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....
Atlas Copco Reports 18-Percent Revenue Growth in Second Quarter
Stockholm, Sweden-based Atlas Copco last week reported second-quarter results with continued strong order growth across all business areas and regions, particularly in emerging markets and the mining segment. Revenues during the quarter were up 18 percent to SEK 18.9 billion (about U.S. $3.2 billion) from SEK 15.9 (U.S. $2.7 billion) a year ago, an organic growth of 15 percent....
Husqvarna Reports 14-Percent Drop in 2Q08 Net Sales
Stockholm, Sweden-based Husqvarna last week reported that net sales for the first half of 2008 decreased by 4 percent to SEK 20.4 billion (about U.S. $3.4 billion) from SEK 21.3 billion (U.S. $3.6 billion) a year ago. Excluding acquisitions, net sales decreased by 12 percent and by 7 percent in comparable currencies....
Terex Board Authorizes Increase in Stock Buyback Plan
Westport, Conn.-based Terex Corp. last week announced that its board of directors has authorized an increase in its share repurchase program, under which the company now may purchase an additional $500 million of the company’s outstanding common shares. This brings the total amount that may be repurchased under the share repurchase program to $1.2 billion, while keeping the program period expiration date of June 30, 2009. Purchases may be made at the company’s discretion from time to time in open market transactions at prevailing prices or through privately negotiated transactions as conditions permit....
Oshkosh Corp. to Announce 3Q08 Earnings
Oshkosh Corp., a leading manufacturer of specialty vehicles and vehicle bodies, will issue its third-quarter fiscal year 2008 financial results on August 1....
Cummins Increases Dividend by 40 Percent
The Cummins Inc. board of directors last week increased the company’s quarterly cash dividend on common stock by 40 percent to 17.5 cents per share, up from 12.5 cents per share. The dividend is payable on Sept. 2, to shareholders of record on August 22....
United Rentals to Take $14 Million Charge in 2Q08
Greenwich, Conn.-based United Rentals, which has been the subject of a Securities and Exchange Commission inquiry since August 2004 in connection with a broad range of the company’s historical accounting practices last week said it expects to recognize a $14 million charge in the second quarter of 2008. This amount represents the company’s current best estimate for the liability associated with the inquiry. The inquiry, however, is ongoing and the ultimate outcome is still uncertain....
Canadian Equipment Rental Fund Posts Q1 Increase
Canadian Equipment Rental Fund Limited Partnership generated CA $1.93 million (about U.S. $1.94 million) of net and comprehensive income in the first quarter, a 28-percent increase from a year ago, based on higher revenues and better margins, the Calgary, Alberta, Canada-based rental company said last week. Revenues rose to $5.34 million, up from $4.32 million in last year’s first quarter....
Toro Reports Decline in 2Q08 Results
The Toro Co. last week reported net earnings of $62.8 million, or $1.60 per share, on net sales of $638.5 million for its fiscal second quarter ended May 2. In the comparable fiscal 2007 period, the company reported net earnings of $75.0 million, or $1.77 per share, on net sales of $686.7 million....
Moody’s Cuts Neff Corp.’s Credit Rating
Moody’s Investors Service last week downgraded Miami-based Neff Corp.’s rating to Caa1 from B3 with a negative outlook, citing weaker than expected operating performance following the leveraged acquisition of Neff by New York-based private equity firm Lightyear Capital LLC....
Deere Reports 2Q08 Record Earnings of $763 Million
Wacker Sales Rises 42 Percent in First Quarter
Moody’s Lowers Outlook on Sunstate
S&P Assigns BB+ Rating to United Rentals Credit Facility
Burris Revenues Boost H&E’s First Quarter Increase
H&E Equipment Services increased 17.2 percent to $245.8 million in first-quarter revenue, compared with $209.7 million in the first quarter last year. The company’s recent acquisition of J.W. Burress in the mid-Atlantic region contributed $27.6 million of the $36.1 increase. EBITDA jumped 7.8 percent to $56.4 million compared with $52.3 million in the same period last year, with Mid-Atlantic contributing $1.4 million....
AEM’s ConExpo Russia Set for September
Dayton Superior Posts Slight Drop in First Quarter
Dayton Superior Corp., a leading North American provider of specialized products for the non-residential concrete construction market, last week reported a slight decrease in the first quarter ended March 28....
Ahern Rentals Announces 1Q08 Call
Ahern Rentals last week announced it will hold a conference call at 10 a.m. Pacific time on Friday, May 16, 2008, to discuss matters covered in the company’s quarterly report on Form 10-Q for the fiscal quarter ended March 31, which the company expects to file with the Securities and Exchange Commission on Thursday, May 15....
S&P Assigns BBB+ Rating to Finning Notes
Standard & Poor’s Ratings Services said is assigned its BBB+ issue rating to Finning International’s proposed CD $600 million (U.S. $596 million) senior unsecured medium-term notes, which will be issued in two tranches: CD $350 million due June 2018 and CD $250 million due September 2013....
Oshkosh Corp. Reports Record Second Quarter on Strong Access Equipment Demand
Oshkosh Corp., a leading manufacturer of specialty vehicles and vehicle bodies, and parent company of McConnellsburg, Pa.-based JLG Industries’, last week reported that, for its second quarter of fiscal 2008, earnings per share were $0.97, on sales of $1.8 billion and net income of $72.6 million. These results compare with EPS of $0.68 on sales of $1.7 billion and net income of $50.9 million for the comparable prior-year quarter. Oshkosh’s EPS exceeded the company’s most recent earnings estimate range for the second quarter of $0.85 to $0.90....
Volvo Group Posts 26-Percent Sales Increase in Q108
For the three months ended March 31, Stockholm, Sweden-based Volvo Group posted a 26-percent sales increase to SEK 76.7 billion (about U.S. $12.7 billion) from SEK 61.0 billion (U.S. $10.1 billion) a year ago. In the first quarter, operating income rose 22 percent to SEK 6.5 billion (U.S. $1.1 billion) from SEK 5.3 billion (U.S. $879.9 million) in the year-ago period....
H&E Equipment Services Announces 1Q08 Conference Call
H&E Equipment Services last week announced that it will release its 2008 first-quarter financial results before the market on Thursday, May 8. The company will also hold a conference call to discuss first-quarter results at 10 a.m. Eastern time. To listen to the call, participants should dial 913-312-0945 approximately 10 minutes prior to the start of the call. A telephonic replay will become available after 1 p.m. Eastern time May 8, and will continue through May 17, by dialing 719-457-0820 and entering the confirmation code 7412840....
Deutz Reports 18.4-Percent 1Q08 Revenue Increase
Deutz Ag last week reported its first-quarter 2008 revenue grew by 18.4 percent to €397.0 million (about U.S. $618.1 million) compared with €335.4 million (U.S. $522.2 million) a year ago. This revenue growth was driven by the success of the new TCD 2013 4V engine, unit sales of which were up 30 percent in the period under review. ...
Ritchie Bros. 1Q08 Earnings Drop Slightly
Ritchie Bros. Auctioneers last week announced that it achieved net earnings of $16.4 million, or $0.16 per diluted weighted average share, for the first quarter of 2008, compared to net earnings of $17.6 million, or $0.17 per diluted weighted average share, for the first quarter of 2007. All dollar amounts are presented in U.S. dollars and, except as noted otherwise, all share and per share amounts reflect the three-for-one split of the company's common shares that occurred at the close of business on April 24....
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