Allison Transmission Holdings Inc. reported net sales for the fourth quarter of $647 million, a 10 percent increase from the same period in 2017. The increase in net sales was principally driven by higher demand in the Outside North America Off-Highway and North America On-Highway end markets.
Following Terex Corporation's release of its fourth quarter and full year 2018 results, Terex Materials Processing (MP) is pleased to share these, along with its segment-specific, results.
Toromont Industries Ltd. has reported financial results for the three months and year ended December 31, 2018. These results include the operations of the significant acquisition completed in October 2017. This transaction expanded Toromont's operations to include the Caterpillar dealerships for Quebec, the Maritime Provinces and Western Labrador and the MCFA lift truck dealership for Quebec and Ontario, in addition to other distribution rights. The acquired operations are collectively referenced as "Toromont QM or TQM" throughout this press release.
Deere & Company reported net income of $498.5 million for the first quarter ended January 27, 2019, or $1.54 per share, compared with a net loss of $535.1 million, or $1.66 per share, for the quarter ended January 28, 2018. Affecting first-quarter 2018 results were charges to the provision for income taxes due to U.S. tax reform legislation (tax reform). Without these tax reform charges, first-quarter 2018 net income results would have been $442.1 million, or $1.35 per share.
The Toro Company will acquire privately-held Charles Machine Works, Inc., the parent company of Ditch Witch and several other leading brands in the underground construction market. The purchase price is $700 million in cash subject to certain adjustments set forth in the definitive agreement. The transaction is subject to regulatory approvals and other customary closing conditions and is currently anticipated to close before the end of Toro's fiscal 2019 third quarter.
Volvo Construction Equipment ended 2018 strongly, the company says that it not only posted its best set of annual financial results ever, but also helped parent company the Volvo Group achieve record results. Growth in both machine and service businesses, and increased demand from construction, infrastructure and mining in all major markets, helped Volvo CE deliver strong improvements in sales, operating income and order intake.
Husky Energy has announced that its offer for MEG Energy expired on January 16 and that the minimum tender condition was not met. Due to insufficient MEG Board and shareholder support, Husky has decided not to extend its offer.
Deere & Company reported net income of $784.8 million for the fourth quarter ended October 28, 2018, or $2.42 per share, compared with net income of $510.3 million, or $1.57 per share, for the quarter ended October 29, 2017. For fiscal 2018, net income attributable to Deere & Company was $2.368 billion, or $7.24 per share, compared with $2.159 billion, or $6.68 per share, in 2017.
Caterpillar Inc. announced third-quarter 2018 sales and revenues of $13.5 billion, compared with $11.4 billion in the third quarter of 2017, an 18 percent increase. Third-quarter 2018 profit per share of $2.88 was a third-quarter record. Profit per share was $1.77 in the third quarter of 2017. Excluding restructuring costs and a net tax benefit to adjust deferred tax balances, adjusted profit per share in the third quarter of 2018 was $2.86, compared with third-quarter 2017 adjusted profit per share of $1.95.
Helping parent company The Volvo Group to its best ever third quarter results, Volvo Construction Equipment once again posted a strong set of figures during the period. Good demand for its competitive products in most markets helped drive sales growth of almost a quarter, coupled with strong profitability.
XCMG has seen its earnings almost quadruple over the last year as global economic recovery has continued, and infrastructure investment in China has increased demand for equipment including excavators, loaders and forklift trucks. The company, China's biggest exporter of construction machinery, is predicting solid growth in 2018 on the back of continued improvement in global markets despite rising trade friction between the United States and China.
Deere & Company reported net income of $1.208 billion for the second quarter ended April 29, 2018, or $3.67 per share, compared with net income of $808.5 million, or $2.50 per share, for the quarter ended April 30, 2017. For the first six months of the year, net income attributable to Deere & Company was $673.2 million, or $2.05 per share, compared with $1.007 billion, or $3.14 per share, for the same period last year.
Record revenue for Wacker Neuson in Q1/18 primarily driven by rising demand in European and North American construction markets
New record high for revenue in Q1/18
The Wacker Neuson Group says that they started the year strong with revenue for the first quarter of 2018 increasing by more than 9 percent to EUR 371 million (Q1/17: EUR 339 million). All regions and business segments reported a rise in revenue. This growth was primarily driven by continued rising demand in European and North American construction markets as well as strong performance from the Weidemann and Kramer brands in the agricultural sector. When adjusted for currency effects, revenue increased at an even faster pace of 14 percent relative to the previous year. Negative currency developments, in particular the U.S. dollar's weak performance against the euro, resulted in translation effects, which impacted revenue in the amount of EUR –16 million. The current strained situation among some suppliers is proving a challenge for manufacturers of construction and agricultural equipment, with bottlenecks among suppliers delaying deliveries to customers.
Terex Corporation reported a strong start to 2018 with first quarter 2018 sales of $1.3 billion, up 25% versus Q1 of 2017. The growth reflects the improvements made to the company's operations and broad-based growth across its global markets.
Cummins Inc. has reported its results for the first quarter of 2018. First quarter revenues of $5.6 billion increased 21 percent from the same quarter in 2017. Strong demand for trucks, construction and mining equipment drove the majority of the revenue increase. Currency favorably impacted revenues by 2 percent, primarily due to a weaker US dollar.
Toromont Industries Ltd. has reported its financial results for the first quarter ended March 31, 2018. The company reported a net earnings increase over the first quarter of 2017, with the Equipment Group showing strong activity to start the year.
