Industrial Sector Ideas

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>>> Deere Hoists Guidance After Earnings Beat. Why DE Stock Fell.

Deere earnings topped views on strong farm equipment sales


Investor's Business Daily

APARNA NARAYANAN

05/19/2023


https://www.investors.com/news/deere-earnings-q2-de-stock-caterpillar-outlook/


Deere (DE) guided higher for fiscal 2023 early Friday, after easily topping earnings estimates for its second quarter on healthy equipment demand. DE stock jumped to seize a key level, then reversed lower.

On an earnings call, Deere management indicated that Q2 results benefited from a pull-forward of production from the latter half of 2023.

That led to concerns about a sequential sales decline in the current third quarter, with Q2 marking the year's production peak, analysts said.

Deere may have "to manage inventory levels with lower production, so as to exit the year in good shape given the increasing end market concerns due to lower crop prices," William Blair analyst Lawrence De Maria told IBD in an email.

Tractor maker Deere is seen as a bellwether for the farm economy. It also makes heavy machinery for the construction and forestry markets.

Deere Earnings

Estimates: For the quarter ended April 30, Deere earnings were forecast to grow 26% to $8.58 per share, according to FactSet consensus estimates. Total revenue was seen rising nearly 20% vs. a year earlier to $15.993 billion.

Results: Deere earnings jumped 42% to $9.65 a share, though that's a slowdown from 124% in the first quarter. Revenue swelled 30% to $17.39 billion, above expectations, but still the second straight quarter of slowing sales growth.

Production and precision agriculture sales leapt 53%. Smaller agriculture and turf sales grew 16%. Construction and forestry sales rose 23%.

"Deere continues to benefit from favorable market conditions and an improving operating environment," CEO John May said in the Deere earnings release.

"Though supply-chain constraints continue to present a challenge, we are seeing further improvement," May added.

Outlook: Deere now sees full-year net income of $9.25 billion-$9.50 billion, vs. its prior target of $8.75 billion-$9.25 billion. Analysts had forecast net income of $9.06 billion, FactSet shows.

DE Stock Reverses Lower

Shares of Deere closed down 1.9% to 363.55 on the stock market today, falling back below the 50-day moving average. DE stock had gapped up as much as 6% to 393 in the Friday morning session, clearing the 50-day for the first time since early April.

Deere stock peaked last November and has been trending lower, with the 10-week moving average now below the 40-week line, the MarketSmith chart shows.

Caterpillar (CAT), CNH Industrial (CNHI) and United Rentals (URI) are also heading lower and below key levels. CAT stock was almost unchanged, at 214.79, Friday. CNHI stock lost 0.1% while URI stock rose 1.3%.

'Prudent' Move On Production

Deere management "is prudently limiting production to ensure inventories at the dealer level remain lean," Edward Jones analyst Matt Arnold told IBD Friday.

That "should set up another solid year in 2024," he added.

The move comes with the outlook for Deere's end markets under scrutiny.

The World Bank projects agricultural commodity prices will drop 7% this year and will likely fall again in 2024, the Texas Farm Bureau said on May 18.

Prices for all types of farm equipment soared in recent years for reasons very similar to those that drove automobile prices to record levels. As supply chain issues and demand begin to balance, lower farm commodity prices could place additional pressure on farm equipment sales.

In April, construction giant Caterpillar gave a lackluster outlook for equipment sales as well. United Rentals, which rents out scissor lifts and a range of heavy equipment, turned in a mixed report the same month.

Year to date, Deere stock is down around 15%. It pays a 1.3% dividend yield.

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>>> Builders FirstSource Reports First Quarter 2023 Results


Business Wire

May 3, 2023


https://finance.yahoo.com/news/builders-firstsource-reports-first-quarter-110000182.html


Net sales of $3.9 billion, a decrease of 31.6%

Net income of $333.8 million

Earnings per diluted share of $2.41 per share

Adjusted EBITDA of $631.7 million at a margin of 16.3%

Repurchased 7.5 million common shares totaling $627.6 million, a 5.4% reduction of shares outstanding


DALLAS, May 03, 2023--(BUSINESS WIRE)--Builders FirstSource, Inc. (NYSE: BLDR) today reported its results for the first quarter ended March 31, 2023.

First Quarter 2023 Highlights

All Year-Over-Year Comparisons Unless Otherwise Noted:

Net sales decreased 31.6% to $3.9 billion driven by declining single-family starts and commodity deflation, partially offset by growth from acquisitions and one additional selling day.

Gross profit margin percentage increased 300 basis points to 35.3% primarily driven by increased Multi-Family value-added product category mix.

Net income decreased 47.8% to $333.8 million, or $2.41 per diluted share compared to $3.56 in the prior year period, and adjusted net income decreased 41.5% to $410.3 million, or $2.96 per diluted share compared to $3.90 in the prior year period.

Adjusted EBITDA decreased 36.9% to $631.7 million, mainly driven by a decline in net sales and commodity deflation. Adjusted EBITDA margin declined by 130 basis points to 16.3%.

Cash provided by operating activities was $654.4 million, up $474.6 million compared to the prior year period, while free cash flow was $554.5 million, up $423.0 million compared to the prior year period.

Strong quarter-end balance sheet with liquidity of $1.4 billion and a net debt to LTM Adjusted EBITDA ratio of 0.8x.

Repurchased 7.5 million shares of common stock at an average price of $83.17 for $627.6 million, inclusive of fees and taxes.

"We are proud of our results for the first quarter given the challenging macro backdrop. We were able to exceed our forecasts through the strength of our product portfolio, continued execution of our strategic priorities, and the tireless effort of our team members," commented Dave Rush, CEO of Builders FirstSource. "Our best-in-class end market exposure and distribution footprint, in addition to our unrelenting focus on operational excellence, are guiding us through this complex operating environment. We remain committed to enhancing our customer relationships by being the easiest to do business with. Our continued investments in value-added products, productivity initiatives, and digital solutions all work to reduce cycle times and costs, making homebuilding more affordable and efficient. Given our differentiated platform, experienced management team, and clear focus on delivering value-added solutions to our customers, we are well-positioned to outperform."

Mr. Rush continued, "In addition to our focus on profitable organic growth and improving mix, we remain committed to growing through accretive acquisitions. Our recent tuck-in acquisitions allow us to further expand our value-added offerings and reach a more diverse customer base in what we consider to be very attractive markets."

Peter Jackson, CFO of Builders FirstSource, added, "I am pleased with our results in the first quarter. We generated free cash flow of approximately $554.5 million as we leveraged our best-in-class operating platform and extended our track record of effective cost containment and working capital management. We remain disciplined stewards of capital, making another valuable acquisition, and repurchasing $627.6 million of shares during the quarter while maintaining a strong balance sheet and substantial financial flexibility. As we continue to see the benefits of our transformed business, I am increasingly confident that our long-term normalized gross margin percentage is now at 28% or higher versus our previous expectation of 27% or higher. We also believe that we can sustain a double-digit Adjusted EBITDA margin this year. Looking forward, we believe our robust financial position, industry-leading products and solutions, and reputation for providing excellent customer service will allow us to successfully navigate macro volatility and position ourselves for above market growth in the years to come."

Financial Performance Highlights - First Quarter 2023 Compared to First Quarter 2022

Net Sales

Net sales for the period were $3.9 billion, a 31.6% decrease amid a weaker housing environment and commodity deflation of 11.8%, partially offset by acquisitions contributing 5.5% growth and one additional selling day contributing 1.0%. Core organic sales declined by 26.3%.

Core organic sales in value-added products decreased 16.9%.

Core organic sales for Single-Family decreased 34.1%, Multi-Family increased 11.5%, and Repair and Remodel ("R&R")/Other increased 3.1%.

Gross Profit

Gross profit was $1.4 billion, a decrease of 25.2% compared to the prior year period. The gross profit margin percentage increased 300 basis points to 35.3%, primarily driven by increased Multi-Family value-added product category mix.

Selling, General and Administrative Expenses

SG&A was $904.2 million, a decrease of approximately $64.4 million, or 6.6%, driven primarily by lower variable compensation due to lower volume, partially offset by additional expenses from operations acquired within the last twelve months. As a percentage of net sales, total SG&A increased by 630 basis points to 23.3% primarily attributable to decreased leverage to net sales.

Interest Expense

Interest expense increased $0.8 million to $42.1 million, primarily due to higher outstanding debt balances and higher interest rates.

Income Tax Expense

Income tax expense was $91.3 million, compared to $182.9 million in the prior year period, and the effective tax rate in the first quarter decreased 70 basis points to 21.5% year-over-year.

Net Income

Net income was $333.8 million, or $2.41 earnings per diluted share, compared to net income of $639.6 million, or $3.56 earnings per diluted share, in the same period a year ago.

Adjusted Net Income

Adjusted net income was $410.3 million, or $2.96 adjusted earnings per diluted share, compared to adjusted net income of $700.8 million, or $3.90 adjusted earnings per diluted share, in the same period a year ago. The 41.5% decrease in adjusted net income was primarily driven by a decrease in net sales amid a slowing housing environment and commodity deflation.

Adjusted EBITDA

Adjusted EBITDA decreased 36.9% to $631.7 million, primarily driven by lower net sales including a decline in core organic products amid a slowing housing market and commodity deflation.

Adjusted EBITDA margin declined by 130 basis points from the prior year period to 16.3%.

Capital Structure, Leverage, and Liquidity Information

For the three months ended March 31, 2023, cash provided by operating activities was $654.4 million, and cash used in investing activities was $178.9 million. The Company’s free cash was an inflow of $554.5 million.

Liquidity as of March 31, 2023 was $1.4 billion, consisting of $1.2 billion in net borrowing availability under the revolving credit facility and approximately $0.2 billion of cash on hand.

As of March 31, 2023, LTM Adjusted EBITDA was $4.0 billion and net debt was $3.1 billion, resulting in the net debt to LTM Adjusted EBITDA ratio decreasing to 0.8x, compared to 0.9x in the prior year period.

In the first quarter, the Company repurchased approximately 7.5 million shares of its common stock at an average price of $83.17 per share for $627.6 million, inclusive of fees and taxes.

In addition, the Company repurchased approximately 3.8 million shares in April 2023 for $348.4 million at an average price of $91.90 per share, inclusive of estimated fees and taxes. The Company has completed its expanded share repurchase authorization from November 2022 totaling approximately $1.5 billion.

Since the inception of our buyback program in August 2021, the Company has repurchased approximately 80.7 million shares of its common stock, or approximately 39.1% of its total shares outstanding, at an average price of $65.84 per share for a total cost of $5.3 billion. As of April 28, 2023, shares outstanding were approximately 128 million.

In April, the Board of Directors approved a share repurchase authorization in the amount of $1 billion of the Company's common shares.

Operational Excellence Productivity

In the first quarter, the Company delivered approximately $34 million in productivity savings.

The Company continues to believe it can deliver $90 million to $110 million in productivity savings in 2023.

Q2 2023 Company Guidance

The Company expects challenging conditions in housing amid elevated mortgage rates and general uncertainty in economic conditions that may significantly impact the business. As a result, the Company is not currently providing guidance for the full year 2023 but will continue to reassess each quarter.

For the second quarter of 2023, the Company expects to achieve the financial performance highlighted below. Projected net sales and Adjusted EBITDA include the expected benefit of price, commodity, and margin impacts for Q2 2023.

Net Sales to be in a range of $4.0 billion to $4.2 billion.

Adjusted EBITDA to be in a range of $525 million to $575 million.

Adjusted EBITDA margin to be in a range of 13.1% to 13.7%.

2023 Full Year Assumptions

The Company’s anticipated 2023 performance is based on several assumptions for the full year, including the following:

Total capital expenditures in the range of $325 million to $375 million.

Interest expense in the range of $150 million to $170 million.

An effective tax rate of 23.0% to 25.0%.

Depreciation and amortization expenses in the range of $525 million to $575 million, including approximately $160 million of amortization related to intangible assets acquired in the BMC merger. Total depreciation projected to be $220 million and total amortization projected to be $325 million.

No change in selling days in 2023 versus 2022.

Productivity savings in the range of $90 million to $110 million.

Conference Call

Builders FirstSource will host a conference call and webcast on Wednesday, May 3, 2023, to discuss the Company’s financial results and other business matters. The teleconference will begin at 8:00 a.m. Central Time and will be hosted by Dave Rush, Chief Executive Officer, and Peter Jackson, Chief Financial Officer.

To participate in the teleconference, please dial into the call a few minutes before the start time: 800-225-9448 (U.S. and Canada) and 203-518-9708 (international), Conference ID: BLDRQ123. A replay of the call will be available at 12:00 p.m. Central Time through Wednesday, May 10, 2023. To access the replay, please dial 800-839-2434 (U.S. and Canada) or 402-220-7211 (international). The live webcast and archived replay can also be accessed on the Company's website at www.bldr.com under the Investors section. The online archive of the webcast will be available for approximately 90 days.

About Builders FirstSource

Headquartered in Dallas, Texas, Builders FirstSource is the largest U.S. supplier of building products, prefabricated components, and value-added services to the professional market segment for new residential construction and repair and remodeling. We provide customers an integrated homebuilding solution, offering manufacturing, supply, delivery and installation of a full range of structural and related building products. We operate in 42 states with over 550 locations and have a market presence in 47 of the top 50 and 86 of the top 100 MSAs, providing geographic diversity and balanced end market exposure. We service customers from strategically located distribution and manufacturing facilities (some of which are co-located) that produce value-added products such as roof and floor trusses, wall panels, stairs, vinyl windows, custom millwork and pre-hung doors. Builders FirstSource also distributes dimensional lumber and lumber sheet goods, millwork, windows, interior and exterior doors, and other specialty building products. www.bldr.com

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>>> Trane Technologies Reports Strong First-Quarter 2023 Results; Raises 2023 Guidance


Business Wire

Wed, May 3, 2023


https://finance.yahoo.com/news/trane-technologies-reports-strong-first-103000025.html


Highlights (first-quarter 2023 versus first-quarter 2022, unless otherwise noted):

Reported revenues of $3.7 billion, up 9 percent; organic revenues* up 9 percent

GAAP operating margin up 90 bps; adjusted operating margin* up 140 bps

GAAP continuing EPS of $1.35; adjusted continuing EPS* of $1.41, up 26 percent

Reported bookings of $4.3 billion, down 1 percent; organic bookings* down 1 percent

Strong first-quarter book-to-bill ratio of 117 percent

Record backlog of $7.3 billion, up $400 million from year-end 2022

*This news release contains non-GAAP financial measures. Definitions of the non-GAAP financial measures can be found in the footnotes of this news release. See attached tables for additional details and reconciliations.


SWORDS, Ireland, May 03, 2023--(BUSINESS WIRE)--Trane Technologies plc (NYSE:TT), a global climate innovator, today reported diluted earnings per share (EPS) from continuing operations of $1.35 for the first quarter of 2023. Adjusted continuing EPS was $1.41, up 26 percent, excluding $15.6 million of pre-tax non-GAAP adjustments.

First-Quarter 2023 Results

"In the first quarter, we continued our track record of strong financial results and expect our performance to once again rank in the top quartile among industrials," said Dave Regnery, chair and CEO, Trane Technologies. "Our global team delivered robust bookings, organic revenue growth of 9 percent, adjusted EBITDA margin expansion of 100 basis points and adjusted EPS growth of 26 percent.

