Fly Intel: After-Hours Movers » 18:4910/2110/21/20
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Valmont to record 34c charge in Q4 related to early retirement program » 16:3210/2110/21/20
The company states:…
The company states: "In the third quarter 2020, Valmont initiated a one-time, voluntary Early Retirement Program that gives recognition to tenured U.S. administrative employees who have contributed to the Company's success. As a result, in fourth quarter 2020 the Company expects to record estimated pre-tax charges of approximately $10.0M with an estimated EPS impact of 34c, with an expected payback of 24 months. These charges will be excluded from fourth quarter adjusted earnings results."
Valmont sees Q3 revenue $715-$735M, consensus $688.59M » 16:3010/2110/21/20
Sees Q3 operating margin…
Sees Q3 operating margin 8%-9%. Guidance assumes: Positive operating cash flows , stable raw material costs and no significant supply chain interruptions, and no closures of large manufacturing facilities or workforce disruptions.
Valmont reports Q3 EPS $1.84, consensus $1.72 » 16:2910/2110/21/20
Reports Q3 revenue…
Reports Q3 revenue $734.0M, consensus $689.54M. CEO Stephen G. Kaniewski says: "We achieved higher revenue year-over-year from operational excellence and increased volumes, and delivered earnings growth through our focus on pricing and market leadership, despite an extraordinary macro environment. Sales and profitability were better than anticipated, as we remained highly focused on execution and pricing across the portfolio. Sales growth was driven by strong demand in the Utility Support Structures segment, including significantly higher sales of renewable energy products. I am pleased with the solid operating performance in the Engineered Support Structures and Coatings segments, and the Irrigation segment delivered solid performance despite end-market instability, benefiting from continued strength in international markets and recent acquisitions. We recognized another quarter of very strong operating cash flows, driven by our strategic priorities for working capital management."
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Simpson Manufacturing upgraded to Outperform from Neutral at Baird » 06:5210/1510/15/20
Baird analyst Timothy…
Baird analyst Timothy Wojs upgraded Simpson Manufacturing to Outperform from Neutral with a price target of $112, up from $106. The analyst cited the shares recent underperformance which has led to an attractive entry point for high-quality cyclical housing exposure. He believes the near-term estimate upside could be material and notes the company still has several self-help opportunities.
Simpson Manufacturing upgraded to Outperform from Neutral at Baird » 05:1810/1510/15/20
Baird analyst Timothy…
Baird analyst Timothy Wojs upgraded Simpson Manufacturing to Outperform from Neutral with a price target of $112, up from $106.
Barrington starts Hillenbrand at Outperform with $44 price target » 07:5110/1410/14/20
Barrington analyst Christopher Howe initiated coverage of Hillenbrand with an Outperform rating and $44 price target. The company has multiple leading brands that serve a wide variety of industries as well as a strong aftermarket business with high-margin recurring revenue, Howe tells investors.
Hillenbrand initiated with an Outperform at Barrington » 07:4610/1410/14/20
Barrington initiated coverage of Hillenbrand with an Outperform rating and $44 price target.
Trex Company resumed with a Buy at Stifel » 16:1410/1310/13/20
Stifel analyst Stanley…
Stifel analyst Stanley Elliott resumed coverage of Trex Company with a Buy rating and $85 price target. Trex is a leader in composite decking manufacturing, which offers "stronger secular growth and less cyclicality" relative to other building product peers, Elliott tells investors in a research note. The recent acceleration in trends due to COVID-19 will likely drive strong demand through 2021 and potentially into 2022, says the analyst.
Simpson Manufacturing names Michael Olosky as COO, succeeding Ricardo Arevalo » 16:0210/1310/13/20
Simpson Manufacturing announced Michael Olosky will be joining the company as COO, effective November 30th. Olosky succeeds Simpson's former COO Ricardo Arevalo, who retired in February after 20 years of service to the company. Prior to joining Simpson, Olosky spent over 22 years in numerous leadership positions at Henkel, a global chemical and consumer goods company.