Husqvarna’s Net Profits Decline 19.6 Percent in 2009
Swedish outdoor products manufacturer Husqvarna reported net profit for 2009 fell to a lower-than-expected SEK 899 million (about U.S. $125 million), about a 19.6 year-over-year decrease compared with 2008’s total of SEK 1.118 billion. Net sales for the year decreased 8 percent to SEK 34.074 billion (about U.S. $4.7 billion)....
Haulotte Group Revenue Declines 55 Percent in 2009
Haulotte Group posted consolidated revenue of €53.6 million (about U.S. $73 million) in the fourth quarter of 2009, compared with €73.9 million for the same period in 2008, a 27.5-percent decrease. For the full year of 2009, Haulotte posted €202 million (about U.S. $275 million), a 55.2-percent decline compared with full year 2008....
Toro Reports Fiscal 2010 First-Quarter Results
The Toro Co. last week reported net earnings of $10.9 million, or $0.32 per share, on net sales of $331.4 million for its fiscal first quarter ended Jan. 29. In the comparable fiscal 2009 period, the company reported net earnings of $6.7 million, or $0.18 per share, on net sales of $340.2 million. Financial results for last year’s first quarter were reduced by a pre-tax charge of $1.3 million, or $0.02 per share on an after-tax basis, to account for workforce adjustments....
RSC Holdings Inc. to Host 4Q09 and FY09 Earnings Call
RSC Holdings Inc. last week said it will release fourth-quarter and full-year 2009 earnings results after the close of trading on the New York Stock Exchange on Tuesday, Feb. 16. The company’s management will host a conference call and webcast at 5:15 p.m. Eastern time to discuss results for the fourth quarter and year ended Dec. 31, 2009....
Hertz Global Holdings Announces 4Q and Full-Year 2009 Conference Call
Park Ridge, Ill.-based Hertz Global Holdings, the parent company of The Hertz Corp., last week announced it will hold a conference call to discuss its fourth-quarter and full-year 2009 operating results on Wednesday, Feb. 24, at 10 a.m. Eastern time and will remain available for replay for two weeks starting at 12:30 p.m. on Feb. 24....
Gorman-Rupp Fourth Quarter 2009 Sales Slide 23 Percent
Mansfield, Ohio-based The Gorman-Rupp Co. last week reported that net sales during the fourth quarter ended Dec. 31, 2009 were $62.2 million, 23.2-percent lower than the $81.0 million during the same period in 2008. Net income was $3.7 million, a decrease of 22.0 percent compared to $4.8 million in the fourth quarter 2008. Earnings per share were $0.22 and $0.29 for the comparable periods....
Generac Prices IPO at $13
Generac Holdings, parent company of Generac Power Systems, last week priced its initial public offering of 18,750,000 shares of its common stock at $13 per share. The shares began trading on the New York Stock Exchange Feb. 11 under the ticker symbol GNRC. Also, Generac granted the underwriters a 30-day option to purchase up to an additional 2.8 million shares at the IPO price....
Cummins Inc. Declares Quarterly Common Stock Dividend
The board of directors of Cummins Inc. last week declared a quarterly common stock cash dividend of 17.5 cents per share, payable March 1, to shareholders of record on Feb. 19....
Toromont Announces Quarterly Dividend
Toronto, Ontario-based Toromont Industries Ltd. last week announced the regular quarterly dividend of 15 cents per share on outstanding common shares, payable April 1, to shareholders of record at the close of business on March 12....
Volvo Group 4Q Net Sales Fall 23 Percent
Volvo Group last week reported a fourth-quarter operating loss of slightly more than SEK 2 billion (about U.S. $272.3 million). According to the company, the main focus during the quarter was on cash flow and the Group created a positive cash flow of SEK 8.6 billion (U.S. $1.2 billion), which is one of the best cash inflows ever for a single quarter....
The Manitowoc Co. Reports 31-Percent 4Q Decline on Slow Crane Sales
The Manitowoc Co. last week reported sales of $838.7 million for the fourth quarter of 2009, down 31.1 percent from $1.2 billion in the fourth quarter of 2008. The sales decrease was due primarily to a 49.1-percent decline in the Crane segment, partially offset by a 31.3 percent increase in the Foodservice segment....
Revenues Decline 19 Percent for Atlas Copco in 4Q09; Focuses on Growth in ‘10
Atlas Copco last week announced that fourth-quarter revenues declined 19 percent to SEK 15.9 billion (about U.S. $2.17 billion ) and the operating profit was SEK 2.5 billion (U.S. $333.5 million) compared with SEK 3.3 billion (U.S. $447.6 million) for the same period last year, corresponding to a margin of 15.4 percent, down from 16.7 percent. Orders received declined 9 percent organically compared to the previous year, but increased sequentially....
Terex Announces 4Q and Year-End 2009 Earnings Call
Westport, Conn.-based Terex Corp. will release its fourth quarter and year-end 2009 financial results on Wednesday, Feb. 17, after market close. The company will host a conference call to review the financial results on Feb. 18, at 8:30 a.m. EST. Ron DeFeo, chairman and CEO, will host the call....
