Global Power Equipment sees FY12 revenue $455M-$465M, consensus $496.98M Adjustments from previous estimates are primarily related to lower expectations from the Services Division, as the Products Division is expected to exceed 20% year-over-year revenue growth in 2012 including an estimated $12M-$14M in revenue from the acquisitions of Koontz-Wagner and TOG. Gross margin expectation is improved to 17%-18% over previous expectations of approximately 16.5%. Operating expenses are expected to be 13%-13.5% of revenue including merger and acquisition related costs, $1.0M of non-cash amortization of acquired intangible assets and $1.2M in one-time expenses associated with changes in executive management.
On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: Banco Popolare (BPSAY) downgraded to Neutral from Buy at UBS... Century Aluminum (CENX) downgraded at Morgan Stanley... Global Power Equipment (GLPW) downgraded to Market Perform at William Blair... Ivanhoe Mines (IVPAF) downgraded to Equal Weight from Overweight at Morgan Stanley... JD Wetherspoon (JDWPY) downgraded to Hold from Buy at Jefferies... MEI Pharma (MEIP) downgraded to Market Perform from Outperform at Wells Fargo... NICE Systems (NICE) downgraded to Market Perform from Outperform at JMP Securities... Progressive (PGR) downgraded to Neutral from Buy at Goldman... Tim Participacoes (TSU) downgraded to Reduce from Overweight at HSBC... ZAGG (ZAGG) downgraded at Craig-Hallum.