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Stock Market & Financial Investment News

News Breaks
August 18, 2014
12:19 EDTCAM, IRIngersoll-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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April 23, 2015
10:00 EDTCAMCameron says pricing pressures in subsea business are 'substantial'
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09:56 EDTCAMCameron expects to ship out $5.7B of its backlog in 2015
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09:51 EDTCAMCameron expects Q2 margins to come down a bit from Q1
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09:41 EDTCAMCameron backs FY15 new subsea orders at or above levels in 2014
09:40 EDTCAMCameron says downturn in spending hitting N American harder than international
The company says the speed of cyclical downturn is creating uncertainty for all businesses and says there's "not much to gain" from predicting the length and depth of the cycle. Comments taken from Q1 earnings conference call.
07:38 EDTCAMCameron says cyclical downturn represents increasing headwind relative to Q1
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07:37 EDTCAMCameron reports Q1 orders and backlog declined sequentially
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07:37 EDTCAMCameron reports Q1 EPS excluding items 91c, consensus 70c
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07:13 EDTIRIngersoll-Rand sees Q2 adjusted continuing ops EPS $1.88-$1.22, consensus $1.25
Second-quarter 2015 organic revenues are expected to increase in the range of 5 to 6 percent compared with 2014 and reported revenues are expected to be up 4 to 5 percent. Consensus is $3.68B. Adjusted EPS from continuing operations for the second-quarter of 2015 are expected to be in the range of $1.18 to $1.22 with reported EPS of $1.14 to $1.18 Restructuring expenses are expected to approximate $0.01 per share. The second-quarter forecast reflects an ongoing tax rate of 25 percent for continuing operations and an average diluted share count of approximately 270 million shares.
07:12 EDTIRIngersoll-Rand sees FY15 adjusted continuing ops EPS $3.66-$3.81
Consensus is $3.74. Based on a forecast of slow-to-moderate growth in worldwide construction and industrial markets for the remainder of the year, the company reaffirms its outlook for 2015. Organic revenues, which exclude currency and acquisitions, for the full-year 2015 are expected to increase in the range of 4 to 5 percent. Full-year reported revenues are also expected to increase in the range of 4 to 5 percent compared with 2014. Consensus is $13.41B. Full-year adjusted EPS from continuing operations are expected to be in the range of $3.66 to $3.81, with full-year reported continuing EPS expected to be $3.42 to $3.60. Restructuring expenses are expected to approximate $0.02 to $0.05 per share. The forecast includes a tax rate of 25 percent for continuing operations and an average diluted share count for the full year of approximately 270 million shares. Free cash flow for full-year 2015 is expected to be in the range of $950 million to one billion dollars.
07:11 EDTIRIngersoll-Rand reaffirms FY15 outlook
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07:11 EDTIRIngersoll-Rand reports Q1 adjusted continuing ops EPS 38c, consensus 32c
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April 22, 2015
15:50 EDTCAM, IRNotable companies reporting before tomorrow's open
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April 17, 2015
12:34 EDTCAMCameron could rise 20% over next 12 months, Barron's says
Shares of Cameron, down 26% over the past nine months to around $50, could bounce back to $60 over the next year as the company benefits from well upgrades and the anticipated rebound in oil prices, Barron's reports. Reference Link
April 15, 2015
08:58 EDTCAMOil services stocks should be bought on dips, says BMO Capital
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April 13, 2015
17:27 EDTIRIngersoll-Rand expects $42.6M pre-tax charge for Q1
In a regulatory filing, Ingersoll-Rand reports that in connection with the preparation of Q1 financial statements for Ingersoll-Rand, the company has determined to utilize the marginal currency system rate for translation of the financial position of the company’s Venezuelan subsidiary as of March 31. As a result, the company will record a pre-tax charge of $42.6M within the "other income/expense, net" segment related to the remeasurement of monetary assets in the three months ended March 31.
10:00 EDTCAMOn The Fly: Analyst Downgrade Summary
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08:31 EDTCAMCameron downgraded to Outperform from Strong Buy at Raymond James
Raymond James downgraded Cameron to Outperform with a $55 given a reduced orders outlook, a reduction in earnings potential near-term, and offshore exposure.

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