"Our strong first-quarter performance, diverse and resilient portfolio and unprecedented backlog give us confidence in raising our full-year guidance for organic revenue and adjusted EPS growth. With our focused sustainability strategy, leading innovation and uplifting culture, we are well positioned to continue delivering superior growth and differentiated shareholder returns over the long term."

Highlights from the First Quarter of 2023 (all comparisons against first-quarter 2022 unless otherwise noted)

Delivered strong first-quarter revenue, operating income, EBITDA and EPS growth.

Enterprise reported and organic bookings were both down 1 percent.

Enterprise reported and organic revenues were both up 9 percent.

Strong book-to-bill ratio of 117 percent.

GAAP operating margin was up 90 basis points, adjusted operating margin was up 140 basis points and adjusted EBITDA margin was up 100 basis points.

Strong positive price realization, volume and productivity more than offset inflation related to supply chain challenges and higher costs to serve customers. The Company also continued high levels of business reinvestment.

Enterprise exited the first quarter of 2023 with backlog more than 2.5 times historical norms.

First-Quarter Business Review (all comparisons against first-quarter 2022 unless otherwise noted)

Americas Segment: innovates for customers in the North America and Latin America regions. The Americas segment encompasses commercial heating, cooling and ventilation systems, building controls, and energy services and solutions; residential heating and cooling; and transport refrigeration systems and solutions.

Reported and organic bookings were both down 4 percent.

Reported revenues were up 9 percent; organic revenues were up 8 percent.

Strong book-to-bill ratio of 116 percent.

Americas segment exited the first quarter of 2023 with backlog at approximately 3 times historical norms.

GAAP operating margin was up 40 basis points, adjusted operating margin was up 90 basis points and adjusted EBITDA margin was up 50 basis points.

Strong positive price realization, volume and productivity more than offset inflation related to supply chain challenges and higher costs to serve customers. The Company also continued high levels of business reinvestment.

Europe, Middle East and Africa (EMEA) Segment: innovates for customers in the Europe, Middle East and Africa region. The EMEA segment encompasses heating, cooling and ventilation systems, services and solutions for commercial buildings and transport refrigeration systems and solutions.

Reported and organic bookings were both up 10 percent.

Reported revenues were up 16 percent, including approximately 6 percentage points related to acquisitions offset by approximately 6 percentage points of negative foreign exchange impact. Organic revenues were up 15 percent.

Strong book-to-bill ratio of 116 percent.

EMEA segment exited the first quarter of 2023 with backlog approximately 60 percent more than historical norms.

GAAP operating margin was up 530 basis points, adjusted operating margin was up 540 basis points and adjusted EBITDA margin was up 510 basis points.

Strong positive price realization, volume and productivity more than offset inflation related to supply chain challenges and higher costs to serve customers. The Company also continued high levels of business reinvestment.

Asia Pacific Segment: innovates for customers throughout the Asia Pacific region. The Asia Pacific segment encompasses heating, cooling and ventilation systems, services and solutions for commercial buildings and transport refrigeration systems and solutions.

Reported bookings were up 11 percent; organic bookings were up 13 percent.

Reported revenues were up 5 percent including approximately 3 percentage points related to acquisitions offset by approximately 6 percentage points of negative foreign exchange impact. Organic revenues were up 8 percent.

Strong book-to-bill ratio of 133 percent.

Asia Pacific segment exited the first quarter of 2023 with backlog approximately 70 percent more than historical norms.

GAAP operating margin was up 310 basis points, adjusted operating margin was up 340 basis points and EBITDA margin was up 390 basis points.

Strong positive price realization, volume and productivity more than offset inflation related to supply chain challenges and higher costs to serve customers. The Company also continued high levels of business reinvestment.

First quarter of 2023 cash flow from continuing operating activities was $17 million and free cash flow use was $52 million. Working capital levels ended the first quarter as expected, reflecting seasonal inventory build.

Year-to-date through May, the Company deployed approximately $720 million, including $170 million in dividends, $300 million for share repurchases, and approximately $250 million for M&A.

The Company expects to continue to pay a competitive and growing dividend and to deploy 100 percent of excess cash to shareholders over time. In the first quarter of 2023, the Company increased its annual dividend by 12 percent to $3.00 per share annualized. Since launching Trane Technologies in March of 2020, the Company has raised the quarterly dividend by 42 percent.

Raising Full-Year 2023 Revenue and EPS Guidance

The Company expects full-year reported revenue growth of approximately 9 percent to 10 percent; organic revenue growth of approximately 7 percent to 8 percent versus full-year 2022.

The Company expects GAAP continuing EPS for full-year 2023 of $8.20 to $8.40. This includes EPS of $0.10 for non-GAAP adjustments. The Company expects adjusted continuing EPS for full-year 2023 of $8.30 to $8.50.

Additional information regarding the Company's 2023 guidance is included in the Company's earnings presentation found at www.tranetechnologies.com in the Investor Relations section.

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>>> Exponent Reports First Quarter 2023 Financial Results


GlobeNewswire

Exponent, Inc.

April 27, 2023


https://finance.yahoo.com/news/exponent-reports-first-quarter-2023-200100014.html


MENLO PARK, Calif., April 27, 2023 (GLOBE NEWSWIRE) -- Exponent, Inc. (Nasdaq: EXPO) today reported financial results for the first quarter of fiscal year 2023 ended March 31, 2023.

“Exponent had a solid start to the year, growing revenues by over 9% on a year-over-year basis. This is a testament to the strength and resiliency of our business model, which is built upon a highly diversified portfolio of critical and integrated services,” commented Dr. Catherine Corrigan, President and Chief Executive Officer. “We continue to position ourselves for future growth by adding to our world-class team of scientists and engineers, increasing headcount year-over-year by 12% through strong talent acquisition and improved retention.”

“Increased demand for our reactive services, which have been foundational to Exponent since our inception, supported our results in the first quarter. This work includes robust litigation-related activity as well as product safety- and recall-related work. Our proactive engagements were driven by work in the consumer products, chemicals, utilities, automotive and life sciences sectors,” continued Dr. Corrigan. “As we look ahead, our expertise will be increasingly sought after as the world places greater emphasis on safety, health, and environmental issues. Exponent remains well positioned to address our clients’ needs across the product lifecycle, developing solutions for today while empowering innovations for tomorrow.”

First Quarter Financial Results

Total revenues and revenues before reimbursements for the first quarter of 2023 increased 9.2% to $140.3 million and $128.7 million, respectively, as compared to $128.5 million and $117.9 million in the first quarter of 2022, respectively.

Net income was $29.1 million, or $0.56 per diluted share, in the first quarter of 2023, as compared to $29.6 million, or $0.56 per diluted share, in the same period of 2022. The tax benefit for the classification of tax adjustments associated with share-based awards realized in the first quarter of 2023 was $3.6 million, or $0.07 per diluted share, as compared to $6.0 million or $0.11 per diluted share, in the first quarter of 2022. Including the tax benefit, Exponent’s consolidated tax rate was 18% in the first quarter of 2023, as compared to 9.7% for the same period in 2022.

EBITDA1 increased to $35.8 million, or 27.8% of revenues before reimbursements, in the first quarter of 2023, as compared to $34.5 million, or 29.2% of revenues before reimbursements in the first quarter of 2022.

In a separate press release today, Exponent announced its quarterly cash dividend of $0.26 to be paid on June 23, 2023, and reiterated its intent to continue to pay quarterly dividends. During the first quarter of 2023, Exponent paid $14.5 million in dividends and closed the period with $125.6 million in cash and cash equivalents.

Business Overview

Exponent’s engineering and other scientific segment represented 83% of the Company’s revenues before reimbursements in the first quarter of 2023. Revenues before reimbursements in this segment increased 11% in the first quarter as compared to the prior year period. Growth during the quarter was driven by continued strong demand for Exponent's services from the transportation, utilities, consumer electronics, and life sciences industries.

Exponent’s environmental and health segment represented 17% of the Company’s revenues before reimbursements in the first quarter. Revenues before reimbursements in this segment decreased 1% in the first quarter as compared to the prior year period. Excluding the impact of foreign exchange of $478,000, revenues before reimbursements for the environmental and health segment increased 2% in the first quarter as compared to the prior year period. Work in this segment was primarily driven by Exponent’s safety-related engagements evaluating the impacts of chemicals on human health and the environment, as well as activity in the life sciences industry.

Business Outlook

“Our accelerated recruiting efforts over the last year have strengthened our unique position to meet the complex and dynamic needs of our clients. As always, we will continue to strategically manage headcount and balance utilization based on market demand, which will support our business model over the long term,” commented Richard Schlenker, Executive Vice President and Chief Financial Officer.

Our full year 2023 guidance is unchanged. For the second quarter of 2023, as compared to the same period one year prior, Exponent anticipates:

Revenues before reimbursements to grow in the high-single to low-double digits; and,

EBITDA1 to be 27.5% to 28.5% of revenues before reimbursements.

For the full year 2023 as compared to the same period one year prior, Exponent anticipates:

Revenues before reimbursements to grow in the high-single to low-double digits; and,

EBITDA1 to be 28.0% to 28.5% of revenues before reimbursements.

“For over five decades, Exponent has stood firmly at the cornerstone of engineering and scientific excellence, connecting the lessons of past failures with tomorrow's solutions to create a safer, healthier, and more sustainable world. Our first quarter results demonstrate Exponent's resilient business model and continued financial strength. Backed by our world class talent, multidisciplinary capabilities, and diverse client relationships, we remain confident in our ability to grow Exponent profitably and drive long-term value for our shareholders,” concluded Dr. Corrigan.

Today's Conference Call Information

Exponent will discuss its financial results in more detail on a conference call today, Thursday, April 27, 2023, starting at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time. The audio of the conference call is available by dialing [phone] or [phone]. A live webcast of the call will be available on the Investor Relations section of the Company's website at www.exponent.com/investors. For those unable to listen to the live webcast, a replay of the call will also be available on the Exponent website, or by dialing [phone] or [phone] and entering passcode 6019209#.

Footnotes

1 EBITDA is a non-GAAP financial measure defined by the Company as net income before income taxes, interest income, depreciation and amortization. EBITDAS is a non-GAAP financial measure defined by the Company as EBITDA before stock-based compensation. The Company regards EBITDA and EBITDAS as useful measures of operating performance and cash flow to complement operating income, net income and other GAAP financial performance measures. Additionally, management believes that EBITDA and EBITDAS provide meaningful comparisons of past, present and future operating results. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flow that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with GAAP. These measures, however, should be considered in addition to, and not as a substitute or superior to, operating income, cash flows, or other measures of financial performance prepared in accordance with GAAP. A reconciliation of the measures to GAAP is set forth below.

About Exponent

Exponent is an engineering and scientific consulting firm providing solutions to complex problems. Exponent's interdisciplinary organization of scientists, physicians, engineers, and business consultants draws from more than 90 technical disciplines to solve the most pressing and complicated challenges facing stakeholders today. The firm leverages over 50 years of experience in analyzing accidents and failures to advise clients as they innovate their technologically complex products and processes, ensure the safety and health of their users, and address the challenges of sustainability.

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>>> Comfort Systems USA Reports First Quarter 2023 Results


Business Wire

April 26, 2023


https://finance.yahoo.com/news/comfort-systems-usa-reports-first-201000627.html


HOUSTON, April 26, 2023--(BUSINESS WIRE)--Comfort Systems USA, Inc. (NYSE: FIX) (the "Company") today reported results for the quarter ended March 31, 2023.

For the quarter ended March 31, 2023, net income was $57.2 million, or $1.59 per diluted share, as compared to $86.8 million, or $2.40 per diluted share, for the quarter ended March 31, 2022. The first quarter of 2023 included a diluted per share net gain of $0.12, including $0.08 related to prior tax years, due to a tax change and $0.15 from the favorable resolution of certain litigation matters. The first quarter of 2022 included a diluted per share net tax gain of $1.49 related to prior years. Revenue for the first quarter of 2023 was $1,174.6 million compared to $885.2 million in 2022. The Company reported operating cash flow of $126.9 million in the current quarter compared to $63.7 million in 2022.

Backlog as of March 31, 2023 was $4.44 billion as compared to $4.06 billion as of December 31, 2022 and $2.73 billion as of March 31, 2022. On a same-store basis, backlog increased from $2.73 billion as of March 31, 2022 to $4.32 billion as of March 31, 2023.

Brian Lane, Comfort Systems USA’s President and Chief Executive Officer, said, "We started 2023 on a very positive note, with remarkable increases in revenue and earnings per share. Our mechanical operations again performed at high levels and our electrical segment continued its trend of improving profitability. Cash flow was unusually strong, especially for a first quarter, and our backlog increased yet again, reflecting good ongoing demand in traditional and modular construction. Our already strong quarterly earnings were further increased by favorable resolution of certain litigation matters."

Mr. Lane concluded, "Our teams across the country continue to execute. Thanks to their excellence, and in light of the strong ongoing demand that we are experiencing, we remain optimistic about our prospects for continued growth and strong profitability in 2023."

The Company will host a webcast and conference call to discuss its financial results and position on Thursday, April 27, 2023 at 10:30 a.m. Central Time. To register for the call, please visit

https://register.vevent.com/register/BI9b57002f12ed44b78143f9dedccc3592.

Upon registering, participants will receive dial-in information and a unique PIN to join the call. The call and the slide presentation to accompany the remarks can be accessed on the Company’s website at www.comfortsystemsusa.com under the "Investor" tab. A replay of the entire call will be available on the Company’s website on the next business day following the call.

Comfort Systems USA® is a leading provider of commercial, industrial and institutional heating, ventilation, air conditioning and electrical contracting services, with 173 locations in 132 cities across the nation. For more information, visit the Company’s website at www.comfortsystemsusa.com.

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Alamo Group - >>> These three businesses can carry on growing even in the face of a mild recession.


https://www.fool.com/investing/2023/03/28/these-3-growth-stocks-are-screaming-buys-right-now/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article


Given the uncertainty in the markets and the economy now, it makes sense to start looking at some under-the-radar stocks with growth prospects that don't rely strongly on the economy.

That's the case for buying stocks like infrastructure and vegetation management equipment company Alamo Group (ALG), aviation services company AAR (AIR -1.21%), and electrical products company nVent Electric (NVT 0.19%). All three have solid growth prospects that should tide them through a difficult economy. Here's why.

1. Alamo Group: Don't forget it

It's no secret that the industrial sector has battled surging prices in raw materials and logistics over the last few years, and Alamo Group is not immune to these factors. Moreover, supply chain disruptions and labor shortages have hurt Alamo's ability to deliver products.

Should you invest $1,000 in Alamo Group right now?

For reference, Alamo operates in two divisions. Its vegetation management business supplies mowers and cutters to governmental, agricultural, and commercial turf markets. The industrial equipment division provides infrastructure-maintenance equipment (for snow- and ice-clearing, road sweepers, and the like). As such, Alamo is a play on the need to maintain infrastructure and public spaces.

The key to the investment case for the stock rests on the idea that its end-market demand is likely to hold up relatively well in an economic slowdown. Meanwhile, its cost and supply chain pressures will ease if a slowing economy alleviates stress on the supply chain.

