Earnings Results, Resignation, Sales of Business, Expansion and Acquisition of Assets - Analyst Notes on Caterpillar, Joy Global, Terex, AGCO and Manitowoc

Thu Jun 5, 2014 6:00am EDT

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Earnings Results, Resignation, Sales of Business, Expansion and Acquisition of Assets - Analyst Notes on Caterpillar, Joy Global, Terex, AGCO and Manitowoc

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NEW YORK, June 5, 2014 /PRNewswire/ --

Today, Analysts Review released its analysts' notes regarding Caterpillar Inc. (NYSE: CAT), Joy Global, Inc. (NYSE: JOY), Terex Corp. (NYSE: TEX), AGCO Corporation (NYSE: AGCO) and Manitowoc Co. Inc. (NYSE: MTW). Private wealth members receive these notes ahead of publication. To reserve complementary membership, limited openings are available at: http://www.analystsreview.com/3398-100free.

Caterpillar Inc. Analyst Notes
On May 30, 2014, Caterpillar Inc. (Caterpillar) announced that its Vice President with responsibility for the Global Information Services (GIS) Division and Chief Information Officer, Randy Krotowski, has chosen to resign from his role in the Company to pursue other opportunities, effective June 1, 2014. According to Caterpillar, the Company will immediately begin a global search to find a new GIS Vice President and Chief Information Officer. The full analyst notes on Caterpillar are available to download free of charge at:


Joy Global, Inc. Analyst Notes
On June 2, 2014, Joy Global, Inc. (Joy Global) announced that it closed its purchase of certain assets of Mining Technologies International Inc. (MTI) - a Canadian manufacturer of underground hard rock mining equipment serving the North American markets and a world leading supplier of raise bore drilling consumables- on May 30, 2014 for CAD51.0 million, subject to a working capital adjustment. The Company stated that it has acquired substantially all of the assets associated with MTI's hard rock drilling, loaders, dump trucks, shaft sinking, and raise bore product lines. "We are pleased that the acquisition of MTI has successfully closed in the third quarter of 2014 as planned. This acquisition furthers our strategy to expand our underground mining product lines into the hard rock markets including nickel, potash, palladium, platinum, gold and copper," commented Ted Doheny, President and CEO of Joy Global. The full analyst notes on Joy Global are available to download free of charge at:


Terex Corp. Analyst Notes
On Jun 2, 2014, Terex Corp. (Terex) announced that for a purchase price of $160 million, it has completed the sale of its truck business to Volvo Construction Equipment. According to the Company, the truck business manufactures and sells off-highway rigid and articulated haul trucks. Terex stated that the transaction included the manufacturing facility in Motherwell, Scotland. The full analyst notes on Terex are available to download free of charge at:


AGCO Corporation Analyst Notes
On May 23, 2014, AGCO Corporation (AGCO) announced that it has agreed to acquire Intersystems Holdings Inc. and subsidiary (Intersystems), subject to certain regulatory approvals. Intersystems is a leading manufacturer of commercial material handling solutions sold to grain operations globally. Martin Richenhagen, AGCO's Chairman, President and CEO, remarked, "Intersystems products are recognized for their performance, quality and efficiency by its customers, including feed mills, inland grain terminals and sea port facilities. The company is an excellent fit with GSI and will allow us to expand our grain handling and storage business in the fast growing off-farm segment." The full analyst notes on AGCO are available to download free of charge at:


Manitowoc Co. Inc. Analyst Notes
On May 1, 2014, Manitowoc Co. (Manitowoc) reported its financial results for Q1 2014. Revenues for the quarter decreased 5.0% YoY to $850.0 million. Net loss (attributable to Manitowoc) in Q1 2014 was $8.8 million or $0.06 per diluted share, compared to net income of $10.4 million or $0.08 per diluted share in Q1 2013. Commenting on the results, Manitowoc's Chairman and CEO, Glen E. Tellock said, "The first quarter of 2014 played out largely in-line with our expectations, providing the foundation for us to achieve our full-year outlook. The growth we experienced in our Foodservice segment during the quarter, coupled with Cranes' very successful ConExpo trade show in March, underscores the strength of our offerings, as well as the level of innovation we bring to our customers. While the global macro-economic landscape remains somewhat pressured, we are committed to leveraging our core competencies and strengths to drive continued performance, including new product introductions, industry-leading aftermarket services and solutions, and operational excellence initiatives." The full analyst notes on Manitowoc are available to download free of charge at:


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