Cummins 4Q Sales Grow 3 Percent; Profits Increase
Cummins Inc. last week reported that the fourth quarter 2009 was the most profitable fourth quarter in company history, eclipsing the previous mark set in 2007. Sales of $3.4 billion grew 3 percent from $3.29 billion in the fourth quarter 2008, while net income attributable to Cummins Inc. increased to $270 million, or $1.36 a share, from $43 million, or 22 cents a share, a year ago. Fourth-quarter results were driven by continued strength in China, India and Brazil, along with a significant increase for on-highway truck engines and components in North America in advance of new emissions standards that took effect at the beginning of 2010....
Caterpillar Profit Drops 75 Percent in 2009
Caterpillar Inc. posted sales and revenues of $32.4 billion for 2009, a 37-percent decrease compared with $51.3 billion in 2008. Profit per share was $1.43, a 75-percent year-over-year plunge....
Oshkosh, JLG Rise on Demand for Military Vehicles
Oshkosh Corp., parent company of JLG Industries, and a leading manufacturer of specialty vehicles and vehicle bodies, posted fiscal first-quarter net sales of $2.43 billion and income from continuing operations of $191.2 million or $2.10 per share, an 83-percent increase compared with $1.33 billion for the same period last year....
CNH Net Sales Tumble 26 Percent in 2009
CNH Global last week announced net sales for the full-year 2009 declined 26 percent to $12.8 billion as the industry faced a global slowdown. In the face of this decline, the company implemented tight cost controls that delivered an operating profit of $373 million from Equipment Operations for the full year, a decline of 75 percent from the same period in 2008. The volume decline combined with the drive to reduce inventories were the primary factors in the decrease in Operating Profit from Equipment Operations. Net loss attributable to CNH, before restructuring, after tax, came to ($0.48) per share compared to net income of $3.59 per share for the full-year 2008, and $0.20 for the fourth quarter before restructuring, after tax, compared with $0.49 for the same period a year earlier, on a fully diluted basis....
Gorman-Rupp Declares Cash Dividend
The board of directors of The Gorman-Rupp Co. last week declared a quarterly cash dividend of 10.5 cents per share on the common stock of the company, payable March 10, to shareholders of record Feb. 15. This marks the 240th consecutive dividend paid by The Gorman-Rupp Co. During 2009 the company achieved its 37th consecutive year of increased dividends paid to its shareholders....
IronPlanet Reports 2009 Gross Equipment Sales Increase of 34 Percent
IronPlanet last week reported 2009 gross equipment sales of $458 million, an increase of 34 percent over 2008. Fourth-quarter gross equipment sales totaled $124 million, up 29 percent over the same period last year....
Komatsu, Hitachi to Post Quarterly Declines
Komatsu Ltd. is expected to report a 60-percent decline in quarterly operating profit in the quarter ended Dec. 31 compared with the same period in 2008, according to the Nikkei Business Daily. The paper reported Komatsu earned an operating profit of a little more than JY 16 billion (about U.S. $175 million), with the decline related to reduced demand, a strong yen and restructuring costs....
Manitowoc Plans Refinancing
The Manitowoc Co. is planning to refinance a portion of its term loans under its senior secured credit facility with senior unsecured notes to improve the balance and flexibility of its capital structure, the company said last week. The amount of the offering is expected to be about $400 million, and will extend required maturities for a portion of the company’s long-term debt and introduce a greater amount of unsecured debt into the company’s capital structure....
LoJack Enters into $30 Million Multi-Currency Credit Agreement
LoJack Corp. recently entered into a multi-currency revolving credit agreement for U.S. $30 million, replacing its prior multi-currency credit agreement. Under the new agreement, RBS Citizens, N.A. will act as administrative agent and lender, and TD Bank, N.A. will act as lender and issuing bank. The company has the right to increase the aggregate amount available to be borrowed to U.S. $50 million, subject to certain conditions. The new credit agreement terminates on Dec. 29, 2011....
Class Action Suit Filed Against Terex Corp.
Coughlin Stoia Geller Rudman & Robbins LLP last week announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the District of Connecticut on behalf of purchasers of the common stock of Terex Corp. between Feb. 20, 2008 and Sept. 4, 2008....
Caterpillar Maintains Dividend Rate
The board of directors of Caterpillar Inc. last week declared a quarterly cash dividend of $0.42 cents per share of common stock, payable Feb. 20, 2010, to stockholders of record at the close of business Jan. 20....
Toro Reports 47 Percent Fiscal Net Earnings Loss
The Toro Co. last week reported net earnings of $62.8 million, or $1.73 per share, on net sales of $1,523.4 million for its fiscal year ended Oct. 31. For fiscal 2008, the company posted net earnings of $119.7 million, or $3.10 per share, on net sales of $1,878.2 million....
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