That argument is strengthened by Alamo Group's $1 billion backlog as of the end of the year -- a figure equivalent to 63% of the $1.6 billion in revenue that Wall Street analysts expect for 2023.

Meanwhile, a combination of mid-single-digit sales growth and margin expansion leads Wall Street to expect double-digit earnings growth for the next few years. Trading at 17.6 times earnings estimates for 2023, Alamo Group looks to be an excellent value.

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>>> Generac Holdings Inc. (NYSE:GNRC) - Number of Hedge Fund Holders: 31


https://finance.yahoo.com/news/14-stocks-pop-according-jim-150048076.html


6-Month Performance as of March 30 (Relative to SPY): -47.00%

One of Jim Cramer's top picks from October 2022 was Generac Holdings Inc. (NYSE:GNRC). The company is an American manufacturer of backup power generation facilities Cramer said that the he liked how low the stock was, enough to add it to his charitable trust. Shares of Generac Holdings Inc. (NYSE:GNRC) have lost 47% over the past 6 months, relative to the SPDR S&P 500 ETF Trust (NYSEARCA:SPY), as of March 30.

At the end of Q4 2022, 31 hedge funds were bullish on Generac Holdings Inc. (NYSE:GNRC) and held stakes worth $588.2 million in the company. Of those, Ariel Investments was the top investor in the company and held a stake worth $132 million.

Meridian Funds made the following comment about Generac Holdings Inc. (NYSE:GNRC) in its Q4 2022 investor letter:

“Generac Holdings Inc. (NYSE:GNRC), is a manufacturer of power generation equipment with a leading position in home standby generators. Generac also offers consumers a home energy management system that harnesses and stores power from the sun to be used for backup during utility power outages. Severe weather events that strained already-overburdened power grids in California, Texas, and other key markets have created a significant opportunity for home power generation equipment manufacturers. Moreover, with the future potential to aggregate these distributed energy resources through the company’s grid services business, homeowners have the potential to monetize these assets. The stock declined during the quarter as the company reduced its full-year revenue guidance due largely to labor shortages in Generac’s dealer network which resulted in a slowdown in installations and implementations. As a consequence, dealers have reduced their on-site inventory. During the period, we exited our position in the company.”

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Quanta Services (PWR) - >>> Quanta is a leading national provider of specialty contracting services, and one of the largest contractors serving the transmission and distribution sector of the North American electric utility industry. Quanta has operations in the United States, Canada, Australia and other selected international markets.


https://finance.yahoo.com/news/growth-investor-1-stock-could-134501559.html


PWR is a Zacks Rank #3 (Hold) stock, with a Growth Style Score of A and VGM Score of A. Earnings are expected to grow 10.3% year-over-year for the current fiscal year, with sales growth of 9%.

Five analysts revised their earnings estimate higher in the last 60 days for fiscal 2023, while the Zacks Consensus Estimate has increased $0.24 to $6.99 per share. PWR also boasts an average earnings surprise of 4.7%.

Looking at cash flow, Quanta Services is expected to report cash flow growth of 41.3% this year; PWR has generated cash flow growth of 25.1% over the past three to five years.

Investors should take the time to consider PWR for their portfolios due to its solid Zacks Rank rating, notable growth metrics, and impressive Growth and VGM Style Scores.

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Quanta Services, Inc. (NYSE:PWR) - >>> Navellier & Associates’ Stake Value: $10 million


https://finance.yahoo.com/news/louis-navellier-top-10-stock-160351252.html


Percentage of Navellier & Associates’ 13F Portfolio: 2.23%

Number of Hedge Fund Holders: 47

Quanta Services, Inc. (NYSE:PWR) is an American contracting services corporation that provides infrastructure services for electric power, pipeline, industrial and communications industries. Louis Navellier's hedge fund owned a $10 million stake in Quanta Services, Inc. (NYSE:PWR) as part of its portfolio for the third quarter of this year. The stake came through the fund owning 78,928 shares of the company, and it represented 2.23% of its investment portfolio.

On November 8, KeyBanc analyst Sean Eastman raised the price target on Quanta Services, Inc. (NYSE:PWR) to $174 from $156 alongside an Overweight rating on the company's shares based on what he calls greater confidence in the multiyear, mid-teens EPS growth algorithm.

Insider Monkey’s Q3 2022 920 hedge fund survey outlined that 47 funds had invested in the firm, a jump from just 34 in the previous quarter. William Harnisch's Peconic Partners LLC is the company's largest shareholder for the quarter, with approximately 5.53 million shares worth $1.3 billion.

Similar to NVIDIA Corporation (NASDAQ:NVDA), Costco Wholesale Corporation (NASDAQ:COST), CF Industries Holdings, Inc. (NYSE:CF), and ConocoPhillips (NYSE:COP), Quanta Services, Inc. (NYSE:PWR) is one of Louis Navellier's top stock picks.

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>>> Quanta Services Selected for Colorado's Power Pathway Transmission Project


PR Newswire

December 22, 2022


https://finance.yahoo.com/news/quanta-services-selected-colorados-power-115500892.html


Project Expected to Extend Through 2027, Supporting Multi-Year Visibility and Growth Opportunities

HOUSTON, Dec. 22, 2022 /PRNewswire/ -- Quanta Services, Inc. (NYSE: PWR) announced today that it has been selected by Xcel Energy as its prime constructor to manage all construction activities for the Colorado's Power Pathway high-voltage electric transmission project in Colorado. Quanta's scope of work on the project consists of the construction of approximately 610 miles of 345 kV transmission infrastructure, consisting of up to six segments and spanning more than a dozen counties, primarily in eastern Colorado, and includes the installation of four new substations and the expansion of four existing substations. The project is designed to increase the reliability of the state's power grid and enable future renewable energy development in Colorado, including approximately 5,500 megawatts of new wind, solar and other resources that Xcel Energy plans to add through 2030.

Duke Austin, President and Chief Executive Officer of Quanta Services commented, "Quanta has enjoyed a long-standing relationship with Xcel Energy and this project builds on our partnership. The project represents an innovative model and collaborative approach with Xcel Energy that we believe is a ground-breaking path for Quanta to continue to provide collaborative infrastructure solutions to our customers. As a result, we believe our design and constructability plan enhances safety during construction and positions us to provide schedule, quality and cost certainty for this important project."

"We are excited to move forward with Quanta Services on the Colorado's Power Pathway project, a monumental investment to build reliability in our transmission system and enable access to significant renewable energy resources in Colorado," said Robert Kenney, president of Xcel Energy-Colorado. "We look forward to collaborating with Quanta as we advance this critical project."

Certain segments of the project are expected to be completed in 2025, with other segments expected to be completed in 2026 and 2027. Preconstruction activities are expected to begin immediately, with construction on the first segment scheduled to begin in mid-2023. Quanta expects to include the estimated revenue for the project in the remaining performance obligations and backlog associated with its Renewable Energy Infrastructure Solutions segment for the fourth quarter of 2022.

About Quanta Services

Quanta is a leading specialized contracting services company, delivering comprehensive infrastructure solutions for the utility, renewable energy, communications, pipeline and energy industries. Quanta's comprehensive services include designing, installing, repairing and maintaining energy and communications infrastructure. With operations throughout the United States, Canada, Australia and select other international markets, Quanta has the manpower, resources and expertise to safely complete projects that are local, regional, national or international in scope. For more information, visit www.quantaservices.com.

About Xcel Energy

Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.

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AAON, BLDR -


https://finance.yahoo.com/news/7-american-manufacturing-stocks-buy-185641230.html


>>> Builders FirstSource (BLDR) - This likely isn’t a name consumers know offhand, since it’s fundamentally a supplier to the homebuilding market, supplying goods such as roof and floor trusses, vinyl windows, drywall and lumber.

But it is a Fortune 500 company and does about $7 billion worth of business across more than 400 locations around the US.

Again, you’re not going to see a lot of advertising on television for BLDR, but it is a major homebuilding supplier in the U.S. That means when housing is growing, so is BLDR.

The stock has been on a ride in the past year, growing well through the second half of 2019, only to erase much of those gains in March this year. But BLDR is up 80% in the past 3 months and still up 22% in the past 12 months.


AAON Inc (AAON)

This firm specializes in commercial, industrial and residential HVAC. This is another sector that goes hand in hand with an expanding economy. New facilities need new equipment.

Also, with low-cost loans available, upgrading old, inefficient equipment for more efficient HVAC can actually be cost-reducing in the long term. That also goes along with businesses that are expanding or downsizing their plants and offices.

Remember, the locksdowns have sent many people home to work, which is also an ideal time to do the necessary upgrades to HVAC units. Work-from-home, to a much greater extent than it was pre-pandemic, is here to stay, and that’s been a source of great buys for Growth Investor.

AAON stock has stayed positive throughout the COVID-19 troubles and currently is up 10% year to date. It also offers a small 0.7% dividend, which is still better than a lot of CDs out there.

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>>> Builders FirstSource, Inc. (BLDR), together with its subsidiaries, manufactures and supplies building materials, manufactured components, and construction services to professional homebuilders, sub-contractors, remodelers, and consumers in the United States. It offers lumber and lumber sheet goods comprising dimensional lumber, plywood, and oriented strand board products that are used in on-site house framing; manufactured products, such as wood floor and roof trusses, steel roof trusses, wall panels, stairs, and engineered wood products; and windows, and interior and exterior door units, as well as interior trims and custom products comprising intricate mouldings, stair parts, and columns under the Synboard brand name.

The company also provides specialty building products and services, including vinyl, composite and wood siding, exterior trims, metal studs, cement, roofing, insulation, wallboards, ceilings, cabinets, and hardware products; products turn-key framing, shell construction, design assistance, and professional installation services.

In addition, it offers software products, such as drafting, estimating, quoting, and virtual home design services, which provide software solutions to retailers, distributors, manufacturers, and homebuilders. The company was formerly known as BSL Holdings, Inc. and changed its name to Builders FirstSource, Inc. in October 1999. Builders FirstSource, Inc. was incorporated in 1998 and is based in Dallas, Texas.

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>>> Why Shares in AAON Surged in February


Motley Fool

By Lee Samaha

Mar 2, 2023


https://www.fool.com/investing/2023/03/02/why-shares-in-aaon-surged-in-february/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article


KEY POINTS

The commercial and industrial HVAC market remains in growth mode, despite a slowdown in the residential market.

Demand for premium HVAC is growing given increased regulatory requirements and the need for healthier buildings.


What happened

Shares in premium heating, ventilation, and air conditioning (HVAC) company AAON (AAON) rose 19.2% in February, according to data provided by S&P Global Market Intelligence. The move comes mainly from an excellent set of fourth-quarter 2022 earnings that dispelled fears investors might have had over its trading conditions.

Specifically, AAON operates in the commercial, industrial, data center, and cleanroom end markets. However, the company is relatively less exposed to the residential HVAC market compared to other providers. Given the pressure homeowners face in the rising rate environment, that's a good thing right now. For example, its competitor Carrier's residential and light commercial HVAC orders declined 30% in its fourth quarter, and Trane's residential HVAC bookings in the Americas were down by a mid 20% percentage in the fourth quarter.

Still, Carrier's commercial HVAC orders were up by over 10%, and Trane's Americas bookings were up by a low-teens percentage.

The tale of two HVAC markets continued with AAON reporting strong orders and backlog -- organic bookings were up 45%, and its backlog grew a whopping 110% on a year-over-year basis in the quarter. In fact, as management noted on the earnings call, "Our biggest challenge right now continues to be ramping up production fast enough."

So what

AAON's management argues that nonresidential construction data remains strong, and it's not seeing any sign of a slowdown in its end markets. Moreover, the price increases pushed through in 2022 should flow into its profit margins as it delivers on its backlog in 2023.

That said, a lot of commercial construction activity tends to lag behind residential construction activity. For example, commercial facilities tend to be built around expanding housing communities. Moreover, they may well be a pull forward in orders from customers due to the difficulty in fulfilling orders in the current environment due to ongoing supply chain issues.

Now what

As ever, investors need to watch the overall economy. A protracted period of weakness in housing, caused by rising rates, will inevitably have some impact on AAON's commercial markets.

On the other hand, demand for commercial HVAC has strengthened in recent years because of regulatory requirements around emissions and increased awareness of the need for healthy, clean buildings. Don't be surprised if AAON has another strong year in 2023.

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>>> AAON, Inc.(AAON), together with its subsidiaries, engages in engineering, manufacturing, marketing, and selling air conditioning and heating equipment in the United States and Canada. The company operates through three segments: AAON Oklahoma, AAON Coil Products, and BASX. It offers rooftop units, data center cooling solutions, cleanroom systems, chillers, packaged outdoor mechanical rooms, air handling units, makeup air units, energy recovery units, condensing units, geothermal/water-source heat pumps, coils, and controls. The company markets and sells its products to retail, manufacturing, educational, lodging, supermarket, data centers, medical and pharmaceutical, and other commercial industries. It sells its products through a network of independent manufacturer representative organizations and internal sales force, as well as online. The company was incorporated in 1987 and is based in Tulsa, Oklahoma.

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>>> ALAMO GROUP ANNOUNCES RECORD 2022 FOURTH QUARTER AND YEAR END RESULTS


Yahoo Finance

PR Newswire

February 23, 2023


https://finance.yahoo.com/news/alamo-group-announces-record-2022-211500924.html


SEGUIN, Texas, Feb. 23, 2023 /PRNewswire/ -- Alamo Group Inc. (NYSE: ALG) today reported results for the fourth quarter and year ended December 31, 2022.

Highlights

Fourth quarter net sales of $386.6 million, up 15%

Fourth quarter operating income of $42.7 million, up 53%

Fourth quarter net income of $29.2 million, or $2.44 per diluted share, up 52%

Full year net sales of $1.5 billion, up 13% year over year

Full year operating income of $148.6 million, up 27%

Full year net income of $101.9 million, up 27%

Full year diluted EPS was $8.54, up 27%

Record EBITDA of $195.9 million, up 21% year over year(1)

Backlog of $1.0 billion, up 26% compared to year-end 2021


Fourth Quarter Results

Fourth quarter 2022 net sales were $386.6 million compared to $337.2 million in the fourth quarter of 2021, an increase of 15%. Gross margin improved in the quarter versus the fourth quarter of 2021 by $14.1 million or 17%. Fourth quarter net income improved 52% to $29.2 million, or $2.44 per diluted share, compared to net income of $19.2 million, or $1.62 per diluted share in the fourth quarter of 2021. The Company's backlog at the end of 2022 was in excess of $1.0 billion, an increase of $205.7 million, or 26%, from the backlog at the end of 2021.

The positive results reported for the quarter were achieved as a result of improved product deliveries, as well as a combination of effective price management, an improvement in manufacturing efficiencies, and disciplined control of operating expenses. These results were achieved despite continued headwinds directly related to supply chain disruptions and skilled labor shortages, as well as the negative impact of currency exchange rates on our consolidated financial results.

Full Year Results

Full year 2022 net sales increased to $1.5 billion, up 13% compared to $1.3 billion for the full year 2021. Net income for the year was $101.9 million, or $8.54 per diluted share, compared to net income of $80.2 million, or $6.75 per diluted share in 2021, a year-over-year improvement of 27%.

