reports
- Great Lakes Review
AIT: An Overlooked Industrial with Nearly 30% EPS Growth Modeled for F...
WHY BUY NOW Our estimates could prove conservative given the recent acceleration in the U.S. industrial economy (i.e., the U.S. ISM Manufacturing Index rose to a 14-year high in August). EPS is projected up 29% in FY19 (June) to a record $4.65, aided by healthy end-markets, acquired FCX Performance (a leading distributor of specialty process control products & services), and a 25% tax rate (vs 31% in FY18). Applied offers a 1.6% yield on a dividend raised for nine consecutive years on only ...
- Great Lakes Review
RPM: Elliott Management the Catalyst to Rev Up the "RPMs"
WHY START BUYING NOW The transformative agreement with Elliott Management should help boost operating margins from 10.6% in FY18 to an estimated 13.7% in FY20 and could yield upside to RPM’s target (prior to Elliott) of 300 bps of EBIT margin improvement over the next two-to-three years. EPS growth is modeled up 10% in FY19 (held back by a higher tax rate and raw material cost headwinds in the first half), accelerating to perhaps 25% for FY20. RPM’s revenue is diversified among the Industri...
- Great Lakes Review
- Great Lakes Review
- Great Lakes Review
MIDD: The Dough is Rising
WHY START BUYING NOW Our estimates could prove conservative given an improving spending environment at restaurants with Middleby now seeing orders for new equipment and winning new customers, as well as momentum at Viking, a rebound expected in Food Processing, benefits anticipated from acquired Taylor, and the salesforce restructuring. The shares are still 20% off their March 2017 high despite EPS projected up 14% in 2018 to a record $6.23 and 15% in 2019 to $7.14. The June 2018 purchase o...
- Great Lakes Review
- Great Lakes Review
- Great Lakes Review
LANC: 4Q: Top Line Momentum & Food Costs Less of a Drag; Raising Estim...
4Q18 (June) EPS was up 14% to $1.18 (vs $1.04 last year), 10 cents ahead of our estimate due to better-than-anticipated sales (up 6% vs our expectation for a 2% increase) and a tax rate below what we modeled; For FY18, EPS was $4.93, up 7% from FY17’s record $4.62; For FY19, our EPS estimate is now $5.30 (from $5.21), due to successful new products in Retail, an improving environment for restaurants in Food Service, but with the first half of the year still expected to be impacted somewhat b...
- Great Lakes Review
Trimming FY18 but Holding FY19 Estimate; 3Q18 Beats by 3 Cents
Backlog on April 30, 2018, increased 16% YoY to $428 million, up 15% organically. Given tough comps expected through 1Q19 (January), particularly in mobile computing in the ATS segment, partially offset by the strong backlog and solid growth in other end-markets, our FY18 EPS estimate is now $5.97 (from $6.00). 3Q18 (July) adjusted EPS fell 10% to $1.60 (vs $1.78 last year), but 3 cents above our projection. For FY19, our EPS estimate remains $6.70, up 12% YoY.
- Great Lakes Review
SMG SCOTTS MIRACLE-GRO COMPANY CLASS A
NDSN NORDSON CORPORATION
MIDD MIDDLEBY CORPORATION
LANC LANCASTER COLONY CORPORATION
GNTX GENTEX CORPORATION
AIT APPLIED INDUSTRIAL TECHNOLOGIES INC.
THO THOR INDUSTRIES INC.
MATW MATTHEWS INTERNATIONAL CORPORATION CLASS A
- Great Lakes Review
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XRAY DENTSPLY SIRONA INC.
TDG TRANSDIGM GROUP INCORPORATED
SMG SCOTTS MIRACLE-GRO COMPANY CLASS A
NDSN NORDSON CORPORATION
MIDD MIDDLEBY CORPORATION
LKQ LKQ CORPORATION
LABL MULTI-COLOR CORPORATION
JBT JOHN BEAN TECHNOLOGIES CORPORATION
ANSS ANSYS INC.
STE STERIS PLC
THO THOR INDUSTRIES INC.
