Strike, Crane Component Delivery Issues Mar 4Q Manitowoc Outlook
The Manitowoc Co. last week announced that as a result of recently identified supplier delivery issues with certain hydraulic components, the shipment of some crane products will be delayed into the first quarter of 2012. In addition, the company announced to the financial community that the International Association of Machinists Local 516 workers at its Manitowoc Cranes facility in Manitowoc, Wis., have been on strike since Nov. 14. The previous contract expired Oct. 31. Negotiations held in front of a federal mediator recently did not result in meaningful progress, leaving management uncertain on how long the strike will continue....
Toro Co. Sales Increase 11.5 Percent for Fiscal 2011
The Toro Co. last week reported net earnings of $117.7 million, or $3.70 per share, on net sales of $1,884 million for its fiscal year ended Oct. 31. In fiscal 2010, the company delivered net earnings of $93.2 million, or $2.79 per share, on net sales of $1,690.4 million....
Toro Increases Regular Quarterly Dividend
The Toro Company last week announced that its board of directors declared a regular quarterly cash dividend of $0.22 per share, an increase from its previous quarterly dividend rate of $0.20 per share. This dividend is payable on Jan. 9, 2012 to shareholders of record on Dec.16, 2011....
Toro to Announce Fiscal 2011 Full-Year Results Dec. 6
The Toro Co. will release its fiscal 2011 full-year results on Tuesday, Dec. 6, at 7:30 a.m. Central time. The company will also hold its investor earnings call on that day....
Deutz Unit Sales Leap 51 Percent in Third Quarter
Deutz AG, the Cologne, Germany based engine manufacturer built on its strong second quarter with a strong third quarter, the company reported this week. Deutz took new orders totaling €372.7 million (about U.S. $508 million) between July and September of this year, a 14-percent increase compared with the third quarter of 2010. Unit sales again rose substantially in the third quarter, jumping 51 percent year-over-year to total 61,310 engines....
Manitex Revenues Spike 49 Percent in Third Quarter
Manitex International, a provider of engineered lifting solutions including boom truck and rough-terrain cranes, rough-terrain forklifts, this week announced third-quarter 2011 revenues of $37.0 million, a 49-percent leap from $24.9 million in the third quarter of 2010. Net income for the third quarter of 2011 increased 54 percent to $1.0 million or $0.09 per share compared to $0.7 million or $0.06 per share for the third quarter of 2010....
Ritchie Bros. Net Earnings Down for First Nine Months of 2011
Ritchie Bros. Auctioneers posted net earnings for the nine months ended Sept. 30 of $49.9 million, or $0.47 per diluted share and adjusted net earnings of $46.9 million or $0.44 per diluted share, a 9-percent decrease compared with the same period in 2010....
Generac Posts 49-Percent Third-Quarter Sales Increase
Generac Holdings posted a 49-percent net sales increase in the third quarter, jumping from $160.7 million in last year’s third quarter to $239.3 million this year. The generator manufacturers increased residential products sales by 60.5 percent year over year, while commercial and industrial product sales jumped 27.4 percent compared to the previous year....
CNH Global Posts 30-Percent Net Sales Jump
CNH Global posted a net sales increase of 30 percent to $4.6 billion as agricultural equipment markets continue to perform well and construction equipment markets continued their recovery. Operating profit of $460 million was a result of increased equipment demand, increases in industrial utilization and improved net pricing....
Gorman-Rupp Reports Record Third-Quarter Revenue and Earnings
The Gorman-Rupp Co. last week reported record net sales and earnings for the third quarter and nine months ended Sept. 30, of $90.2 million compared to $73.9 million during the same period in 2010, a 22-percent increase. Net income increased 24.4 percent to a third-quarter record $7.7 million compared to $6.2 million in the Sept. 30, 2010 quarter. Earnings per share were $0.37 and $0.29 for the respective periods, an increase of 27.6 percent. Results for 2011 include the operations of Glendale, Ariz.-based National Pump Co. acquired Oct. 1, 2010....
Cummins Sales Grow 36 Percent in 3Q11
Cummins Inc. last week reported strong sales and earnings for the third quarter. Year-over-year growth was driven by global mining and oil and gas markets, on-highway markets in North America and Brazil, and construction demand in Asia. Third-quarter sales were $4.6 billion, up 36 percent from the same period last year. All segments delivered double-digit growth over the prior year....