Throughout 2022, the Company experienced strong demand for its products with the Company setting records for net sales and earnings in each quarter of the year. The Company's record performance was achieved despite the significant material cost increases, supply chain disruptions and skilled labor shortages that the Company experienced during the year. Our results were also negatively impacted by currency translation as the U.S. dollar strengthened against the currencies of international countries where we operate.

Division Results

Vegetation Management

The Vegetation Management Division's fourth quarter 2022 net sales were $232.5 million, up 14% compared to $204.3 million for the same period in 2021. Full year 2022 net sales in this Division were $937.1 million, compared to $812.7 million for the full year 2021, up 15%. The increase in net sales for both the fourth quarter and the full year was driven by strong customer demand for forestry, tree care, agricultural, and governmental mowing products in both North America and Europe.

The Division's fourth quarter operating income for 2022 was $30.2 million, up 67% compared to $18.1 million for the fourth quarter of 2021. Full year 2022 operating income was $108.5 million versus $78.9 million for the full year 2021, an increase of 37%. The Division benefited from strong sales, improved pricing, and effective control of costs and expenses despite ongoing supply chain disruptions, higher material and inbound freight costs, and labor shortages. Outstanding performance in the Division's North American operations was complemented by strong results during the year in the United Kingdom, France, Brazil, and Australia.

Industrial Equipment

The Industrial Equipment Division's fourth quarter 2022 net sales were $154.1 million, up 16% compared to $132.8 million during the same period in 2021. The increase was primarily attributable to higher sales of snow removal products and, to a lesser extent, other product lines within the Division. Insufficient availability of truck chassis and other industrial components continued to constrain the Division's sales growth during the fourth quarter of 2022.

Full year 2022 net sales were $576.6 million compared to $521.5 million for the full year 2021, an 11% increase. Excavators and vacuum trucks were the primary drivers of the sales increase, but all product lines contributed.

The Division's fourth quarter operating income was $12.5 million, up 28% compared to $9.7 million for the fourth quarter of 2021. Full year 2022 operating income was $40.1 million compared to $38.0 million for the full year 2021, an increase of 5%. The Division was negatively impacted throughout 2022 by supply chain disruptions, constrained chassis deliveries, labor shortages, and higher material and inbound freight costs.

Comments on Results

Jeff Leonard, Alamo Group's President and Chief Executive Officer, commented, "It was gratifying to achieve very solid results in the fourth quarter despite the persistent supply chain, cost inflation, and labor shortage headwinds we experienced throughout the year. Our teams once again worked through these challenges and produced record setting results to cap off the best year for sales and earnings in Company history. I'm very proud of our employees and take this opportunity to offer thanks and special recognition for their dedication, persistence, and ingenuity that largely overcame these obstacles and produced nice results in the fourth quarter and for 2022.

"As they had throughout the year, our markets continued to display strength during the fourth quarter. Governmental agencies at the state, county and municipal levels remained in good fiscal health and continued to invest in upgrading their infrastructure maintenance fleets. Activity in our forestry and tree care segment was also strong and demand from the agricultural sector was good, especially for a fourth quarter. Order bookings in the quarter, while down 2% from prior year, were at a very good level. Bookings in our Industrial Equipment Division were sharply higher, while those in our Vegetation Management Division decreased. We ended 2022 with a backlog in excess of $1.0 billion for the first time which provides us good visibility for the first half of 2023.

"Our supply chain performance also improved modestly relative to the third quarter, although more improvement is needed to support accelerated sales growth over the next several quarters. Truck chassis deliveries remained constrained by allocations from the major OEM's, and although the allocation quantities are slowly increasing, they are not yet keeping pace with our requirements. This has driven the backlog in our Industrial Equipment Division higher, and it may be several more quarters before a balance is achieved. Other supply chain bottlenecks in components such as engines, hydraulics and wiring harnesses are easing and our Vegetation Management Division clearly benefited from this in the fourth quarter. Our labor situation also improved during the quarter, although we continue to have many open positions, particularly in manufacturing.

"Throughout 2022, our teams effectively managed pricing to stay ahead of material cost inflation. During the fourth quarter, we benefited demonstrably from this good price stewardship as our operating margin reached 11%, a record for a fourth quarter and, more importantly, the highest level of the year. Our teams also maintained good expense discipline and total fourth quarter operating expenses declined compared to the prior year.

"The combination of double-digit sales growth, price leverage, improving efficiencies, and spending restraint produced the highest quarterly earnings per share in our history. For the full year 2022, the Company also set new records for both sales and earnings. As we look ahead to the balance of 2023, we continue to have confidence in our team's ability to drive further performance improvements. The continued strength of our markets, combined with the size and quality of our backlog supports that confidence, and we believe the Company is well positioned for future success."

Earnings Conference Call

The Company will host a conference call to discuss fourth quarter and year end 2022 financial results on Friday, February 24, 2023 at 10:00 a.m. ET. Hosting the call will be members of senior management.

Individuals wishing to participate in the conference call should dial 877-407-0789 (domestic) or 201-689-8562 (international). For interested individuals unable to join the call, a replay will be available until Friday, March 03, 2023 by dialing 844-512-2921 (domestic) or 412-317-6671 (internationally), passcode 13734940.

The live broadcast of Alamo Group Inc.'s quarterly conference call will be available online at the Company's website, www.alamo-group.com (under "Investor Relations/Events & and Presentations") on Friday, February 24, 2023, beginning at 10:00 a.m. ET. The online replay will follow shortly after the call ends and will be archived on the Company's website for 60 days.

About Alamo Group

Alamo Group is a leader in the design, manufacture, distribution and service of high quality equipment for vegetation management, infrastructure maintenance and other applications. Our products include truck and tractor mounted mowing and other vegetation maintenance equipment, street sweepers, snow removal equipment, excavators, vacuum trucks, other industrial equipment, agricultural implements, forestry equipment and related after-market parts and services. The Company, founded in 1969, has approximately 4,200 employees and operates 28 plants in North America, Europe, Australia and Brazil as of December 31, 2022. The corporate offices of Alamo Group Inc. are located in Seguin, Texas.

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Cintas - >>> Cintas has grown sales and adjusted earnings per share (EPS) in 51 of the last 53 years by providing its 1 million business customers with uniforms, restroom supplies, first aid and safety equipment, safety training, and fire extinguishers.


https://www.fool.com/investing/2023/03/21/history-suggests-these-4-sp-500-stocks-could-soar/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article


As wildly unexciting as this sounds, Cintas stock rose 1,000% over the last decade.

Powering this incredible performance is the company's ROIC of 21%, 16th best of the 69 industrial stocks in the S&P 500. Operating in a highly fragmented niche, Cintas uses a strategy of making tuck-in acquisitions to complement its organic growth in the mid to high single digits, delivering results that might be hard to believe.

Across the last decade, the company's sales, net income, and dividends grew annually by 7%, 20%, and 26%, respectively. Cintas has a payout ratio of only 35%, showing that it should easily be able to continue increasing its dividend (currently yielding 1%), just as it has since 1983.

Although the company trades at a premium P/E of 35, it only counts 6% of the total businesses in North America as customers, leaving a massive runway for growth.

Opportunistic investors might want to take advantage of any short-term dips in the share price to build a position in this operations-crucial business over time.

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Louisiana-Pacific - >>> Warren Buffett's current investment in Louisiana-Pacific (LPX) is valued at $339 million. While that would be a whopping investment for most, this position only constitutes roughly 0.1% of Buffett's overall equity portfolio, its 38th biggest holding.


https://finance.yahoo.com/m/b6aa7a04-2450-3273-aae3-a4758c72e87e/want-passive-income-in-a-bear.html


Notably, this rather small position for Buffett still amounts to an ownership stake of roughly 7.3% in Louisiana-Pacific, based on its price at the time of acquisition. This purchase is unique, in that Buffett appears to be taking a stake in another economically sensitive company at a time when most investors are looking to play defense. This provider of building materials such as engineered wood products, siding, and other construction-related items utilized in commercial and residential projects, has somewhat stagnated over the past year, following a post-pandemic boom.

What does Buffett know that we don't? I guess we'll find out. Many know that Buffett is a perma-bull when it comes to the economic outlook for America. This bet, while small in the grand scheme of Berkshire's overall portfolio, appears to reaffirm this view. If homebuilding activity picks up (whether due to a drop in interest rates, or the need to fulfill surging demand from Millennial home buyers), Buffett could be due for a big win.

Louisiana-Pacific has been moving toward a more comprehensive business strategy, increasing its involvement in the repair and renovation market and creating value-enhancing products. Buffett's previous investments in mobile home producers and other companies in this sector suggest he believes the future may be bright for this company.

In the last quarter, Louisiana-Pacific increased its quarterly distribution by more than 9% to $0.24 per share, bringing the stock's overall dividend yield to 1.7%. For those bullish on the company's business model looking forward, this is a company that could be poised for continued dividend growth over time, making Louisiana-Pacific an intriguing passive income stock from this perspective right now.

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>>> Tetra Tech Wins $105 Million EPA Watershed Assessment and Protection BPA


Business Wire

March 7, 2023


https://finance.yahoo.com/news/tetra-tech-wins-105-million-140000089.html


PASADENA, Calif., March 07, 2023--(BUSINESS WIRE)--Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, announced today that the U.S. Environmental Protection Agency (EPA) Office of Water awarded the Company a five-year, $105 million Blanket Purchase Agreement (BPA) to restore and protect watersheds and water bodies throughout the United States.

Tetra Tech will identify, analyze, and evaluate surface water and coastal ecosystems to protect human health and aquatic environments from the impacts of pollution and the effects of climate change, including ocean acidification. Tetra Tech’s scientists will design monitoring programs, develop predictive models, and prepare technical guidance documents to assess chemical, physical, and biological integrity of water bodies. Our technical specialists will analyze model results and manage spatial datasets to develop effective management strategies for inland and coastal regions impacted by land-use related activities, stormwater and runoff, habitat loss, and invasive species.

"Tetra Tech has supported EPA’s Office of Water in developing science-based solutions for more than 40 years," said Dan Batrack, Tetra Tech Chairman and CEO. "This is Tetra Tech’s tenth consecutive EPA watershed management contract, supporting EPA in analytics, guidance, and training associated with the development and execution of watershed protection programs. We are pleased to continue using our Leading with Science® approach and Tetra Tech Delta technologies to assess and protect water bodies throughout the United States."

About Tetra Tech

Tetra Tech is a leading provider of high-end consulting and engineering services for projects worldwide. With 27,000 employees working together, Tetra Tech provides clear solutions to complex problems in water, environment, sustainable infrastructure, renewable energy, and international development. We are Leading with Science® to provide sustainable and resilient solutions for our clients. For more information about Tetra Tech, please visit tetratech.com or follow us on LinkedIn, Twitter, and Facebook.

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Trex - >>> Operating in more of a niche within the home improvement space, Trex (TREX) produces composite decking material that has become a very popular alternative to wood. In fact, Trex has reached "verb status" for many who refer to any non-wood deck as a "Trex deck".


https://www.fool.com/investing/2023/03/15/3-growth-stocks-to-buy-now-if-interest-rates-remai/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article


Trex also appeals to consumers interested in environmental issues. Trex decking is comprised of a blend of scrap wood fibers and recycled polyethylene film. Trex can use these scrap products that would otherwise be filling landfills to create beautiful decking.

Despite the potential tailwind of more homeowners opting for improvement projects over moving, Trex products are more expensive than wood, so there's a potential that a slowing economy presents a challenge for the company. However, management spent the past year rightsizing its inventory and expenses and began to see results in Q4 2022 as its gross margin improved to 34.1%, up from 38.9% in the year-ago quarter.

2023 could be a challenging year for the company, but there's reason to buy now for the long term. Trex is still the leader in non-wood decking, and much like Home Depot and Target, it also reduced its shares outstanding by more than 20% over the past 10 years. Trex has been a long-term market-beating investment, and is positioned to remain one over time.

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>>> GE stock has skyrocketed 80% in 5 months — JPMorgan says that's a problem


Yahoo Finance

Brian Sozzi

March 7, 2023


https://finance.yahoo.com/news/ge-stock-jpmorgan-says-thats-a-problem-120604299.html


JPM thinks GE's stock (GE) could power down in the months ahead after a sizzling five-month run.

"While we see an excellent business in aerospace and potential in Vernova, GE is up ~80% over the past five months vs. 13% for the S&P 500," JPMorgan analyst Seth Siefman wrote in a client note on Tuesday ahead of a hotly anticipated March 9 GE investor day. "Our sum of the parts-based December 2023 price target therefore leaves limited upside."

Siefman has a Neutral rating on the stock of the industrial icon, which is in the process of splitting up into several parts. Long-time market-moving GE analyst Steven Tusa is no longer running point on the name.

The company is being divided into three separate companies — aviation, healthcare, and energy — in a plan unveiled late in 2021. GE Healthcare (GEHC) was spun off into a public company in January of this year. The energy business — dubbed Vernova — is slated to debut on the public market by early 2024.

"This is my one-year anniversary with the company, and people have been super energized about our opportunity to be separate," GE Healthcare CEO Peter Arduini told Yahoo Finance Live on January 4. "It's brought more employees of capabilities into the company."

Siefman thinks investors may be overlooking a few important risks on GE's stock as they plow into a re-vamped company which on paper should be more focused and leaner, potentially leading to better profits.

"On the aerospace side, GE and others are clearly benefiting from a Goldilocks environment for maintenance where global travel demand is surging and Boeing and Airbus cannot build enough new planes," Siefman explained. "Air travel demand has been quite resilient but if it comes under pressure, the aftermarket growth outlook would suffer and there is also a threat from the gradual ramp in new aircraft deliveries eating into maintenance activity."

In terms of the energy business, Siefman added, "the scale of the EBITDA and FCF growth required at Renewables is a natural focus for investors, particularly with near-term challenges likely to persist and Vernova’s success will depend to some degree on yet-to-be-determined mechanisms of the IRA. Lingering Insurance exposure is another risk — and an opaque one — in part because GE may be unable to unload Insurance, leaving the potential for incremental contributions."

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>>> Booz Allen Invests in Hidden Level, Inc.


BusinessWire

February 21, 2023


https://finance.yahoo.com/news/booz-allen-invests-hidden-level-130000939.html


MCLEAN, Va., February 21, 2023--(BUSINESS WIRE)--Booz Allen Hamilton (NYSE: BAH) today announced that its corporate venture capital arm, Booz Allen Ventures, LLC, has made a strategic investment in Hidden Level, Inc., a developer of passive sensing technology of unmanned aerial systems (UAS), such as drones, for high-interference environments. Hidden Level utilizes next generation radio frequency (RF) sensing technology to provide multi-domain situational awareness and support to counter-UAS missions. This is the first investment by Booz Allen Ventures in calendar year 2023, and is aligned to the firm’s Digital Battlespace Platform, focused on the accelerated adoption of emerging technologies and operational concepts for the firm’s global defense clients.

"The ongoing conflict in Ukraine empirically demonstrates the value of UAS technologies and disproportionate intelligence in modern warfare," said Steve Escaravage, executive vice president at Booz Allen and leader of the firm’s Digital Battlespace Platform. "Investments in companies like Hidden Level accelerate our ability to bring novel insights to the counter-UAS mission, expanding the potential for decision advantage by our nation’s warfighters."

