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Caterpillar Inc. Slashes Its Outlook -- Could These 4 Companies Be Next?

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Investors beware: These four industrial powerhouses could follow Caterpillar's footsteps and bite the bullet.

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Caterpillar Inc. Slashes Its Outlook -- Could These 4 Companies Be Next?

  1. 1. Caterpillar Inc. Slashes Its Outlook -- Could These 4 Companies Be Next?
  2. 2. Joy Global Joy Global is among the world’s leading manufacturers of mining equipment and parts. Image source: Company website
  3. 3. Where the Problem Lies Joy Global gets nearly 55% and 60% of its sales from coal- mining customers and international markets, respectively. Source: Company presentation at RBC Capital Markets' Global Industrials Conference, Sept. 2015
  4. 4. Story so far Joy Global’s third-quarter bookings slumped 31% year over year. In Q3, the company revised its 2015 revenue guidance to $3.1 billion from a range of $3.3 billion-$3.6 billion, and earnings outlook to $1.8 per share from $2.5-$3 a share.
  5. 5. Manitowoc Manitowoc is among the world’s largest construction- equipment manufacturers. The company also runs a food-service equipment business. Image source: Company website
  6. 6. Where the problem lies  More than 50% of Manitowoc’s crane sales come from markets outside North America.  Half its revenue depends on industrials, petrochemical, and commercial construction markets, as the chart shows.Source: Manitowoc Q4 2014 earnings presentation
  7. 7. Story so far Manitowoc’s Q2 crane orders were down 11% year over year, primarily because of a “difficult oil and gas market.” As a result, the company lowered its full- year crane outlook revenue to “double- digit decline” from “mid-single-digit % decline.”
  8. 8. Cummins Cummins is a leading manufacturer of diesel engines and related technologies like fuel and filtration systems, and emission solutions. Cummins’ 2017 ISX15 engine. Image source: Company website
  9. 9. Where the problem lies Significant engine segment exposure to international markets and industries currently in a down cycle. Source: Cummins Q2 2015 earnings presentation
  10. 10. Story so far Cummins’ engine segment sales improved only marginally in Q2 despite strong on- highway markets. The company forecast full-year engine segment revenue to grow a muted flat to 2%, thanks to a slowdown in off-highway and international markets.
  11. 11. United Rentals United Rentals is the world’s largest equipment-rental company Image source: Company website
  12. 12. Where the problem lies 45% exposure to commercial construction, and 11% to the oil and gas sector Source: United Rentals’ Investor Day presentation
  13. 13. Story so far In Q2, United Rentals downgraded its full-year revenue outlook range by roughly 3% at mid-point, citing greater- than-expected “adverse impacts from the drop in oil and gas activity as well as industry fleeting.”
  14. 14. This Could Be The Next Billion-Dollar iSecret

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