Proactiveinvestors United Kingdom - Industrial Suppliers RSS feed Proactiveinvestors United Kingdom - Industrial Suppliers feed en Thu, 18 Jan 2018 19:26:28 +0000 Genera CMS Energy Assets Group shareholders plan to reject takeover offer Wed, 11 May 2016 13:36:00 +0100 WesternOne still plagued by macro, balance sheet worries, says Dundee Capital WesternOne (TSE:WEQ) is still battling macro concerns, according to Dundee Capital Markets, which retained its neutral rating on the company, citing a balance sheet overhang and a challenging micro environment.

The company, which is focused on acquiring businesses in the construction and infrastructure services sectors, released its fourth quarter results, which Dundee said proved to be "not bad". 

Revenue came in at $88.2 million, below Dundee's estimate of $92.2 million and consensus expectations of $91.2 million, while earnings per share beat views. 

Dundee noted, however, that the fourth quarter results were largely a function of a legacy "and much more positive macro environment."

The broker added: "Balance sheet remains an overhang: Macro backdrop will not help 2015 while leverage will need to be addressed over time.

"While the company's recent decision to suspend its dividend and scale back capex spending for 2015 marks a positive shift in capital allocation priorities, the undertakings don't address overnight the company's leverage issues."

Dundee analyst Maxim Sytchev said that the balance sheet still remains a "material overhang" as inclusive of converts, leverage stands at 4.3 times for 2015.

"Prudent management of internal cash flows is the focus of company’s management. We would like to see a visible inflection point on the operational front before becoming more constructive on the name," the analyst wrote in a report released after markets closed on Friday.

Dundee has a neutral rating on WesternOne, with a C$2.50 per share price target. Shares closed at C$1.30 on Friday, down more than 58 percent year-to-date.

Mon, 09 Mar 2015 13:41:00 +0000
AK Steel and other steelmakers rise Monday after Goldman Sachs note Steel companies were making moves on Monday after Goldman Sachs took a more neutral view on the sector in an analyst note, saying the industry will head to a "sustainable recovery" over the coming years, with risks associated with oversupply appearing to already be largely priced in. 

Shares of AK Steel Holding Corp. (NYSE:AKS) jumped almost 10% after being upgraded to a buy rating from sell, while United States Steel (NYSE:X) also rose more than 4% on the same upgrade. Steel Dynamics (NASDAQ:STLD) climbed 2.8% after being moved to buy from neutral, while Reliance Steel & Aluminum (NYSE:RS) edged up slightly even after being downgraded to neutral from buy as the analysts said they viewed the stock as "fully valued".

"Although volatility associated with this deeply cyclical sector will remain a norm, we believe that investors should start to look beyond near-term headwinds," the Goldman analysts wrote in their note this morning.

"The supply-demand fundamentals for steel are starting to look more appealing, particularly for flat steel, as some supply has been taken out and demand drivers are firmly in place.

"Second, our very bearish view on input costs (iron ore) bodes well for steel producers in the long run as we believe that mills should be able to expand margins as raw material prices descend. And lastly, although not part of our base case scenario, recently filed trade cases, if successful, could provide some tailwind."

AK Steel was upgraded on expectations the company would see notable margin expansion in 2015 and beyond as it executes its new iron ore strategy. 

In a previous note on October 22 following the company's third quarter results, Goldman analyst Sal Tharani said he expects a significant improvement in AK Steel's fourth quarter earnings, anticipating the steel firm will turn a profit for the first time since the second quarter of 2012 on the back of higher prices and shipment volume, as well as lower maintenance costs and expenses associated with the unplanned outage Middletown furnace in the summer.

This should only improve beginning in 2015, on the expected startup of its Magnetation joint venture pellet plant, and the beginning of a new iron ore contract with Cliffs, which in Goldman's view is at an "attractive price". 

Mon, 04 Nov 2013 17:14:00 +0000
Progressive Waste off on Q3 earnings miss, higher costs drive lower profit outlook Progressive Waste Solutions (NYSE:BIN)(TSE:BIN) declined more than 4 per cent in morning trade Thursday after its third quarter earnings came up short of consensus estimates, while the waste management company also lowered its full year profit outlook and raised its revenue guidance. 

Revenue gains in the third quarter were offset by higher than anticipated costs relative to sales in the period, including higher expenses in the area of insurance and claims, and increased operating costs relative to revenue tied to a rise in industrial roll-off demand and delayed contributions from two new material recovery facilities. 

For the three months that ended September 30, the Toronto-based company reported net income of $20.1 million, down from $32.2 million a year ago. On an adjusted basis, net profit was $31.3 million, or 27 cents per share, compared to $32.1 million, or 28 cents per share, in the year earlier period. 

The 27 cents was shy of the 29 cents expected by analysts. 

Total revenues rose 6.9% to $520.7 million in the third quarter, topping market views, despite the impact of weaker foreign currency exchange relative to the year-ago quarter. 