The current and future warfighting domains call for innovative c-UAS capabilities like those developed by Hidden Level, whose sensors can detect and track low-altitude airborne threats using adaptive RF signal detection techniques, thus increasing airspace situational awareness and informing counter measure opportunities.

"We’re very excited about the path forward with Booz Allen to support DOD missions and provide critical insights for our soldiers on the ground," said Jeff Cole, chief executive officer and co-founder of Hidden Level. "The investment from Booz Allen Ventures is a natural extension of our deep technology work, paired with Booz Allen’s mission expertise. Booz Allen understands the technology needed to support warfighters, and Hidden Level will play an important role in both tactically and strategically supporting DOD through dual-use technology to achieve decision superiority."

The $100 million corporate venture capital arm furthers Booz Allen’s commitment to invest in strategic dual-use, commercial technologies that will provide federal clients disruptive technology for critical missions. Aligned with client demand and the firm’s VoLT (Velocity, Leadership, Technology) growth strategy, Booz Allen Ventures will invest in early-stage companies and technologies within four core areas of demand: defense, artificial intelligence/machine learning, cybersecurity, and emerging/deep technology. Previous Booz Allen Ventures investments include Latent AI, Synthetaic, and Reveal Technology.

"In an ever-changing geopolitical climate, it is imperative we continue to advance technology for our clients, and to empower warfighters with the tools and information they need to perform their jobs safely," said Travis Bales, a leader within Booz Allen Ventures and former Army officer. "We are excited about the work Booz Allen and Hidden Level are doing to accelerate innovation and enhance mission critical technology to meet the needs of our defense clients."

About Booz Allen Hamilton

For more than 100 years, military, government, and business leaders have turned to Booz Allen Hamilton to solve their most complex problems. As a consulting firm with experts in analytics, digital solutions, engineering, and cyber, we help organizations transform. We are a key partner on some of the most innovative programs for governments worldwide and trusted by their most sensitive agencies. We work shoulder-to-shoulder with clients, using a mission-first approach to choose the right strategy and technology to help them realize their vision.

With global headquarters in McLean, Virginia, our firm employs approximately 31,100 people globally as of December 31, 2022, and had revenue of $8.4 billion for the 12 months ended March 31, 2022. To learn more, visit www.boozallen.com. (NYSE: BAH)

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>>> Toro Co. (TTC) - was founded in 1914 as an engine manufacturer, providing power to early tractors. The company quickly shifted focus to mowers and in the century since, it has grown to $4.5 billion in annual revenue. Toro operates in North America as well as internationally, with three quarters of total revenue coming from the U.S.


https://www.suredividend.com/agriculture-stocks/


In January 2022, Toro acquired the Intimidator Group. The acquisitions added the complementary Spartan line of professional zero-turn mowers to Toro’s roster. The addition of the Intimidator Group to Toro’s business positions them well to gain customers and geographic exposure. The purchase was completed with cash on hand and existing credit facilities.

On December 13th, 2022, Toro increased its dividend for the 14th consecutive year, by 13% to $0.34 per share quarterly. Toro reported fourth quarter and FY 2022 results on December 21st, 2022. Q4 net sales improved 22% year-over-year to $1.17 billion. Adjusted earnings per diluted share increased 98% to $1.11 in Q4 2022. Adjusted operating margin for the quarter was 12.8%, unchanged from the same prior-year period.

Leadership initiated their fiscal 2023 outlook which guides for net sales growth of 7% to 10% and adjusted EPS in the range of $4.70 to $4.90 per diluted share, a solid 14.3% year-over-year increase at the midpoint.

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United Rentals (URI) - >>> United Rentals (NYSE:URI) may at first seem like just a value stock, with a low valuation that signals the market’s low confidence in its future results. Given the current economic slowdown, you may assume that this equipment rental company is facing more challenging times ahead.

However, take a closer look at URI stock, and it’s clear that isn’t the case. Rather than being a value stock, at risk of becoming a “value trap,” URI is instead one of the top growth stocks to buy. As demand for its services remains robust, earnings are expected to grow at a steady pace between now and 2025.

This continued earnings growth could keep URI stock (B-rated in Portfolio Grader) in growth mode for years to come. In addition, the company’s recent initiation of a dividend (1.51% forward yield), plus planned share repurchases, will help boost total returns.

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https://finance.yahoo.com/news/7-great-growth-stocks-buy-110030242.html


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Air Products & Chemicals - >>> 10 Most Promising Hydrogen and Fuel Cell Stocks According to Analysts


Insider Monkey

by Omer Farooq

February 12, 2023


https://finance.yahoo.com/news/10-most-promising-hydrogen-fuel-143754446.html


Air Products & Chemicals, Inc. (NYSE:APD) is a leading global provider of atmospheric gases, process and specialty gases, and related services. The company has a presence in the Americas, Asia, Europe, the Middle East, and India. The company is one of the world’s foremost suppliers of hydrogen, operating over one hundred hydrogen plants one of the world’s most extensive hydrogen distribution networks.

On February 2, BMO Capital analyst John McNulty revised his price target on Air Products & Chemicals, Inc. (NYSE:APD) to $386 from $394 and maintained an Outperform rating on the shares. Air Products & Chemicals, Inc. (NYSE:APD) is one of analysts’ most promising hydrogen and fuel cell stocks to buy now.

Over the past 3 months, Air Products & Chemicals, Inc. (NYSE:APD) has received 5 Buy ratings and 7 Hold ratings from Wall Street analysts. The stock has a consensus Buy rating and an average price target of $328.33. The stock’s average price target implies an upside of 14.07% from current levels. As of February 10, the stock is trading at $287.82 per share.

At the end of Q3 2022, 43 hedge funds were long Air Products & Chemicals, Inc. (NYSE:APD) and disclosed positions worth $394.2 million. As of December 31, Quaero Capital is the top investor in the company and has a position worth $3.88 million.

Here is what Matrix Asset Advisors had to say about Air Products and Chemicals, Inc. (NYSE:APD) in its third-quarter 2022 investor letter:

“During the quarter, we started a new position in Air Products and Chemicals, Inc. (NYSE:APD) for accounts with cash to invest. Air Products & Chemicals is a leading global industrial gas company with very stable returns. The company provides industrial gas in bulk liquid and compressed gas forms as well as via onsite dedicated facilities. Because many of its contracts are long-term, the business is less cyclical than many industrial companies while benefiting during economic upswings. Air Products is a leader in hydrogen fueling systems and infrastructure, and the company sees great potential to extend its leadership in the years ahead. APD consistently returns capital to its shareholders through share repurchases and by steadily increasing its dividend. Its current annual dividend of $6.48 per share provides a 2.8% yield on September 30.”

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Linde - >>> 10 Most Promising Hydrogen and Fuel Cell Stocks According to Analysts


Insider Monkey

by Omer Farooq

February 12, 2023


https://finance.yahoo.com/news/10-most-promising-hydrogen-fuel-143754446.html


Linde plc (NYSE:LIN) is a leader in industrial gases and has one of the world's largest liquid hydrogen distribution systems in the world. In the third quarter of 2022, Linde plc (NYSE:LIN) announced its plans to build an industrial-scale 35-megawatt PEM electrolyzer in Niagara Falls. The plant is expected to be operational by 2025. The company is at the forefront of the energy transition and has reportedly installed 80 hydrogen electrolysis plants and more than 200 hydrogen fueling stations across the globe.

Linde plc (NYSE:LIN) has a consensus Strong Buy rating among Wall Street analysts. Over the past 3 months, the stock has received 13 Buy ratings from analysts and has a maximum price target of $418, and a minimum price target of $300.54. The stock's average price target of $375.29 represents a 13.03% upside from $332.04, its share price on February 10.

On February 8, Deutsche Bank analyst David Begleiter raised his price target on Linde plc (NYSE:LIN) to $385 from $355 and maintained a Buy rating on the shares. Linde plc (NYSE:LIN) is one of the most promising hydrogen and fuel cell stocks to buy according to analysts.

At the end of the third quarter of 2022, Linde plc (NYSE:LIN) was a part of 56 investors' portfolios that disclosed collective positions worth $3.47 billion. As of December 31, Impax Asset Management is the most prominent investor in Linde plc (NYSE:LIN) and has a stake worth $944.7 million.

Here is what Madison Funds had to say about Linde plc (NYSE:LIN) in its fourth-quarter 2022 investor letter:

“Linde plc (NYSE:LIN) stock was strong during the fourth quarter following a solid third quarter. Linde remains well positioned with the passage of the Inflation Reduction Act and energy transition with carbon dioxide sequestration opportunities, gasification services, and various hydrogen projects. Linde and Schlumberger announced that they entered into a collaboration of carbon capture, utilization, and sequestration (CCUS) projects to accelerate decarbonization solutions across industrial and energy sectors. The collaboration will combine decades of experience in carbon dioxide capture and sequestration. The collaboration will focus on hydrogen and ammonia production where carbon dioxide is a by-product. The International Energy Agency estimates that 6 Gigatons of carbon dioxide will need to be abated with CCUS in order to reach net zero by 2050. During the quarter, Linde also announced that it became a signatory to the United Nations Global Compact (UNGC), the world’s largest corporate sustainability initiative. As a signatory, Linde has committed to aligning its strategy and activities with the UNGC’s Ten Principles across human rights, labor, environment, and anti-corruption.”

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>>> Top Dividend Champion #2: Sonoco Products Company (SON)


https://www.suredividend.com/dividend-champions-list/


5-year expected returns: 18.2%

Sonoco Products provides packaging, industrial products and supply chain services to its customers. The markets that use the company’s products include those in the appliances, electronics, beverage, construction and food industries. The company generates about $7.2 billion in annual sales.

Sonoco Products is now composed of 2 core segments, Consumer Packaging and Industrial Packaging, with all other businesses listed as “all other”.

On October 31st, 2022, Sonoco Products reported third quarter earnings results for the period ending October 2nd, 2022. Revenue was higher by 34% to $1.89 billion, but missed estimate by $10 million. Adjusted earnings-per-share of $1.60 compared very favorably to $0.91 in the prior year and was $0.21 better than expected.

Consumer Packaging revenues surged 72% to $990.1 million, due once again primarily to the purchase of Ball Metalpack that closed in the fourth quarter of 2021. Pricing, favorable volume and mix, and currency exchange headwinds also impacted results. Global rigid paper containers and flexible packaging performed well. Industrial Paper Packing sales grew 4% to $661 million as higher selling prices more than offset a small volume decline and currency exchange headwinds.

Sonoco Products raised its outlook for 2022 as well, with the company expecting adjusted earnings-per-share of $6.40 to $6.50 for the year, up from $6.20 to $6.30.

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>>> Top Dividend Champion #7: Carlisle Companies (CSL)


https://www.suredividend.com/dividend-champions-list/


5-year expected returns: 13.4%

Carlisle Companies is a diversified company that is active in a wide array of niche markets. The segments in which the company produces and sells products include construction materials (roofing, waterproofing, etc.), interconnecting technologies (wires, cables, etc.), fluid technologies, and brake & friction.

Carlisle Companies reported its third quarter earnings results on October 27. Revenues of $1.79 billion grew 37% year-over-year, and were in line with analyst estimates. Earnings-per-share of $5.66 beat the consensus analyst estimate by $0.23. Carlisle Companies’ earnings-per-share were up 89% from the previous year, thanks to higher margins and the higher revenues the company generated during the quarter.

Cost-saving measures that were started during 2020 were responsible for some of the margin improvement, and share repurchases also had a positive impact on the company’s earnings-per-share growth rate during the period.

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>>> Why Generac Stock Was Climbing Today


Motley Fool

By Jeremy Bowman

Feb 15, 2023


https://www.fool.com/investing/2023/02/15/why-generac-stock-was-climbing-today/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article


KEY POINTS

Elevated inventory levels are weighing on demand, but the company is still seeing strong end-user demand.

Generac expects sales to fall sharply in the first quarter of 2023 but return to growth by the second half of the year.

What happened

Shares of Generac (GNRC) were moving higher today after the leading manufacturer of generators delivered mixed results in its fourth-quarter earnings report.

The industrial company beat bottom-line estimates in the quarter but said that sales would decline in 2023, as expected.

As of 11:28 a.m. ET, the stock was up 6.8%.

So what

Generac's revenue fell 2% in the quarter to $1.05 billion, while core sales, which includes the impact of acquisitions and currency exchange, were down 7%. That compared with the analyst consensus at $1.07 billion.

Sales in the residential market, its biggest segment, were weak, falling 19% to $575 million. The company said end demand remains strong, but higher field inventory levels weighed on results. Generac finished the quarter with inventories up 29%, a problem that's plagued other retailers and manufacturers.

In the commercial and industrial segment, sales rose 27% to $361 million.

Gross margin fell 130 basis points to 32.7% due to an unfavorable sales mix, and operating expenses rose 26% due primarily to the impact of recurring expenses from previous acquisitions. On the bottom line, the company reported adjusted earnings per share of $1.78, down from $2.51, which edged out expectations at $1.76.

CEO Aaron Jagdfeld said: "Fourth-quarter and full-year 2022 results came in at the low end of our prior expectations due to continued softness in residential products. Robust momentum continued in the C&I product category as sales exceeded our prior expectations, and we exited 2022 with record backlog for these products."

Now what

Looking ahead, Generac expects a sharp decline in revenue in the first quarter due to elevated field inventory levels, and then sees sales growth recovering by the second half of the year.

For the first quarter, it expects sales to fall 25% to 26%, worse than the analyst forecast at a 16% decline, while management sees a 6% to 10% slide in revenue for the full year, which was even with estimates.

While those numbers may seem weak, management was optimistic that performance would strengthen in the second half of the year, and investors were also encouraged by strong adjusted EBITDA margin guidance for the year, at 17% to 18%.

Given the low expectations coming into the report after the stock had fallen more than 50% over the last year, that seemed to be enough for investors to bid the stock higher.

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Trane >>> TT or AQUA: Which Is the Better Value Stock Right Now?


Zacks Equity Research

February 7, 2023


https://finance.yahoo.com/news/tt-aqua-better-value-stock-164004464.html


Investors looking for stocks in the Technology Services sector might want to consider either Trane Technologies (TT) or Evoqua Water (AQUA). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

Currently, Trane Technologies has a Zacks Rank of #2 (Buy), while Evoqua Water has a Zacks Rank of #3 (Hold). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that TT is likely seeing its earnings outlook improve to a greater extent. But this is only part of the picture for value investors.

Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.

Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.

TT currently has a forward P/E ratio of 22.68, while AQUA has a forward P/E of 52.05. We also note that TT has a PEG ratio of 2.06. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. AQUA currently has a PEG ratio of 3.47.

Another notable valuation metric for TT is its P/B ratio of 6.98. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, AQUA has a P/B of 8.15.

These metrics, and several others, help TT earn a Value grade of B, while AQUA has been given a Value grade of C.

TT sticks out from AQUA in both our Zacks Rank and Style Scores models, so value investors will likely feel that TT is the better option right now.

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>>> Alamo Group Inc. (NYSE:ALG)


https://investorshub.advfn.com/boards/read_msg.aspx?message_id=171117892


Market Capitalization as of January 26, 2023: $1.82 billion

Alamo Group Inc. (NYSE:ALG) is a farming equipment company. It makes and sells a wide variety of machinery, such as tractor mowers and cutters. On the agrochemical side of things, the company provides products that allow farmers to apply fertilizers to their crops.