Volvo Construction Equipment (Volvo CE) enjoyed a confident first financial quarter of 2018, with strong demand increases in all major markets - especially in Asia - helping the company to report strong growth in sales, profitability and order intake.
In 2017, the Liebherr Group achieved the highest turnover in the Group's history, with total sales of € 9,845 million.
Deere & Company reported a net loss of $535.1 million for the first quarter ended January 28, 2018, or $1.66 per share, compared with net income of $199.0 million, or $0.62 per share, for the quarter ended January 29, 2017. Affecting first-quarter 2018 results were charges to the provision for income taxes due to the enactment of U.S. tax reform legislation on December 22, 2017 (tax reform).
The Manitowoc Company, Inc., a global manufacturer of cranes and lifting solutions, has reported fourth-quarter net sales of $481.5 million, diluted earnings per share ("DEPS") on a GAAP basis of $0.97 and a loss of $(0.15) on an adjusted basis.
Manitou has announced its fourth quarter revenues, which show an overall sales revenue increase of 19 percent through 2017. In addition, the company showed a strong growth in orders through the end of the quarter, and expects continued growth in 2018.
Improved competitiveness and increased demand helped Volvo Construction Equipment put in a strong fourth quarter of 2018, with sales up 28% in the period, and up 31% for the full year.
Market share gains and strong recoveries in Asia and Russia help propel Volvo Construction Equipment to a strong performance in the third quarter of 2017.
Improved farm and construction equipment markets led to a higher third-quarter result for Deere & Company, with a net income of $641.8 million through the quarter ending July 30, 2017, the company has announced. The performance has benefited from advanced products and a flexible cost structure, and has aided the company to maintain a strong position.
Finning International has reported a solid second quarter of 2017, including a revenue increase of 21 percent from the same period a year previous and improved markets in Canada and other parts of Finning's business.
Ritchie Bros. Auctioneers Incorporated reports results for the three and six months ended June 30, 2017. During the second quarter, the Company generated $166.2 million of revenue and $17.6 million of net income attributable to stockholders. Diluted EPS attributable to stockholders was $0.16. Non-recurring charges of $4.8 million of stock option compensation expense related to the accelerated vesting of IronPlanet stock options assumed as part of the Merger, $9.1 million of acquisition and finance structure advisory costs, $1.4 million of severance and retention costs that followed the Merger in the resulting corporate reorganization, and an $8.9 million impairment loss recognized on various technology assets were recorded during the quarter. Removing the impact of these charges, diluted adjusted EPS attributable to stockholders (non-GAAP measure) was $0.33.
Terex Corporation has announced second quarter 2017 income from continuing operations of $95.4 million, or $0.98 per share, on net sales of $1.2 billion. In the second quarter of 2016, the reported income from continuing operations was $109.6 million, or $1.00 per share, on net sales of $1.3 billion. Excluding a net after-tax benefit of $47.0 million largely related to the investment in Konecranes shares, income from continuing operations, as adjusted, for the second quarter of 2017 was $49.6 million, or $0.51 per share. This compares to income from continuing operations, as adjusted, of $60.6 million or $0.55 per share in the second quarter of 2016.
Caterpillar Inc. (NYSE: CAT) announced second-quarter 2017 sales and revenues of $11.3 billion, compared with $10.3 billion in the second quarter of 2016. Second-quarter 2017 profit per share was $1.35, compared with $0.93 per share in the second quarter of 2016. Excluding restructuring costs and a gain on the sale of an equity investment in IronPlanet, second-quarter 2017 adjusted profit per share was $1.49, compared to second-quarter 2016 adjusted profit per share of $1.09.
Growth in several sectors helped Toromont Industries (TSX: TIH) to a 5 percent increase in earnings for the second quarter of 2017, the company has announced in its earnings release. Higher equipment sales and rentals were partially offset by lower product support revenues in the company's Equipment Group. Year-to-date revenues are up 3 percent to $817.9 million thanks to higher equipment sales and rentals.
EquipmentShare Secures $26 Million in Funding to Fuel Marketplace Expansion and Launch Mixed Fleet Telematics Solution ES Track
EquipmentShare, a provider of construction technology solutions that help contractors and original equipment manufacturers (OEMs) better manage equipment and make smarter business decisions, has secured $26 million in funding led by Insight Venture Partners and existing investor Romulus Growth. Y Combinator, another existing investor, also participated in the round. With this capital, EquipmentShare will launch its mixed-fleet telematics solution, ES Track, and open peer-to-peer marketplace locations in eight additional U.S. markets.
Zenyatta and Israeli partner, Larisplast, sign collaborative agreement on concrete admixture containing graphene from Albany graphite project
Zenyatta Ventures Ltd. has signed a Collaboration Agreement with Larisplast Ltd., an Israeli business that specializes in the field of concrete admixtures. Zenyatta and Larisplast have both received grant funding from the Canada-Israel Industrial R&D Foundation under the Ontario-Israel Collaboration Program to further test the effect of adding graphene generated from Zenyatta's Albany graphite to concrete on a pilot scale. Upon successful completion of pilot plant testing, the Agreement contemplates the formation of a new corporation ('Newco') jointly owned (50/50) by Zenyatta and Larisplast for the purposes of marketing this new specialized admixture product globally. Zenyatta would be the exclusive provider of purified graphite to Newco and any other party working with Larisplast on this technology.