"In the third quarter, we achieved our strongest consolidated organic revenue performance in the past five years, with organic growth of 3.3% driven by pricing and volume improvements in our collection and transfer business lines," said vice chairman and CEO, Joseph Quarin in the release Thursday. 

But given the higher costs, the company lowered its adjusted profit guidance for the year to a range of $1.06 to $1.09 per share, down from $1.09 to $1.14 previously. It increased its revenue outlook to between $2.02 to $2.03 billion, from the prior view of $1.97 to $1.99 billion. 

"Going forward, we expect our gross margins to normalize as we improve our execution and manage our labor and repair and maintenance expenses in line with our volume growth and implement processes to obtain better operating efficiencies," Quarin added. 

Shares retreated more than 4.5 per cent in Toronto, to $26.12, falling to as low as $25.66 earlier in the session. It has a 52-week trading range of $18.18 - $27.88 per share. So far this year, its stock has advanced nearly 22 per cent. 

Thu, 24 Oct 2013 16:39:00 +0100
AK Steel retreats after projecting larger Q3 loss AK Steel Holding Corp. (NYSE:AKS), a U.S. maker of the metal, dropped to the lowest in a week after projecting a bigger-than-expected loss in the third quarter.

Shares dived 13.1 percent to C$3.86, the lowest intraday price since Sept. 13, before trimming losses to $4.11 at 1:48 p.m. in New York.

AK Steel will lose 22 cents to 27 cents a share in the July-to-September period, the West Chester, Ohio-based company said in a statement after markets closed yesterday. That's wider than the 11 cents a share average estimate of 15 analysts polled by Thomson Reuters.

AK Steel cited reduced shipments because of an outage at one of its blast furnace. The company said it now expects to ship 1.2 million to 1.3 million tons of steel during the quarter, down from 1.4 million tons a year ago.

The shares lost 3.5 percent this year through yesterday.

Fri, 20 Sep 2013 19:05:00 +0100
WesternOne swings to a profit, boosts revenue in Q2 Construction and manufacturing businesses owner WesternOne (TSE:WEQ) is moving higher on Wednesday after reporting large improvements on the top and bottom line.

The Vancouver-based company's revenue soared 80% to $103.2 million, compared to $57.4 million in the same period a year ago.

WesternOne, which has built a portfolio of tool and equipment rental and sales shops, said it swung to a $3.8 million or 15 cents a share profit from a $1.4 million or seven cents a share loss in last year's second quarter.

Sales doubled in its Britco division, which is expanding its manufacturing workforce due to high demand.

WesternOne Rentals & Sales' organic revenue grew 16% on the strength of higher fleet usage, demand for aerial equipment and construction heating and power services.

"We are pleased with the solid financial results from our two operating platforms, driven by strong business activity in the key industry sectors that we operate in," said Mr. Darren Latoski, Chief Executive Officer. "This in turn generates sustainable growth in the operating cash flow, which will allow us to facilitate further business growth and deliver consistent dividends at a low payout ratio."

WesternOne shares soared 5.8% early Wednesday afternoon, helping to erase a 12.8% drop, prior today's session, so far this year.

Wed, 14 Aug 2013 18:43:00 +0100
Progressive Waste Q2 beats expectations, ups earnings guidance Progressive Waste Solutions (TSE:BIN) (NYSE:BIN) beat expectations Tuesday with the Vaughan, Ontario-based solid waste management company returning figures for the year’s second quarter that increased earnings per share by more than a fifth, but on the same day posted a revision to the company’s guidelines for the year that upped anticipated earnings and dropped expected revenue.

Net income for the quarter of $32.3 million was recorded, against the $28.4 million posted in the second quarter of last year. Adjusted net income was $35.3 million, or $0.31 per diluted share, compared to $28.8 million, or $0.25 per diluted share in the comparative period. 

Revenue for the quarter came in at $516.8 million, an increase of $41.4 million or 8.7 per cent from the $475.4 million posted the year before, much of which is attributable to acquisitions. 

The results beat estimates, which were for earnings of 26 cents per share on revenue of $502.2 million.

The company has revised its guidance for the year in light of factors including the weaker Canadian dollar relative to the greenback – the loonie dropped from parity to 97 cents – as well as to take account of net gains on disposal of capital assets and higher deferred income tax expense recorded in the first six months of the year than was expected.

Progressive is also revising its guidance for the current calendar year in light of its plans to implement a long-term financing structure beginning in late June.

As a consequence, the company’s expected revenue has dropped from a range of $2 billion to $2.02 billion to the range $1.98 billion to $2 billion. 

The revised guidance also saw an increase in adjusted net income per diluted share, which went from a range of $1.02 to $1.06 to a range of $1.09 to $1.14. The expected annual cash dividend also increased in the new forecast, going from $0.53 per share to $0.58 per share.

"We are very pleased with the results of our second quarter," said vice chairman and chief executive officer, Joseph Quarin.

