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RYCEY

Rolls-Royce

$8.51

0.035 (0.41%)

06:26
12/01/16
12/01
06:26
12/01/16
06:26

Rolls-Royce to cut 800 jobs in Marine business due to continuing market weakness

Rolls-Royce has announced plans to accelerate the transformation of its Marine business as a result of continuing weakness in the maritime market. Rolls-Royce's Marine business supplies a range of technology and services to customers operating merchant, offshore and naval vessels. Planned measures include a further simplification of the structure of the business, with a streamlining of the senior management team, and a series of cost reduction initiatives which will result in the loss of around 800 roles worldwide and an estimated GBP45-50M of annualized savings from mid-2017. Costs of this restructuring are expected to be around GBP20M, split between 2016 and 2017. As part of the program, investments are also being proposed to establish an R&D centre for the development of new propulsion products, and an expanded Services hub for Northern Europe, both in Ulsteinvik, Norway. The organizational changes will also increase the strategic focus on developing further electrical and digital technologies as the maritime industry shifts towards a more digital future where Ship Intelligence plays a greater role. The proposals follow a series of cost reduction initiatives carried out over the past three years to improve the affordability and competitiveness of the Marine business. The proposed job reductions are in addition to the reduction of 1,000 employees announced in May and October last year. The Marine business currently employs around 4,800 people in 34 countries. Mikael Makinen, Rolls-Royce, President - Marine, said: "The ongoing market weakness that has followed the dramatic fall in the price of oil continues to have an adverse impact upon our order book and profitability. We have made significant progress in transforming Marine into a far more agile and simplified business than we were and we have to take further steps to address our cost base. Reducing our workforce is never an easy decision, but we have no option but to take further action beyond the changes we have made to date. This remains a fundamentally strong business, but we need to overcome the immediate challenges and focus our investments on the technologies that will shape our future growth."

RYCEY Rolls-Royce
$8.51

0.035 (0.41%)

03/10/16
GSCO
03/10/16
DOWNGRADE
GSCO
Neutral
Rolls-Royce downgraded to Neutral from Buy at Goldman
Goldman Sachs analyst Chris Hallam downgraded Rolls-Royce to Neutral citing valuation.
04/04/16
FBCO
04/04/16
DOWNGRADE
FBCO
Underperform
Rolls-Royce downgraded to Underperform from Neutral at Credit Suisse
04/04/16
04/04/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. J.M. Smucker (SJM) downgraded to Sell at Goldman by analyst Jason English, who believes Smucker's faces a negative estimate revision cycle due to fundamental challenges in its core and recently acquired businesses. English said coffee costs have turned and expects SJM's favorable cost spread to turn negative in 2017 and recent distribution gains in both coffee and pet will begin to be lapped. 2. Allegheny Technologies (ATI) downgraded to Underperform at Cowen due to the firm's belief that the company's long-term outlook is encumbered by likely negative near-term free cash flow and earnings. 3. Consolidated Communications (CNSL) downgraded to Underperform at DA Davidson citing valuation. 4. Smith & Wesson (SWHC) downgraded to Hold, Market Perform and Neutral at BB&T, Cowen, and CL King. Cowen analyst Cai von Rumohr cited slowing March NICS data and share performance year-to-date. The analyst said sequential declines of 13.2% and 8.0% for handguns and long guns, respectively, were the weakest of the past decade and well below ten year averages for hand guns and long guns. 5. Rolls-Royce (RYCEY) downgraded to Underperform from Neutral at Credit Suisse. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/10/16
MSCO
08/10/16
UPGRADE
MSCO
Equal Weight
Rolls-Royce upgraded to Equal Weight from Underweight at Morgan Stanley

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Dominion

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