By the end of last year's third quarter, 11 out of the 920 hedge funds polled by Insider Monkey had bought Alamo Group Inc. (NYSE:ALG)'s shares.

Alamo Group Inc. (NYSE:ALG)'s largest shareholder is James A. Star's Longview Asset Management which owns 1.3 million shares that are worth $166 million.

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>>> Alamo Group Inc. (ALG) designs, manufactures, distributes, and services vegetation management and infrastructure maintenance equipment for governmental, industrial, and agricultural uses worldwide. Its Vegetation Management Division segment offers hydraulically-powered and tractor-mounted mowers, other cutters and replacement parts for heavy-duty and intensive uses and heavy duty applications, tractor- and truck-mounted mowing and vegetation maintenance equipment, and replacement parts. This segment also provides rotary and finishing mowers, flail and disc mowers, front-end loaders, backhoes, rotary tillers, posthole diggers, scraper blades and replacement parts, zero turn radius mowers, cutting parts, plain and hard-faced replacement tillage tools, disc blades, and fertilizer application components; aftermarket agricultural parts, heavy-duty mechanical rotary mowers, snow blowers, rock removal equipment, replacement parts, tractor attachments, agricultural implements, hydraulic and boom-mounted hedge and grass cutters, tractor attachments and implements, hedgerow cutters, industrial grass mowers, agricultural seedbed preparation cultivators, self-propelled sprayers and multi-drive load-carrying vehicles, cutting blades, and hydraulic and mechanical boom mowers. The company's Industrial Equipment Division segment offers truck-mounted air vacuum, mechanical broom, and regenerative air sweepers, pothole patchers, leaf collection equipment and replacement brooms, parking lot and street sweepers, excavators, catch basin cleaners, and roadway debris vacuum systems, as well as truck-mounted vacuum machines, combination sewer cleaners, and hydro excavators. This segment also offers ice control products, snowplows and heavy duty snow removal equipment, hitches, attachments, and graders; and public works and runway maintenance products, parts, and services, and high pressure cleaning systems and trenchers. The company was founded in 1955 and is headquartered in Seguin, Texas. <<<





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>>> Why Generac Holdings Stock Topped the Market on Thursday


Motley Fool

By Eric Volkman

Feb 2, 2023


https://www.fool.com/investing/2023/02/02/why-generac-holdings-stock-topped-the-market-on-th/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article


KEY POINTS

The company's recovery continued, despite an analyst's price-target cut.

The stock has been an up-and-down title since the heaviest days of the coronavirus pandemic.
.

What happened

The stock market was quite frothy on Thursday, and Generac Holdings (GNRC 3.49%) was one of the stocks pushing it higher. The power-generating technology company's stock price rose by 3.5%, well outpacing the 1.5% rise of the bellwether S&P 500 index. The beaten-down stock is continuing its recent comeback.

So what

Momentum is clearly on Generac's side. Thursday morning before the market open, Credit Suisse analyst Maheep Mandloi cut his price target on the stock to $159 per share from the previous level of $165. That didn't keep investors away from the shares at all. In fact, during the day, they dipped only slightly and briefly below their Wednesday price.

Investor optimism is supporting Generac's stock, bolstered by some encouraging news in recent days from the company. It unveiled a new product that's well-timed to jump on the snowballing popularity of electric vehicles (EVs) -- a home charging system.

It sounds quite promising, too. According to its maker, the Generac EV charger can provide a full charge for certain cars in four to six hours, a quick little sprint in time, compared to other charging solutions. The appeal of such a product in a growing market is obvious.

Now what

Another dynamic at play here is the low base of Generac's shares as they tumbled into 2023. The stock was one of the worst-performing titles in its sector last year. That was basically a retrenchment, as Generac -- with its robust home generator business -- was a popular title during the stay-at-home period that was the thick of the coronavirus pandemic.

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Generac - >>> Could the Worst Stock in the S&P 500 in 2022 Be a Buy in 2023?

Motley Fool

By Michael Byrne

Jan 15, 2023


https://www.fool.com/investing/2023/01/15/could-the-worst-stock-in-the-sp-500-in-2022-be-a-b/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article


KEY POINTS

Generac stock got crushed in 2022, and plummeted even further in the fall after management cut its guidance.

The company is still growing at an impressive clip.

Generac's valuation now looks a lot more palatable.


While the whole market was down in 2022, few stocks had a worse year than Generac (GNRC 3.01%). In fact, with a decline of 71%, it was the worst performer of the year in the S&P 500.

The maker of backup generators and other power-generating devices was a high flyer for much of 2021, when its market cap essentially doubled. But the stock began to decline after peaking in late 2021 and went on to lose an incredible 71% of its value in 2022. Generac investors are licking their wounds after a terrible 2022, but is there any reason for optimism that the beleaguered stock can bounce back in 2023?

I've got the power

Generac is best known for its generators which serve the residential and commercial markets. In recent years, it has also increasingly used acquisitions to diversify into additional areas like solar, battery storage, and energy management systems. The company has a great track record of long-term revenue growth, increasing sales at an outstanding 18% compound annual rate since going public in 2010.

It's the undisputed heavyweight in home generators, with a market share of about 75%. However, it still has a long runway for growth ahead as it estimates that this market is only 5.5% penetrated. Management sees further growth in home standby generation as a significant opportunity, and it's feasible that the severe winter storms of December 2022, which caused millions of customers across 13 states to lose power, will reinforce homeowners' interest in having backup power sources. Generac says that every additional percentage point of penetration for backup generators adds an additional $2.5 billion in addressable market for the company.

While this is a large opportunity in its core market, Generac also says that the acquisitions it has made over the past few years have expanded the size of its served addressable market by 500% since 2018. The company now makes inverters, which convert the DC electricity that solar panels generate into AC electricity -- the type that the grid supplies and our homes and businesses use. That's a market with potential -- solar power's installed capacity is expected to grow at a 12.7% compound annual rate over the next five years.

Beyond solar, the company has also moved into battery-powered lawnmowers with the acquisition of Mean Green, smart-home solutions with the acquisition of Ecobee, and more. If Generac can capture more market share in some of these new markets, it could add significantly to the company's growth in the years ahead.

Lower expectations create an attractive valuation

While Generac was punished for its sharp reduction in guidance, it's important to note that it hasn't suddenly turned into a slow-growth or no-growth company. This is still a profitable business, and the company still expects to report that it grew revenue by 22% to 24% in 2022. That isn't as compelling as the 36% to 40% it originally guided for, but it's still pretty impressive growth.

In some ways, Generac has been a victim of its own success, as the stock surged past $500 in October 2021 on the back of terrific growth. But as it lapped those difficult comps from 2021, its growth rate slowed, and the stock fell to just below $100 a share as of the end of 2022.

The stock contended with additional challenges over the course of the year, such as a lack of technicians to install its generators. The company now has partnerships with 8,500 dealers (300 more than the previous quarter), so it is working chip away at this challenge, and it says demand remains strong. Additionally, Generac dealt with a major customer declaring bankruptcy.

One area for concern is that the company's debt has increased significantly in recent times while its cash has decreased as it has pursued acquisitions. Total debt outstanding went from about $882 million in September of 2020 to over $1.3 billion as of the most recent quarter. The company now has a debt to EBITDA ratio of about 2.15. While this isn't egregious, it is something for investors to keep an eye on.

At this point, Generac's valuation looks undemanding. The stock trades at 15 times earnings and 14 times forward earnings, putting it just below the average multiple for the S&P 500.

Generac is actively engaging in share repurchases, and the company's Board recently authorized a new share repurchase program that will allow the company to buy back up to $500 million worth of its stock over the next two years.

With this lower valuation, and against a backdrop of lowered expectations, and more share buybacks on deck the stock looks a lot more palatable as a buy.

This won't be the worst stock in the S&P 500 again

Given the company's track record of growth and the long potential runway ahead of it, it seems likely that the present issues aret a speed bump on the road to Generac's long-term success. These lower prices offer investors a potentially favorable entry point. Janney Scott Mongomery recently initiated coverage of the stock with a buy rating, while Northland Capital went a step further, calling Generac its top pick of 2023.

Both analyst firms are of the opinion that the shares are undervalued, and Northland Capital thinks that the recent series of high-profile power outages across the United States could spur demand for home standby generators. The firms' new price targets of $160 and $180 imply meaningful upside from Generac's current share price. While such targets are best taken with a grain of salt, it's clear that there is the potential for plenty of upside ahead if Generac can get back on track, making it worthy of a small or more speculative investment for risk-tolerant investors.

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>>> GE buys out entire New York Times in first-ever advertising takeover, promoting new businesses


By Andy Brownfield

Cincinnati Business Courier

Dec 8, 2022


https://www.bizjournals.com/cincinnati/news/2022/12/06/ge-new-york-times.html?utm_source=sy&utm_medium=nsyp&utm_campaign=yh


General Electric, whose spinoff of its health care and energy companies will leave Evendale-based GE Aerospace as the sole company, bought out every single print ad in the New York Times Tuesday.

GE (NYSE: GE) on Tuesday executed an advertising takeover of the Times for the first time in the publication's 171-year history, promoting the company's transformation into three standalone, publicly traded companies: GE Aerospace (formerly GE Aviation), GE Vernova and GE HealthCare.

“GE is beginning again, on the path to create three companies all essential to modern life and all focused on delivering for the future," Linda Boff, GE chief marketing officer, said in a note announcing the advertising takeover.

The takeover includes every print ad space in the Times' Dec. 6 newspaper, as well as ads in the newspaper's desktop and mobile presences and on its podcast, "The Daily." The advertising, prepared by agency Giant Spoon, takes on the theme of "focus" as it applies to the focusing of each company on its industry as the giant conglomerate splits into three new companies.

"Today’s takeover of the New York Times print edition underscores our belief that focus is a superpower, especially in an age where our attention is divided among endless input, and that focus is the key to delivering long-term value," Boff said.

General Electric announced in November 2021 it is splitting itself into three publicly traded companies, spinning off GE HealthCare in early 2023 and GE Vernova – its energy business – in 2024. When the process is complete, GE Aerospace will remain as its own standalone company, leasing the "GE" name to the other two and owning a 19.9% stake in the health care firm.

GE CEO H. Lawrence Culp Jr. took over as CEO of GE Aviation in July, replacing John Slattery, who was named CEO in June 2020. Slattery was named executive vice president and chief commercial officer of the aviation business.

The advertising takeover of the Times included a cover wrap that encompasses the entire paper, showing off the logos of the three new companies. And then each section of the newspaper is devoted to one of the new companies: the main news or A section of the newspaper shows off GE Aerospace, the business section GE Vernova, the science section GE HealthCare and the art section is devoted to GE employee appreciation.

Included in the advertising are touches like a foldable paper airplane adapted by four-time Guinness World Record holder Ken Blackburn, who holds the record for the longest time keeping a paper airplane aloft; a Magic Eye optical illusion; and a circular crossword puzzle from award-winning puzzle maker Brendan Emmett Quigley.

GE did not disclose what it paid for the takeover of the New York Times.

GE Aerospace reported $6.7 billion in revenue for the third quarter of 2022, up 24% from the same quarter last year. That represented $1.2 billion in profit for the quarter, up 52% from the third quarter of 2021.

GE Aerospace, along with its joint venture with French firm Safran, CFM International, is the world's largest supplier of aircraft engines, responsible for 53% of the market. The company is Cincinnati's third-largest manufacturer, with 9,000 local employees, according to Business Courier research.

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>>> Ametek, Inc. (AME) manufactures and sells electronic instruments and electromechanical devices worldwide. It operates in two segments, Electronic Instruments (EIG) and Electromechanical (EMG). The company's EIG segment offers advanced instruments for the process, aerospace, power, and industrial markets; process and analytical instruments for the oil and gas, petrochemical, pharmaceutical, semiconductor, automation, and food and beverage industries; and instruments to the laboratory equipment, ultra-precision manufacturing, medical, and test and measurement markets. This segment also provides power quality monitoring and metering devices, uninterruptible power supplies, programmable power equipment, electromagnetic compatibility test equipment, gas turbines, and environmental health and safety market sensors, dashboard instruments for heavy trucks and other vehicles, and instrumentation and controls for the food and beverage industries; and aircraft and engine sensors, monitoring systems, power supplies, fuel and fluid measurement systems, and data acquisition systems for the aerospace industry. Its EMG segment offers engineered electrical connectors and electronics packaging to protect sensitive devices and mission-critical electronics; precision motion control products for data storage, medical devices, business equipment, automation, and other applications; high-purity powdered metals, strips and foils, specialty clad metals, and metal matrix composites; motor-blower systems and heat exchangers for use in thermal management, military, commercial aircraft, and military ground vehicles; and motors for use in commercial appliances, fitness equipment, food and beverage machines, hydraulic pumps, and industrial blowers. This segment also operates a network of aviation maintenance, repair, and overhaul facilities. In addition, the company offers clinical and educational communication solutions. AMETEK, Inc. was founded in 1930 and is headquartered in Berwyn, Pennsylvania.

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>>> Generac takes $55M charge likely related to Pink Energy matters


Milwaukee Business Journal

by Rich Kirchen

10-20-22


https://www.bizjournals.com/milwaukee/news/2022/10/20/generac-55m-charge.html?utm_source=sy&utm_medium=nsyp&utm_campaign=yh


Generac Power Systems stock plunged after the company announced its revenue and earnings would fall short of previous projections in part because of a $55 million charge likely related to the bankruptcy and financial challenges of former customer Pink Energy.

Generac said Wednesday the other significant cause of lower earnings and less-than-expected revenue growth was a continuing challenge of consumers ordering more home standby generators than the pace at which dealers and independent contractors can complete installations.

The company (NYSE: GNRC), which is based in Genesee Depot near Waukesha, said preliminary net sales in the quarter ending Sept. 30 were $1.09 billion, an increase of 15% over a year ago. Preliminary net income was $58 million, or 83 cents per share, compared with $132 million, or $1.93 per share, in the third quarter of 2021.

“Despite reporting mid-teens net sales growth, third quarter results fell short of our prior expectations,” president and CEO Aaron Jagdfeld said in a press release.

Generac stock's closing price on Wednesday fell to $110.30 per share from the day-earlier closing price of $147.74 per share on heavy trading volume of 12.8 million shares. The stock was trading Thursday between $106 per share and $116.39 per share with 4.4 million shares trading as of mid-afternoon.

The company’s third-quarter net income was impacted by incurring $55 million in pre-tax charges in Generac’s clean-energy business.

Generac broke out the $55 million into two parts. The first is $37 million of product warranty-related matters. The second is $18 million of bad debt “related to a clean energy product customer that has filed for bankruptcy,” Generac said.

Generac's announcement didn't refer by name to Pink Energy or its parent company Power Home Solar LLC, but the bad-debt figure matches the amount Power Home Solar listed in bankruptcy documents as owed to Generac.

“Clean energy product shipments were negatively impacted by a large customer which ceased operations and has since filed for bankruptcy protection,” Jagdfeld said in the press release.

Robert W. Baird & Co. analysts said the magnitude of the impact is greater than they expected.

