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August 18, 2014
12:19 EDTIR, CAMIngersoll-Rand rises after agreeing to buy Cameron unit for $850M
Shares of Ingersoll-Rand (IR), which makes heating and air conditioning systems, are up after it announced an agreement to acquire the assets of Cameron International Corporation's (CAM) Centrifugal Compression division for $850M. WHAT'S NEW: Ingersoll-Rand this morning entered into an agreement to acquire Cameron's Centrifugal Compression division for $850M. The acquisition is expected to close before the end of the year, subject to regulatory approval. The Cameron unit generated sales of approximately $400M in 2013, has approximately 850 employees and operates from 12 global locations. The results of operations of the Centrifugal Compression business will be reported as discontinued operations for Cameron beginning in the third quarter. Ingersoll Rand plans to fund the acquisition through a combination of cash on hand and debt. WHAT'S NOTABLE: Ingersoll-Rand said it expects the acquisition to be accretive to EBITDA margins, EPS, and ROIC in 2015 and beyond. The company expects the acquisition to add 8c-10c per share to its earnings in 2015. The company anticipates moderate incremental debt, supported by additional earnings from Cameron and core earnings growth. Ingersoll adds that it foresees refinancing of $500M of 2015 debt, and continues to expect a 2014 share repurchase of $1.38B. Cameron said it is selling the unit to focus on its core markets. The company expects after-tax proceeds of about $600M from the sale, part of which it planned to use to support share buybacks. ANALYST REACTION: Following the announcement, Wells Fargo analysts estimated that the acquisition will be approximately 10c-15c accretive excluding impact from synergies and approximately 20c-25c with anticipated synergies. PRICE ACTION: Ingersoll-Rand jumped $1.49, or 2.46%, to $62.03 in intra-day trading, while Cameron is trading down 0.6% to $72.21.
News For IR;CAM From The Last 14 Days
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January 30, 2015
10:07 EDTCAMHigh option volume stocks
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10:00 EDTCAMOn The Fly: Analyst Downgrade Summary
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09:03 EDTCAMCameron downgraded at RBC Capital
As noted earlier, RBC capital downgraded Cameron to Sector Perform from Outperform. As reasons for the downgrade, the firm cited headwinds affecting all of the company's business segments and Street estimates that remain too high. Target to $50 from $60.
07:03 EDTIRIngersoll-Rand sees Q1 adjusted EPS 29c-33c, consensus 42c
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07:02 EDTIRIngersoll-Rand sees FY15 adjusted EPS $3.66-$3.81, consensus $3.86
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07:01 EDTIRIngersoll-Rand reports Q4 adjusted EPS 82c, consensus 70c
Reports Q4 revenue $3.24B, consensus $3.91B.
06:07 EDTCAMCameron downgraded to Sector Perform from Outperform at RBC Capital
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January 29, 2015
15:37 EDTIRNotable companies reporting before tomorrow's open
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09:49 EDTCAMCameron: Shorter cycle businesses to be challenged by current market conditions
Expects to ship out $5.7B of its backlog in 2015.
09:43 EDTCAMCameron will not provide FY15 EPS outlook due to uncertainty in spending levels
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07:40 EDTCAMCameron CEOsees "significant uncertainty" in customers' spending levels
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07:38 EDTCAMCameron reports Q4 adjusted EPS $1.34, consensus $1.20
Reports Q4 revenue $2.80B, consensus $2.83B.
January 23, 2015
08:37 EDTCAMBofA/Merrill U.S. oil & gas analysts to hold an analyst/industry conference call
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January 22, 2015
10:03 EDTIROn the Fly: Analyst Initiation Summary
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09:33 EDTIRIngersoll-Rand announces multi-year partnership with NASCAR
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January 21, 2015
16:14 EDTIRIngersoll-Rand initiated with a Buy at UBS
Target $80.

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