Clark Equipment Announces Cash Tender Offer
Clark Equipment Co., an indirect wholly owned subsidiary of Ingersoll-Rand Co., last week announced the commencement of a cash tender offer to purchase any and all of its outstanding 8 percent medium-term notes due May 1, 2023, 8.15 percent medium-term notes due May 15, 2023 and 8.35 percent medium-term notes due May 15, 2023. The tender offer and the related consent solicitation are being made pursuant to the offer to purchase and consent solicitation statement dated Sept. 17, 2007, and the related letter of transmittal and consent....
Cummins Reaffirms 2007 Profit Guidance
Cummins Inc. last week shared its message for creating sustainable earnings growth with members of the investment community at a conference at its Jamestown engine plant. ...
Cummins and Caterpillar Names to Dow Jones Sustainability Index
The Dow Jones Sustainability Index last week named Cummins Inc. and Caterpillar to its World index for the third year in row and seventh consecutive year, respectively, recognizing the companies’ continued commitments to economic, environmental and social leadership. This index represents the top 10 percent of the world's largest 2,500 companies in these corporate sustainability metrics....
RSC Completes Exchange Offer
RSC Equipment Rental and RSC Holdings announced they completed a previously announced offer to exchange $620 million in aggregate principal amount of their 9 ½ percent senior notes due 2014, which have been registered under the Securities Act of 1933 as amended, for an equal principle amount of their outstanding 9 ½ percent senior notes due 2014....
JCB Profits Soar To All-Time High
JCB last week announced that the company enjoyed its most successful year ever in 2006 by setting new records for pre-tax profits, revenue, machine sales and global market share. ...
Standard & Poor’s Raises Outlook for Cummins to Positive
Cummins Inc. last week announced that Standard & Poor’s, a leading ratings agency, has raised its outlook for Cummins to positive, from neutral. The agency affirmed its investment grade debt rating of BBB-, leaving open the possibility for an upgrade in the “near to intermediate” future. ...
Toro’s Profits Up in Fiscal 3rd Quarter
Toro Co., manufacturer of lawnmowers and landscaping equipment posted slightly higher quarterly earnings last week. Toro earned $42.5 million, or $1.02 per share in its fiscal third quarter ended Aug. 3, compared with $40.3 million or $0.91 per share, in the same period last year. ...
Ahern Rentals Increases Volume 30% in Second Quarter
Ahern Rentals second-quarter revenues increased 30 percent from $63.3 million in the second quarter of 2006 to $82.2 million in the period ended June 30. Equipment rentals jumped 24 percent from $56.4 million in Q206 to $70 million in this year’s second quarter. Same branch revenues increased 19 percent year over year for the second quarter, a 10.8-percent hike, and an additional $2.9 million in revenue came from branches that were not yet open in 2006....
Deere Posts 3Q07 Earnings Record Despite Decline on Construction Equipment
Deere & Co. last week announced worldwide net income of $537.2 million, or $2.37 per share, for the third quarter ended July 31, compared with $436.0 million, or $1.85 per share, for the same period last year. Net income was the highest for any third quarter in the company's history....
Toromont Industries Files to Purchase Stock, Declares Dividend
Toronto, Ontario-based Toromont Industries last week announced that it has filed a notice of intention with the Toronto Stock Exchange to make a normal course issuer bid for certain of its common shares through the facilities of the Toronto Stock Exchange. Under this notice, Toromont is entitled to purchase up to 3.2 million of its common shares during the 12-month period commencing Aug. 31, and ending August 30, 2008. ...
Doosan Infracore More Than Doubles 2Q07 Earnings
Seoul, Korea-based Doosan Infracore Co., South Korea's largest construction equipment maker, last week announced that its second-quarter earnings more than doubled on rising demand for excavators and other construction equipment in overseas countries such as China. ...
Finning Enjoys Record Q2 Revenues, Strong Earnings
Finning International last week reported CD $1.5 billion (about U.S. $1.41 billion) in revenue for the second quarter of 2007, a 25.7-percent increase over the second quarter of 2006. Earnings from continuing operations before interest and taxes were CD $123.1 million in the second quarter, a 39.6-percent jump from last year’s second quarter total of $88.2 million. Second-quarter net income from continuing operations was $75.3 million or $0.42 per diluted share, a 35.5-percent year-over-year leap....
Briggs & Stratton Earnings Rise 3.5 Percent in 4Q07, Decline 15 Percent in Fiscal ’07
Milwaukee, Wis.-based Briggs & Stratton Corp. last week announced fiscal 2007 fourth-quarter consolidated net sales of $678.9 million, compared with 4Q06 consolidated net sales of $656.0 million. Fourth-quarter ’07 consolidated net income was $16.3 million or $0.32 per diluted share, which included a $7.9 million pretax write-down of assets associated with a plan to close its Port Washington, Wis., manufacturing facility by October 2008, compared with 4Q06 consolidated net income of $15.8 million, or $0.31 per diluted share....