A Generac spokeswoman declined to confirm the identity of the party or parties involved in the $55 million in charges. Baird analysts said they suspect the charges are related to the Pink Energy situation.

“Given that we are in a quiet period, we won’t be commenting further until November 2, when our Q3 earnings are announced,” Tami Kou said Thursday.

Pink Energy used a Generac clean-energy component the SnapRS 801 and 801A in residential solar energy systems for homes.

Generac is offering to perform warranty services on its products for customers of Power Home Solar LLC, which did business as Pink Energy, filed Oct. 7 for Chapter 7 bankruptcy liquidation in its home state of North Carolina after ceasing operations.

The Chapter 7 bankruptcy filing listed Generac as Power Home Solar’s largest unsecured creditor at $17.7 million. Generac is likely to see little, if any, of that money as Power Home Solar’s secured creditors will be paid first from any liquidation proceeds.

As for the home standby generator business, Generac said installation capacity continued to grow but still lagged the company’s production output during the third quarter. That resulted in higher field inventory levels and lower home standby generator orders than Generac executives previously expected, the company said.

Consumer demand continues to be strong driven by elevated power outages, most notably from Hurricane Ian, Generac said.

Generac will release detailed third-quarter results on Nov. 2 and host an analyst call.

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>>> Why Generac Stock Is Plunging 20% Today


Motley Fool

By Howard Smith

Oct 19, 2022


https://www.fool.com/investing/2022/10/19/why-generac-stock-is-plunging-20-today/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article


KEY POINTS

Demand continues to grow for home standby generators, but not as fast as expected.

The once high-flying stock's plunge this year has brought the P/E to below 15.

Generac still sees sales growth in 2022 of more than 20%, but that's nearly half of what it once thought.


What happened

Leading home generator supplier Generac Holdings (GNRC -25.34%) warned investors about its upcoming third-quarter results today, and the stock plunged in early trading. As of 11 a.m. ET, Generac shares were down 21.9%. That pushed the stock down more than 75% from its highs just one year ago.

So what

The leading provider of home backup generators said its revenue grew 15% compared to last year to more than $1 billion in the third quarter. However, that was shy of the company's own expectations. Net income was also hit with a charge of $18 million due to a customer in the clean energy sector ceasing operations and filing for bankruptcy. But the company's more meaningful issue is its residential customer sales.

Generac president and CEO Aaron Jagdfeld said shipments of its commercial and industrial products were in line with expectations. But while demand was still on the rise for its residential home standby generators, it didn't keep up with production, and inventories spiked. That mismatch of supply and demand came despite elevated power outages, including from Hurricane Ian.

This forced the company to reset expectations for the full year. It now sees net sales growth of 23% at the midpoint of its guidance range, down from the previous 38%. The company said it expects it to take at least through the middle of 2023 before surplus inventories are worked through.

Investors who may have been interested in this once-highflier but thought the stock may be too expensive should take another look. Shares that began the year with a price-to-earnings (P/E) ratio above 40 can now be had for a P/E of below 15, even with the lowered results. As long as the trend in demand continues to grow, that may look like a bargain over the long term.

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>>> Generac Holdings


https://finance.yahoo.com/m/f85da5ec-ca98-3a40-beaa-5ea91283e129/4-growth-stocks-to-buy-and.html


When most investors think of a home generator, they envision a dirty, gas-powered engine with a couple of electrical outlets attached, to be dragged out and dusted off in the event of a prolonged power outage.

That's anything but the sort of solutions Generac Holdings (GNRC) brings to the table, though. Its modern generators are automated, remotely monitored, and connected to a home's or business's wiring in a way that allows for seamless operation. And, even more important these days, Generac's portfolio provides energy storage solutions for solar panel systems that are generating excess energy during the day to supply electricity at night.

In an environment where self-sufficiency is king, Generac Holdings is holding the proverbial key. Although this year's projected revenue growth of nearly 39% is a tough act to follow, the company's projected follow-up growth rate of 9% for 2023 is still plenty healthy. Per-share earnings are expected to swell from last year's $9.63 to $11.73 per share this year, en route to next year's record-breaking $13.89.

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>>> Buy Generac Stock, Analyst Says. It’s a Top Alternative Energy Bet


Barron's

By Karishma Vanjani

June 2, 2022


https://www.barrons.com/articles/buy-generac-stock-analyst-51654203046?siteid=yhoof2


Demand for home standby generators post-pandemic is moderating, UBS said.

Generac Holdings’ stock got energized on Thursday after UBS called the generator market its top pick, citing the growth in the clean energy segment.

The stock (ticker: GNRC) jumped 10.3% to close at $268.95 on Thursday. It’s fallen some 24% this year. UBS analyst Jon Windham has a 12-month price target of $450 on the stock.

This is an attractive entry point for investors, Windham said, rating the stock at Buy. Windham sees a long-term upside from Generac’s smart home energy product rollout, driven by a more permanent shift in consumers’ inclination to spend on home improvement projects.

Generac recently acquired ecobee, a smart thermostat manufacturer, and offers generators that can be monitored using a smartphone. It also has a battery storage system called PWRcell that harnesses solar power to reduce electric bills and provide backup power during utility power outages.

He forecasts Generac’s Clean Energy revenue will grow to $1.7 billion by 2026 from roughly $550 million in 2022.

Windham also anticipates higher renewable penetration to drive new electricity rate structures in the U.S., which could boost the uptake of Generac’s products. There is a continuing trend toward time-of-use electricity rate structures, which charge customers varying prices per kilowatt-hour based on the demand at that time. Traditional electricity rates have a fixed charge.

That new structure encourages the growth of residential storage and other smart home hardware, he noted.

To be sure, Windham does highlight that demand for home standby generators post-pandemic is moderating, but that is fully reflected in the current share price, he added.

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>>> Avery Dennison Corporation (AVY) manufactures and markets pressure-sensitive materials and products in the United States, Europe, Asia, Latin America, and internationally.

The company's Label and Graphic Materials segment offers pressure-sensitive label and packaging materials; and graphics and reflective products under the Fasson, JAC, Avery Dennison, and Mactac brands, as well as durable cast and reflective films. It provides its products to the home and personal care, beer and beverage, durables, pharmaceutical, wine and spirits, and food market segments; architectural, commercial sign, digital printing, and other related market segments; construction, automotive, and fleet transportation market segments, as well as traffic and safety applications; and sign shops, commercial printers, and designers.

The company's Retail Branding and Information Solutions segment designs, manufactures, and sells brand embellishments, graphic tickets, tags and labels, and sustainable packaging solutions, as well as offers creative services; radio-frequency identification products; visibility and loss prevention solutions; price ticketing and marking solutions; care, content, and country of origin compliance solutions; and brand protection and security solutions. It serves retailers, brand owners, apparel manufacturers, distributors, and industrial customers.

The company's Industrial and Healthcare Materials segment offers tapes; pressure-sensitive adhesive based materials and converted products; medical fasteners; and performance polymers under the Fasson, Avery Dennison, and Yongle brands. It serves automotive, electronics, building and construction, general industrial, personal care, and medical markets. The company was formerly known as Avery International Corporation and changed its name to Avery Dennison Corporation in 1990. Avery Dennison Corporation was founded in 1935 and is headquartered in Glendale, California.

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https://finance.yahoo.com/quote/AVY/profile?p=AVY

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Oil and gas prices https://twitter.com/SenTedCruz/status/1527014822981914624

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>>> Generac (GNRC) Launches Two Powermate Portable Generators


Zacks Equity Research

May 11, 2022


https://finance.yahoo.com/news/generac-gnrc-launches-two-powermate-154203601.html


Generac Power Systems Inc. GNRC announces the launch of Powermate 4500-Watt Dual Fuel Portable Generator and the Powermate 7500-Watt Dual Fuel Portable Generator.

Both generators are available for purchase online at Powermate.com. The models are also available at a few select retail outlets.

Generac added that the new flexible generators are designed to use for home as well as recreational purposes by consumers.

The Powermate 4500-Watt Dual Fuel Portable Generator has a starting power of 4,500 watts and a running power of 3,600 watts (gas), enabling it to power small electrical appliances at an outdoor location (picnic or campground) and certain power tools for home DIY work.

The Powermate 7500-Watt Dual Fuel Portable Generator is also suitable for outdoor events and power tool use, with 7,500 starting watts and 6,000 running watts (gas).

Both variants are designed to run either on gasoline or LP gas fuel.

The generators are driven by Generac OHV engines, which deliver constant power for a variety of applications and have a simple dual-fuel dial that allows customers to choose between gasoline and LP gas. For simple travel, these include a steel frame and a compact design with integrated wheels and a handle.

The generators are equipped with innovative co-sense technology that enables them to shut down if the surrounding carbon monoxide levels become dangerous.

Headquartered in Waukesha WI, Generac is a leading manufacturer of power generation equipment, energy storage systems and other power products — including portable, residential, commercial and industrial generators. In addition, the company manufactures light towers, which provide temporary lighting solutions for various end markets, and commercial and industrial mobile heaters and pumps used in the oil & gas, construction and other industrial markets.

GNRC reported first-quarter 2022 adjusted earnings of $2.09 per share, which beat the Zacks Consensus Estimate by 10%. However, the bottom line declined 12.2% year over year.

Net sales increased 41% year over year to $1.14 billion and beat the consensus mark by 4.9%. Robust demand for Residential and Commercial & Industrial products and effective M&A strategies boosted Generac’s first-quarter performance.

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>>> Generac (GNRC) Launches EV Charging Solution for Utilities


Zacks Equity Research

May 16, 2022


https://finance.yahoo.com/news/generac-gnrc-launches-ev-charging-155903142.html


Generac Power Systems’ GNRC subsidiary, Generac Grid, rolled out electric-vehicle charging solutions for utilities and EV owners.

The company’s EV charging solutions, including Geotab telematics, are now accessible worldwide.

The utility-focused product is powered by Geotab telematics technologies to empower EV owners of most makes and models to take control of their car charging. It also provides utilities with vital monitoring data supplied directly from a Geotab GO device that is installed in the vehicle's onboard diagnostic port.

Through its telematics solutions, Geotab provides secure and reliable data acquired from electric vehicles. According to Generac Grid Services, EVs are a critical distributed energy resource to shift load to capture low-carbon, clean energy and manage peak demand, which will play a key factor in decarbonizing the transportation sector.

Generac Grid Services is using its comprehensive utility program design experience (including Geotab telematics offerings) to deliver a variety of solutions to the utilities to aid them at every stage of their EV strategy rollouts, like monitoring to behavioral response, smart charging, and advanced vehicle-to-home and vehicle-to-grid solutions.

The charging data can be used by monitoring programs to help with grid planning and rate design. In contrast, behavioral programs can use charging data insights combined with strategic consumer messaging and incentives to impact long-term charging habits.

Further, EV drivers can avail financial incentives by enrolling in various utility schemes that leverage data streaming from the Geotab GO gadget. Data from Geotab GO can provide information regarding rate structures, utility system planning, regulatory requirements, and the verification of participation in smart-charging programs and events added Generac.

Generac Grid Services maintains agreements with EV charging station manufacturers to offer new smart charging options in addition to supplying vehicle-side data through Geotab telematics systems.

For example, Generac Grid Services ensures that the signal is received by Concerto (Generac's real-time energy-balancing platform) by sending a signal directly to EV chargers instructing them to start or stop charging, and it also works with charger manufacturers. By combining both solution types, Generac supplies programming that supports major charging station providers and more than 220 EV models from all class sizes (including light to heavy-duty electric cars).

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Generac - >>> Higher prices, slower economy don't dampen Generac's red-hot home standby generator sales: Jagdfeld


Demand for Generac's standby generators exceeded executives’ expectations during the company's first quarter.


By Rich Kirchen

Milwaukee Business Journal

May 6, 2022


https://www.bizjournals.com/milwaukee/news/2022/05/06/higher-prices-dont-dampen-generacs-red-hot-home.html?ana=yahoo


Generac Power Systems implemented price increases on its home standby generators the past year or so, but homeowners continue showing strong demand that president and CEO Aaron Jagdfeld believes would continue if the economy slows.


Generac (NYSE: GNRC) raised prices on the standby generators in the “upper teens” percentages the past 15 to 18 months, Jagdfeld told analysts this week. The Waukesha-based company plans another price increase effective June 1.

The price increases have covered part of Generac’s higher costs for raw materials, logistics and labor, Jagdfeld said during a May 4 analyst call. Demand has exceeded executives’ expectations and Generac saw higher-than-expected shipments of the home standby generators for the quarter ending March 31, he said.

The all-in price for installing a home standby generator used to be $9,000 to $10,000 and now has increased to $11,000 to $11,500, Jagdfeld said. The Generac product itself is "maybe half of the total cost of the project," he said.

The extra expense “doesn’t seem to be dampening the enthusiasm for demand for the category,” Jagdfeld said.

The strength in home standby generator sales is driven by continuing trends in which homeowners are seeking resiliency in their power sources, Jagdfeld said.

“The category is incredibly durable with respect to the demand and with respect to the impact from pricing,” he said.

Jagdfeld pointed to the 2008-2009 recession as an example of the durability of the demand.

“Our overall consumer or residential business was up even in the depths of that,” Jagdfeld said. “And I think if anybody would have said that, that category would be up — kind of a large ticket kind of arguably discretionary product tied to residential investment — I think most people would have said, ‘You're kind of nuts.’ But we actually did outperform.”

Homeowners' standby generator projects fall into the category of home improvement, Jagdfeld said.

“Think of it as the impact of the price of that product in relation to the home's value,” he said. “A lot of home values are way up. So when you think about it in the context of as a percentage of the home's value, it's not up significantly at all.”

Robert W. Baird & Co. analyst Mike Halloran said in an investment update that Generac’s price increases raise questions “around friction with channel partners” who have to either pass along price increases to customers or absorb the higher prices. Generac executives said the push back has been less than they anticipated, Halloran said.

Generac reported sales increased 41%, to $1.14 billion, for the quarter ending March 31 compared with $807 million in the same quarter a year earlier.

The company’s adjusted net income decreased to $113.9 million, or $2.09 per share, from $149 million, or $2.38 per share a year ago. The per-share profits exceeded the analyst consensus of $1.92.

The heavy demand has caused the backlog to grow for Generac home standby generators to over $1 billion, executives said. However, the company’s production levels have increased at its Wisconsin and South Carolina plants, which enabled Generac to reduce lead times to 20 weeks from 27 weeks as of year-end 2021.

Generac is seeing some moderation in increases of commodity costs. The company is a big user of steel, copper and aluminum with steel remaining elevated and copper moderating, said chief financial officer York Ragen.

The company increased its full-year 2022 net sales guidance to an increase of between 36% and 40%. Generac previously predicted sales would increase 32% to 36% this year.