- Great Lakes Review
LABL: 1Q19 EPS Up 23% but Misses by 5 Cents; Trimming Estimates
HOLD 1Q19 (June) adjusted EPS was $1.05 (vs $0.86 last year), up 23% YoY but 5 cents below our estimate, impacted by lower sales in the Food & Beverage end-markets; For FY19, our EPS estimate is now $4.31 (from $4.45), up 15% from our FY18 projection, assuming synergies from Constantia are realized as well as savings from consolidating the North American Food & Beverage and Home & Personal Care businesses; Our FY20 EPS estimate is now $4.92 (from $4.99), up 14% from our FY19 projection. ...
- Great Lakes Review
2Q Beats by 11 Cents; Raising Rating to Gradually Accumulate (from Hol...
2Q18 (June) adjusted EPS was $1.57 (vs $1.39), up 13% and 11 cents above our forecast due to sales $37 million (or 6%) more than what we modeled. Our 2018 EPS estimate is now $6.23 (from $6.20), up 14% from a record 2017, aided by a 25% projected tax rate (vs 31% last year. For 2019, our EPS estimate is now $7.14 (from $7.04), up 15% from our 2018 projection. With improving results in Commercial FoodService, momentum at Viking, a rebound expected in Food Processing, benefits anticipated from ...
- Great Lakes Review
TDG: 3Q Miss but Operating Income In-Line; Lowering Estimates
HOLD Adjusted 3Q18 (June) EPS was up 19% to $4.01 (vs $3.37 last year), 15 cents under our estimate due to higher interest/other expense and a tax rate greater than our projection, but with operating income in-line with what we modeled; Due to the 3Q miss, our FY18 EPS estimate is now $17.71 (from $17.77 and Company narrowed guidance of $17.45-to-$17.77 [from $17.35-to-$17.99]), up 43% from FY17, given a tax rate modeled at 9% for the year (vs 30%); Our FY19 EPS projection is now $16.71...
- Great Lakes Review
STE: 1Q Beats from a 17% Tax Rate (vs 23%); Holding Estimates
HOLD Adjusted EPS for 1Q19 (June) was up 17% YoY to a record $1.00 (vs $0.85), 3 cents above our figure due to a lower-than-anticipated tax rate, while operating income rose 8%, slightly below what we modeled; We are holding our EPS estimates at $4.72 for FY18 (vs the record $4.15 in FY18) and $5.32 for FY20; STERIS raised its quarterly dividend 3 cents (10%) today to 34 cents per share, for the 13th consecutive annual increase.
- Great Lakes Review
2Q18 Beats by 27 Cents; Raising Estimates
2Q18 (June) adjusted EPS were $1.35 (vs $0.99 last year) up 35% and 27 cents above our forecast, due to an operating margin 590 bps higher than our projection, primarily from the timing of $12.5 million in revenue recognized under ASC 606, and a lower-than-anticipated tax rate of 21% (vs 23%). Our 2018 EPS estimate is now $4.96 (from $4.87 and raised guidance of $4.87-to-$5.14), as strong organic growth and a 22% projected tax rate (vs 32% in 2017) help offset initial dilution from the acquisit...
- Great Lakes Review
XRAY 2Q18: A Lot of Cavities that Need Filling; Lowering Estimates
HOLD 2Q18 (June) adjusted EPS was 60 cents (vs 65 cents a year earlier), a penny under our estimate as sales above our projection were more than offset by lower-than-anticipated margins; Dentsply announced a major sales and supply chain restructuring, with details to be provided at an upcoming Investor Day in 4Q18 (Dec), Our 2018 EPS estimate is now $2.03 (from $2.61 and a record $2.78 in 2016) off 24% from 2017, given the continued shortfalls, guidance reduction ($2.00-to-$2.15 for 2018...
- Great Lakes Review
ZBRA 2Q18: Zebra’s Gallop Accelerates; Raising Estimates
BUY 2Q18 (June) adjusted EPS of $2.48 (vs $1.51 a year earlier), jumped 65%, 22 cents above our estimate, aided by organic growth of 11%, better-than-anticipated margins and a tax rate slightly below what we modeled; Our 2018 EPS projection is now $10.50 (from $10.08), up 49% from 2017, given the 2Q outperformance and strong backlog, including momentum in all of Zebra’s product lines and new large mobile computing deals anticipated in the second half of the year, as well as lower interest...
- Great Lakes Review
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