Oshkosh Rides Strong Q2, Predicts ’08 Growth
Oshkosh Truck Corp., parent company of JLG Industries and a leading manufacturer of specialty vehicles and vehicle bodies, last week reported third-quarter fiscal earnings per share of $1.21 on sales of $1.85 billion and net income of $90.6 million. These results compare with EPS of $0.72 percent on sales of $887.9 million and net income of $53.4 million for last year’s third quarter....
Gehl 2Q07 Results Down Slightly
West Bend, Wis.-based Gehl Co. last week reported second-quarter income from continuing operations of $8.8 million, or $0.71 per diluted share, for the quarter ended June 30, compared with income from continuing operations of $9.4 million, or $0.75 per diluted share, for the second quarter of 2006. ...
Ritchie Bros. Auctioneers Reports 17-Percent First-half Earnings Growth
Vancouver, British Columbia-based Ritchie Bros. Auctioneers last week announced earnings growth of 17 percent over the first half of 2006, delivering net earnings of $44.1 million, or $1.26 per diluted weighted average share for the six months ended June 30. ...
Kubota Corp. Reports 6.3-percent 2Q07 Revenue Increase
Second-quarter revenues of Kubota Corp. for the period ended June 30, increased 15.9 billion yen (about U.S. $133.7 million), or 6.3 percent, to 269.0 billion yen (about U.S. $2.3 billion) from the corresponding period in the prior year. Although an increase in domestic revenues was limited, overseas revenues increased largely due to steady growth in internal combustion engine and machinery. ...
Caterpillar 2Q07 Results Negatively Impacted by North American Residential Construction Decline
Peoria, Ill.-based Caterpillar last week reported record second-quarter sales and revenues of $11.35 billion from $10.60 billion, a 7-percent increase over the same period last year. The company also reported profit of $823 million, or $1.24 per share, for the second quarter ending June 30....
CNH Reports 55-Percent 2Q07 Increase in Net Income
CNH Global N.V., Lake Forest, Ill., last week reported second quarter 2007 net income of $228 million, up 55 percent compared to net income of $147 million in the second quarter of 2006. Results included restructuring charges, net of tax, of $19 million in the second quarter of 2007, compared with $7 million in the second quarter of 2006. Net income excluding restructuring charges, net of tax, was $247 million, up 60 percent compared to $154 million in the prior year. Second-quarter diluted earnings per share were $0.96, compared with $0.62 per share in 2006....
Terex 2Q07 Net Sales Jump Nearly 16 Percent
Westport, Conn.-based Terex Corp. last week announced income from continuing operations for the second quarter of 2007 of $174.6 million, or $1.66 per share, compared to income from continuing operations of $113.2 million, or $1.10 per share, for the second quarter of 2006. ...
Sales at Volvo CE Jump 24 Percent in Q2
Buoyed by higher volumes, Stockholm, Sweden-based Volvo Construction Equipment’s 2007 financial year continues to be characterized by strong growth in sales and profitability. Sales in the second quarter rose by 24 percent and operating income increased by 10 percent, compared to the same period last year....
Toromont Reports Strong 2Q07 Earnings
Toronto, Ontario-based Toromont Industries Ltd. last week reported financial results for the second quarter of 2007. Net earnings were $38.1 million or $0.59 per share, up 53 percent from $24.9 million or $0.39 per share reported in the second quarter of 2006. For the first six months of 2007, net earnings were $52.3 million or $0.81 per share, up 43 percent from the comparable period in 2006....
Haulotte Group Reports 31% Sales Gain in First Half of ‘07
In the 2007 first half, Haulotte Group attained a new record with sales of €310.2 million (unaudited) (about U.S. $427.2 million) versus €236.9 million (about U.S. $326.2 million) in the equivalent prior-year period, an increase of 31 percent....
Ingersoll Rand Announces 9-percent Second-Quarter Revenue Increase
Hamilton, Bermuda-based Ingersoll Rand Co. Limited, a diversified industrial firm, last week announced earnings and revenues for the second quarter of 2007. The company reported net earnings of $964.1 million, or diluted earnings per share of $3.17, for the second quarter of 2007. ...
Cummins Reports Continued Record Performance; Increases Full-Year Earnings Guidance
Broad gains across most of the company’s product and geographical markets led Columbus, Ind.-based Cummins Inc. to record revenues and strong earnings in the second quarter. ...
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