Manitowoc Sales Jump 16 Percent in Third Quarter on Strong Crane Segment Growth
The Manitowoc Co. this week reported sales of $935.4 million for the third quarter of 2011, an increase of 15.9 percent compared to sales of $807.1 million in the third quarter of 2010. The sales increase was driven by a 20.7-percent increase in Crane segment sales, coupled with a 10.2-percent increase in Foodservice segment sales....
Hertz to Hold Q3 Conference Call Nov. 2
Hertz Global Holdings, parent company of the Hertz Corp., the world’s largest general use airport car rental company and leading equipment rental company, will hold a conference call to discuss its third-quarter 2011 results Nov. 2 at 10 a.m. ET and remain available for audio replay one hour following the conclusion of the call until Nov. 16....
Strongco to Hold Q3 Results Call Nov. 8
Strongco Corp. announced it will hold a conference call Nov. 8 at 10 a.m. ET to discuss the company’s third-quarter financial results, which will be distributed by news release the same day before the market opens. The conference call will be hosted by Robert Dryburgh, president and CEO and David Wood, vice president and chief financial officer....
Atlas Copco Improves Revenues 21 Percent in Third Quarter
Atlas Copco last week reported third-quarter results with revenues and operating profit margin at new record levels. Revenues in the quarter increased 21 percent to SEK 20.7 billion (about U.S. $3.1 billion) from SEK 17.7 billion (U.S. $2.7 billion) and the operating profit was SEK 4.8 billion (U.S. $723.4 million) from SEK 3.8 billion (U.S. $570 million), corresponding to an operating profit margin of 23.1 percent....
Husqvarna Dips 2 Percent in Third Quarter
Net sales for equipment manufacturer Husqvarna decreased by 2 percent, totaling SEK 6.41 billion (about U.S. $968 million) compared with SEK 6.9 billion for the same period a year ago. For the first nine months of the year, net sales totaled SEK 25.4 billion (about U.S. $3.8 billion)....
Manitowoc Announces Third-Quarter 2011 Earnings Call
The Manitowoc Co. last week announced it will release its third-quarter 2011 financial results on Tuesday, Oct. 25, after the market closes. The third-quarter results will also be discussed by Manitowoc’s management team during a live conference call for security analysts and institutional investors, which will be held at 10 a.m., Eastern Time, on Wednesday, Oct. 26....
United Rentals Executes Asset-Based Loan Facility
United Rentals this week entered into an amended and restated credit agreement that provides for a senior secured asset-based loan facility of $1.8 billion, a portion of which is available for borrowing in Canadian Dollars. The agreement also provides for an uncommitted incremental increase in the ABL facility of up to $500 million. The ABL facility replaces the company’s existing senior secured asset-based loan facility....
Cummins Approves Dividend Payment
Cummins Inc.’s board of directors this week approved payment of the quarterly cash dividend on the company's outstanding common stock in the amount of 40 cents per share. The dividend is payable on Dec. 1, to shareholders of record on Nov. 21....
Terex to Release Q3 Results October 26
Terex Corp. will release its third-quarter 2011 financial results Wednesday Oct. 26 after the close of the market. The company will host a conference call to review the results at 8:30 a.m. EDT Oct. 27, hosted by chairman and CEO Ron DeFeo....
Toromont Announces Quarterly Dividend
Toronto-based Toromont Industries Ltd. last week announced the regular quarterly dividend of 11 cents per share on outstanding common shares, payable Jan. 3, 2012 to shareholders of record on Dec. 12....
Caterpillar Maintains Dividend Rate, Announces 3Q11 Earnings Call
The board of directors of Caterpillar Inc. this week voted to maintain the quarterly cash dividend of $0.46 per share of common stock, payable Nov. 19, to stockholders of record at the close of business Oct. 24....
RSC Holdings Announces 3Q Earnings Call
Scottsdale, Ariz.-based RSC Holdings will release third-quarter 2011 earnings results after the close of trading on the New York Stock Exchange on Thursday, Oct. 20. The company's management will host a conference call and webcast the same day at 5:15 p.m. Eastern time to discuss results for the third quarter ended Sept. 30....
United Rentals Announces Third-Quarter 2011 Conference Call, Webcast
United Rentals will hold its 2011 third-quarter conference call with Michael Kneeland, CEO, and William Plummer, chief financial officer, on Wednesday, Oct. 19, at 11 a.m. Eastern Time....
Manitou Revenue Grows 45 Percent in First-Half 2011
Ancenis, France-based Manitou last week announced 2011 first-half revenue of €561.6 million (about U.S. $758.7 million), a 45-percent improvement from €387.1 million in the first half of 2010. Operating profit increased to €25.3 million (U.S. $34.2 million) from €-7.3 million in the same period a year ago....
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