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>>> Steel Dynamics, Inc. (STLD), together with its subsidiaries, operates as a steel producer and metal recycler in the United States. It operates through three segments: Steel Operations, Metals Recycling Operations, and Steel Fabrication Operations. The Steel Operations segment offers hot roll, cold roll, and coated steel products; parallel flange beams and channel sections, flat bars, large unequal leg angles, and reinforcing bars, as well as standard strength carbon, intermediate alloy hardness, and premium grade rail products; and engineered special-bar-quality products, merchant-bar-quality products, and other engineered round steel bars. The company also engages in turning, polishing, straightening, chamfering, threading, precision saw-cutting, and heat treating of bar products; and cutting to length, straightening, hole punching, shot blasting, welding, galvanizing, and coating of specialty products. Its products are used in construction, automotive, manufacturing, transportation, heavy and agriculture equipment, and pipe and tube markets. This segment sells directly to end-users, steel fabricators, and service centers. The Metals Recycling Operations segment purchases, processes, and resells ferrous and nonferrous scrap metals into reusable forms and grades. Its ferrous products include heavy melting steel, busheling, bundled scrap, shredded scrap, steel turnings, and cast-iron products; and nonferrous products comprise aluminum, brass, copper, stainless steel, and other nonferrous metals. This segment also provides transportation logistics, marketing, brokerage, and scrap management services. The Steel Fabrication Operations segment produces non-residential steel building components, such as steel joists, girders, trusses, and steel deck products. The company also exports its products. Steel Dynamics, Inc. was incorporated in 1993 and is headquartered in Fort Wayne, Indiana. <<<


>>> 3 Top Stocks to Buy During a Sell-Off


Motley Fool

By Reuben Gregg Brewer -

Mar 17, 2022


https://www.fool.com/investing/2022/03/17/3-top-stocks-to-buy-during-a-sell-off/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article


Steel Dynamics is a fast-growing steelmaker that is following a well-honed playbook.


1. Steel Dynamics: Smaller, but growing faster

Steel stocks are extremely expensive today, as they put up record-breaking results. That includes Steel Dynamics ( STLD 8.07% ), which is a relative newcomer compared to industry giant Nucor and iconic United States Steel.

That said, the company's production is built on electric arc mini-mills (like Nucor's fleet) that are more flexible than blast furnaces, which are a big piece of U.S. Steel's business. This is an important distinction because Nucor has long been the industry's leading name.

So why not buy Nucor in a sell-off? Well, you could, and you'd likely be happy doing so. But Steel Dynamics was co-founded by an ex-Nucor employee and uses its "stepsister's" playbook to a large degree. However, with a market cap of around $14 billion, it is less than half the size of Nucor. That means it takes less investment to move the top and bottom lines significantly. And this in turn gives Steel Dynamics a stronger growth outlook.

One place where that's shown up is on the dividend front, where Steel Dynamics' dividend has grown at an annualized clip of roughly 10% over the past decade, compared to the low-single-digit annualized dividend growth at Nucor over the same time span.

If you are on the lookout for a steel name and are focused on dividend growth, Steel Dynamics is probably the best name for your bear market wish list.

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>>> Generac Stock Is Spiking. It Expects ‘Exceptional Revenue Growth’ in 2022.


Barron's

By Sabrina Escobar

Feb. 16, 2022


https://www.barrons.com/articles/generac-gnrc-stock-earnings-revenue-forecast-51645020931?siteid=yhoof2


Shares of Generac Holdings GNRC-2.66% were surging Wednesday after the generator maker’s 2022 outlook energized investors.

“The company is initiating guidance for 2022 that anticipates another year of exceptional revenue growth as compared to the prior year,” the company said on Wednesday in its fourth-quarter earnings release.

Generac said it believes net sales will increase between 32% and 36% from the previous year, driven by increasing home standby production capacity, growth in clean energy markets, recent acquisitions, and strong global demand. The net income margin is expected to be approximately 13% to 14% for 2022.

Investors also cheered the company’s solid fourth-quarter performance. Generac reported adjusted earnings of $2.51 a share on $1.07 billion in revenue. Analysts surveyed by FactSet were expecting earnings of $2.42 a share on revenue of $1.02 billion.

For the fiscal year, net sales increased 50% to a record $3.75 billion in 2021, topping forecasts for $3.69 billion. Adjusted earnings were $9.63 a share, beating estimates for $9.59.

“We’re proud of our execution during the quarter as the continued progress on our capacity expansion helped drive top line results ahead of our expectations despite ongoing supply chain challenges,” said CEO Aaron Jagdfeld.

Generac’s gross profit margin was 34% for the quarter, compared to 39.4% in the year-earlier quarter. Margins were compressed by supply-chain constraints and inflationary pressures that drove up prices for commodities, labor, logistics, and starting up new plants. The costs were partially offset by pricing changes that were first implemented last year and will be fully realized throughout 2022, the company said.

Domestic sales increased 39%, while international sales increased 47%, with acquisitions contributing about 21% of revenue growth in the segment for the quarter.

Generac shares were rising 12.2% to $310.46 on Wednesday.

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>>> Here's What General Electric's Big Split Means For Investors

Let's dig into the details of the conglomerate's major announcement earlier this week.


Motley Fool

by Lee Samaha

Nov 13, 2021


https://www.fool.com/investing/2021/11/13/what-general-electric-big-split-means-investors/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article


Key Points

The three-way split will create much more focused companies.

The new companies will be more able to engage in mergers and acquisitions.

The question of just how much debt each company will carry after the breakup has yet to be answered.

General Electric (NYSE:GE) surprised the market earlier this week by announcing its intent to divide itself into three companies. The plan makes sense and should result in a significant release of value for investors, but there's still some risk attached. Here's the lowdown.

Two reasons why the breakup makes sense

First, following the breakup, each of the newly public offspring companies could trade at higher valuation multiples than they would be credited with as parts of the current GE due to what's now called the "conglomerate discount."

That's not how it used to be. Conglomerate stocks once commanded a valuation premium, reflecting the attractiveness of a company with diverse revenue streams that could generate earnings across a range of market conditions. However, with the advent of exchange-traded funds (ETFs), it has become much easier for investors to get exposure across various industries and sectors with just a few investments.

Second, once they are broken up into separate parts, the new companies should be run better. During the investor update, CEO Larry Culp argued that the post-split companies would have better "focus" and "more tailored capital structures and capital allocation frameworks that are aligned with each company's distinct strategies and industry dynamics."

That argument makes sense because bond investors may be more willing to invest in, say, a stand-alone healthcare company than they would if it was part of GE. Similarly, heavy investment in developing aircraft engines, for example, might be held back by management because of financial difficulties at other parts of GE.

What General Electric will do

The key points of the plan are as follows:

GE Healthcare will be spun off in early 2023, with GE retaining a 19.9% stake.

The GE Power, GE Renewable Energy, and GE Digital units will be put together and spun off in 2024.

The remaining GE will be an aviation-focused company.

The process will result in one-time separation costs of $2 billion.
GE's stakes in AerCap, Baker Hughes, and the (post-split) GE Healthcare will give the company the financial flexibility to ensure that its renewable energy and power business can also have an investment-grade capital structure when it's spun off.

It makes sense for GE Digital to be included with the power and renewable energy businesses because its main focus is on energy right now. For example, digital services and Internet of Things (IoT) capabilities are used to gather vast amounts of data that are used to more effectively service GE's wind and gas turbines. At the same time, IoT improves the utilization of the electricity grid.

Which spinoff gets what debt?

As for the difficult question of which company will get what debt, management plans for all three companies to have investment-grade capital structures -- although it will, of course, be up to the rating agencies to ultimately decide if a company is "investment grade" or not. That said, the definition usually implies a net-debt-to-EBITDA (earnings before interest, taxation, depreciation, and amortization) ratio of 2.5 or less.

A quick look at the numbers from the industrial businesses reveals the nature of the problem. The healthcare and aviation businesses have tended to generate much more EBITDA.

Moreover, management's assumptions for 2023 call for operating profits of $6 billion at GE Aviation, around $3 billion to $4 billion at GE Healthcare, and $1 billion to $2 billion at GE Power. Management's implied assumption for GE Renewable Energy is for zero operating profits.

It all leads to the question of just what kind of debt load the power and renewable energy business will have. That's a pertinent question given that management's previous guidance called for net debt of $33 billion to $37 billion in 2023.

Of course, the answer won't come until the spinoff, and GE has a couple of years to improve earnings at power and renewable energy. Meanwhile, as noted above, its ownership stakes in Baker Hughes, AerCap, and GE Healthcare will give it some financial flexibility before management has to make the final decision in 2024.

A smart plan, but there are still risks

Power and renewable energy are complementary businesses that serve the electricity generation industry. Healthcare has little overlap with the rest of GE's businesses, and companies in that sector tend to command high valuations. They are also popular in the capital markets. Aviation stocks tend to command high multiples that reflect their long-term growth potential.

The one caveat is that GE will have to meet its target of $13 billion to $14 billion in EBITDA in 2023 and get reasonable prices on any sales of assets to ensure all three companies will have investment-grade debt ratings. As such, this plan does carry some risk. Still, based on management's targets, the breakup is good news for investors and should be welcomed.

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>>> Generac (GNRC) Boosts Energy Offerings With Smart Grid Ready


Zacks Equity Research

August 26, 2021


https://finance.yahoo.com/news/generac-gnrc-boosts-energy-offerings-123412985.html


Generac Holdings Inc. GNRC has announced that its home standby generators, commercial generators and PWRcell solar + battery storage systems are being built as Smart Grid Ready.

The move allows its customers to sell power back to the grid and offset their energy expenses. The Smart Grid Ready capabilities are being offered through Generac’s Enbala Concerto platform.

The Enbala Concerto energy-balancing platform provides an approach for creating controllable energy resources from loads, energy storage and renewable energy sources. It gives energy retailers and utilities the flexibility to operate in real-time and better manage the complexities of variable energy assets.

Generac’s shareholders’ money has more than doubled over the past year. The stock has risen 128.2% in this time frame compared with the industry’s growth of 68.2%.

The integration allows Generac’s customers to make contributions to grid reliability and sustainability. Climate change and an aging electrical grid with frequent power outages are spurring growth opportunities for the company.

With Smart Grid Ready, customers can play a crucial role in being part of the solution. They will have the chance to get additional return on investment by using Generac units to contribute energy to the grid and get payment for the excess power.

Through the new platform, Generac’s Smart Grid Ready products become distributed energy resources (DERs), which form virtual power plants — collections of DERs capable of boosting the grid services provided by traditional power generation. The DERs work as traditional power backup devices and enable the sale of power back to the grid during peak demand.

Generac boasts an end-to-end solution that combines solar, battery storage, generators and load management. The current PWRcell and home standby generator customers will be able to access Generac’s Concerto platform via a firmware update.

In January 2021, Generac created a new business organization as part of its ‘Powering Our Future’ strategy. Named Energy Technology, it comprises all Generac’s businesses, which mainly focus on products or services related to storage and energy management products.

Generac is currently a Zacks Rank #3 (Hold) stock.

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>>> Generac Announces Further Expansion in Waukesha County


Yahoo Finance

August 3, 2021


https://finance.yahoo.com/news/generac-announces-further-expansion-waukesha-204500385.html


Company Acquires Additional Site to Create New Customer Contact Center


WAUKESHA, Wis., Aug. 3, 2021 /PRNewswire/ -- Generac Power Systems, a leading global designer and manufacturer of energy technology solutions and other power products, today announced the expansion of its corporate operations into the Village of Pewaukee with the purchase of a new building. The new site, located adjacent to I-94 on Highway J, will serve as the Company's new Customer Contact Center. The 75,000 square-foot office building will house approximately 300 employees.

"Generac has experienced tremendous growth over the past decade as the combination of an aging grid and extreme weather are resulting in more frequent and longer lasting power outages, and that success has only intensified over the last 18 months with more people needing backup power at home where they're doing everything from working to learning to shopping," said Aaron Jagdfeld, president and CEO of Generac. "As we continue to add employees to serve our customers and support our rapidly evolving business, we have outgrown our current headquarters facility in Waukesha. Expanding to this new location will allow us to continue to grow Generac to serve our customers, partners and our people, as we work to meet the incredible market demand."

Generac Power Systems is investing more than $8 million to purchase and renovate the building located at W236N1402 Busse Road in the Village of Pewaukee. The new location will house key sales and support groups, as well as portions of the Company's marketing team. The Company closed on the new site on July 29, 2021 and will begin occupancy in August.

In addition to the new location in Pewaukee, Generac opened a new plant in Trenton, South Carolina earlier this year to increase the Company's capacity to meet growing demand for Generac's home standby generators. Furthermore, within the last month, Generac opened additional offices in Denver and Boston to accommodate tremendous growth in demand for Clean Energy products.

The Company's global headquarters has been in Waukesha, WI since 1959 and will remain its primary location for corporate operations as well as research and development activities.

About Generac (NYSE: GNRC)

Founded in 1959, Generac is a leading global designer and manufacturer of a wide range of energy technology solutions and other power products. As an industry leader serving residential, light commercial, and industrial markets, Generac's products and solutions are available globally through a broad network of independent dealers, distributors, retailers, e-commerce partners, wholesalers and equipment rental companies, as well as sold direct to certain end user customers. For more information about Generac and its products and services, visit Generac.com.

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The World's First Small Nuclear Reactor Is Now Under Construction

https://www.zerohedge.com/energy/worlds-first-small-nuclear-reactor-now-under-construction

China National Nuclear Corporation (CNNC) launched on Tuesday the construction of the first onshore small nuclear reactor in the world, in its efforts to gain a leading position in the modular reactors market.

Construction began on the demonstration project at the Changjiang Nuclear Power Plant in the Hainan province in southern China, local publication Global Times reports.

The start of the construction for the ‘Linglong One’ small nuclear reactor comes four years later than initially planned, due to delays in regulatory clearances, Reuters notes.

The small reactor was originally planned to see the start of the construction phase in 2017.

A year earlier, the Linglong One small reactor had become the first to pass a safety review from the International Atomic Energy Agency (IAEA).

Once completed and commissioned, the small nuclear reactor is expected to meet the annual power needs of around 526,000 households, Global Times reports, without giving a timeline for the completion.

CNNC has been developing small reactor technology for the past ten years, the outlet says.

According to the World Nuclear Association, interest is growing in small and simpler technology to generate nuclear power, due to lower costs and the desire to provide power away from large grid systems.

“Overall SMR research and development in China is very active, with vigorous competition among companies encouraging innovation,” the association says, noting that the U.S., the UK, and Canada also develop and support their respective domestic small reactor technology.

In the United States, Advanced Small Modular Reactors (SMRs) are a key part of the Department of Energy’s goal to develop safe, clean, and affordable nuclear power options, DOE says. The Department has provided support to the development of light water-cooled SMRs, which are under licensing review by the Nuclear Regulatory Commission (NRC) and will likely be deployed in the late 2020s to early 2030s.

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Generac - >>> Bronstein, Gewirtz & Grossman, LLC Notifies Shareholders of Generac Holdings Inc. (GNRC) Investigation


Yahoo Finance

August 2, 2021


https://finance.yahoo.com/news/bronstein-gewirtz-grossman-llc-notifies-233000505.html


NEW YORK, NY / ACCESSWIRE / August 2, 2021 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Generac Holdings Inc. ("Generac" or the "Company") (NYSE:GNRC). Investors who purchased Generac sharesare encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/gnrc.

The investigation concerns whether Generac and certain of its officers and/or directors have violated federal securities laws.

On July 29, 2021, Generac issued a recall of certain models of the Company's portable generators, citing reports of seven finger amputations and a finger-crushing incident. On this news, Generac's stock price $31.04 per share, or 7.2%, over three trading sessions, closing at $400.00 per share on August 2, 2021.

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