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July 29, 2014
10:20 EDTAGCOAGCO sees Q3 EPS 75c-80c
May not compare to Q3 EPS consensus $1.29. Says L-T agricultural fundamentals are 'solid.' Says demand in Brazil has been negatively impacted by government funding delays. Sees Q3 production volume to be down about 10%. Says lowered FY14 industry unit retail tractor sales forecasts across North America, South America and Western Europe. Says assuming more normal weather conditions, the company is looking for some recovery in the U.K. and parts of Europe for the segment. Expects to hold gross margin at FY13 levels. Says Q3 sales volume are expected to decrease. Comments taken from the company's Q2 earnings conference call.
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November 19, 2015
10:26 EDTAGCOGoldman says sell Titan with ag and mining weakness expected to continue
Goldman Sachs downgraded Titan International (TWI) to Sell from Neutral today, saying that weakness in agriculture and mining would continue to weigh on the company's results. Goldman's downgrade comes after the company reported much weaker than expected results on November 6. Titan makes tires and wheels used in off-road vehicles which are utilized by farmers and mining and construction companies. WHAT'S NEW Titan derives 80% of its revenue from agriculture and mining, so the weakness in those sectors will continue to hurt its results going forward, wrote Goldman analyst David Tamberino. Additionally, farmers have less money to spend on capital projects, reducing the likelihood that they will adopt Titan's new LSW tires, according to the analyst. Given these factors and the January 2017 maturity of Titan's convertible note, the company could be faced with a cash crunch, the analyst warned. Moreover, Titan is facing increased competition, according to Tamberino. He sharply lowered his 2015-2017 earnings before interest, taxes, depreciation and amortization estimates for the company and slashed his price target on the name to $3 from $8. WHAT'S NOTABLE: Deere (DE), Caterpillar (CAT), and AGCO (AGCO) sell heavy machinery used in agriculture. PRICE ACTION: In early trading, Titan sank 11% to $4.50.
07:30 EDTAGCOUBS to hold a conference
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