges
Cummins Inc. last week reported record sales and profits in the second quarter, as strong global growth offset softness in some North American markets. All four of the company’s business segments reported record financial performance in the quarter, as non-U.S. sales grew to 61 percent of Cummins’ business — up from 54 percent for all of 2007 and 57 percent in the first quarter of 2008....
International Sales Drive Komatsu 1Q08 Results Up 12 Percent
Komatsu Ltd. last week announced its business results for three months ended June 30, or the first-quarter period of the fiscal year ending March 31, 2009. Net sales for the quarter were ¥606.8 billion (about U.S. $5.6 billion), a 12-percent increase from ¥540.9 billion (U.S. $5.0 billion) a year ago....
Oil Prices Fuel Manitowoc’s Second Quarter Hike
Crane manufacturer Manitowoc earned $133.9 million profit in the second quarter, a 37-percent increase from $97.5 million for the same period in 2007. Manitowoc credited heavy demand for cranes as well as surging oil prices that fueled spending on projects requiring cranes....
IronPlanet Reports Year-to-Date Gross Auction Sales Swell 70 Percent
Pleasanton, Calif.-based IronPlanet last week posted record sales in the second quarter of 2008, with gross auction sales of $91.3 million — an increase of 37 percent over the second quarter of 2007. This year’s second quarter represents a 17-percent growth over the first quarter of 2008. The company’s year-to-date performance of $168.9 million is a 70-percent increase over the same period in 2007....
Volvo CE Reports 27% 2Q Sales Increase on Growth in China
Volvo Construction Equipment last week reported a second-quarter 2008 sales increase of 27 percent and operating income increase of 17 percent, as a result of 89-percent sales growth in China. Net sales in the second quarter amounted to SEK 16.7 billion (about U.S. $2.8 billion) from SEK 14.1 billion (U.S. $2.4 billion) in the second quarter a year ago. Operating income increased to SEK 1.6 billion (U.S. $270.9 million) from SEK 1.4 billion (U.S. $232.5 million) in the same period in 2007, largely because of higher volumes. Changes in exchange rates weighed down operating income in the quarter, as did ongoing integration costs of acquired businesses....
Terex 2Q Earnings Grow on Sales of Cranes and Mining Equipment
Terex Corp. last week announced net income for the second quarter of 2008 of $236.3 million, or $2.32 per share, compared to net income of $174.6 million, or $1.66 per share, for the second quarter of 2007, an increase in earnings per share of 39.8 percent. Net sales of $2.9 billion in the second quarter of 2008 were 25.3-percent above the comparable period in 2007. Continued strong demand in the Cranes and MPM segments primarily drove the increase. In addition, the increase in net sales versus the prior-year period was favorably impacted by approximately $184 million due to the translation effect of foreign currency exchange rate changes, primarily the strength of the Euro, British Pound and Australian Dollar relative to the U.S. Dollar, as well as approximately $79 million in net sales from recent acquisitions....
CNH Reports Record 2Q Net Income on Robust Agricultural Equipment Sales
Burr Ridge, Ill.-based CNH Global NV last week reported that robust sales growth in the agricultural equipment business combined with favorable product sales mix were the primary drivers of CNH’s diluted earnings per share growth of 52 percent for the second quarter of 2008 compared to the second quarter of 2007. The company’s construction equipment also grew sales in the quarter driven by growth in Latin America and rest-of-world markets, which more than offset declining market conditions in North America and Western Europe, according to Harold Boyanovsky, CNH president and CEO....
Toromont Announces Strong Growth in Operations in the Second Quarter of 2008
Toronto-based Toromont Industries Ltd. last week reported revenues in the second quarter increased 15 percent and operating income increased 23 percent versus the comparable period of 2007. Compression Group revenues and operating income were at record levels for this time of year, driven by continued strength in U.S. natural gas operations. The Equipment Group reported good results in the second quarter after a weaker start to the year and is only modestly behind record revenue and operating income levels set last year, the company said....
Trimble Reports 15 Percent 2Q08 Revenue Growth
Sunnyvale, Calif.-based Trimble last week announced revenue of $377.8 million for its second quarter of 2008 ended June 27. Revenue was up approximately 15 percent from revenue of $327.7 million in the second quarter of 2007 because of strength in agriculture markets and strong international sales in the engineering and construction segment....
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