Quarin went on to say that the company had benefited from acquisitions completed in 2012. Volume for the quarter picked up, adding 8 per cent on a consolidated basis.

“Against this backdrop, we are focused on our value creation strategy to drive returns in our U.S. and Canadian operations and we remain confident in our expectations for our operating performance in 2013.

“During the second quarter, we better positioned our capital structure, resulting in a lower effective corporate tax rate and a corresponding increase to the amounts of adjusted net income per share and free cash flow that we expect to generate this year and going forward.”

Shares in the company were trading up in Toronto the day of the release, with $1.11 being added to previous close to reach $24.14, a bump of almost 5 per cent.

Tue, 30 Jul 2013 17:07:00 +0100
Commerical Solutions moves higher on strategic review process Commercial Solutions (TSE:CSA), a Canadian distributor of bearings, power transmission equipment, and oilfield products, saw its shares rise Friday after saying it has hired Sequeira Partners as a financial advisor to review strategic alternatives, including a potential sale of the company. 

The aim of the strategic review is to look at options to boost shareholder value, including joint ventures, strategic partnerships, mergers, acquisitions or a sale of the company, which said its shares trade at a "substantial discount" to their inherent value. 

Last December, Commercial signed a letter of intent to be acquired by Industrial Distribution Group (IDG), only to have the offer withdrawn by IDG in January. 

The company said Friday it has not yet set a definitive schedule to complete the strategic review, and cautioned that there can be no assurance that any transaction will result. 

Shares of Commerical Solutions rose 9.5 per cent, or 6 cents, to 69 cents on the Toronto Stock Exchange on Friday. So far this year, its stock has lost almost 50 per cent. 

Fri, 07 Jun 2013 16:23:00 +0100
Thermo Fisher agrees to buy Life Technologies for $13.6 bln  

Thermo Fisher Scientific (NYSE:TMO) Monday said it has agreed to buy life sciences company Life Technologies Corp. (NASDAQ:LIFE) in a deal worth roughly $13.6 billion, which Thermo expects will result in “significant and immediate accretion” to its adjusted per share earnings.

Under the terms of the agreement, Thermo Fisher will pay $76 a share for Life Technologies and will also assume its year-end, 2012 debt of $2.2 billion. The transaction is expected to close early in 2014, and is subject to a vote by Life’s shareholders, as well as customary closing conditions. 

Thermo Fisher said it has secured bridge financing from J.P. Morgan (NYSE:JPM) and Barclays (NYSE:BCS), adding that it expects the split to be cash and debt of $9.5 to $10.0 billion, and equity of up to $4.0 billion. 

The companies said that the acquisition builds on their technological strengths to accelerate results for life sciences customers working in proteomics, genomics and cell biology.

“We are extremely excited about this transaction because it creates the ultimate partner for our customers and significant value for our shareholders,” said Thermo Fisher president and CEO Marc N. Casper in a statement Monday. 

“The acquisition of Life Technologies enhances all three elements of our growth strategy: technological innovation, a unique customer value proposition and expansion in emerging markets. For our shareholders, we expect the transaction to generate attractive financial returns, as well as significant and immediate accretion to our adjusted EPS.”

Life’s chairman and CEO, Gregory T. Lucier, said the deal delivers “immediate and significant cash value” to the company’s stockholders. With 2012 revenues of $3.8 billion, Life provides products and services to customers conducting scientific research and genetic analysis, as well as those in applied markets, such as forensics and food safety testing. 

Life president and COO, Mark P. Stevenson, will take on “a significant leadership role” in the combined company, and Thermo Fisher said it intends to elect a member of the Life Technologies board of directors to its own board.

The new entity will build on its strong foothold in the Asia-Pacific, particularly in China, to meet increasing customer demand in life sciences and healthcare.

Thermo Fisher provides laboratory equipment to customers within pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions and government agencies, as well as in environmental and process control industries. 

Shares of Thermo Fisher rose 2.84 per cent as at about 11:45 a.m. EDT, trading at $81.85, while Life Technologies saw its shares surge 7.57 per cent to $73.14 per share.


Mon, 15 Apr 2013 16:46:00 +0100
Pall Corp shares fall on lowered 2013 outlook  

Pall Corp. (NYSE:PLL) saw its shares slide more than five per cent Monday afternoon after it lowered its 2013 guidance in a filing to the U.S. Securities and Exchange Commission (SEC).

The maker of water-filtration and purification systems said in a slide presentation dated November 6 that it anticipated 2013 sales would be lower than expected and noted that first-quarter orders are down roughly four per cent.

Pall Corp downwardly revised the performance expectations for many of its units from “better” to “neutral” or “worse”, in particular its industrial segment as it expects its process enhancing technologies and microelectronics markets will underperform.

The company also said it expected 2013 earnings per share would be at the low end of the $3.05 to $3.25 range it released in September.

Analysts polled by Thomson Reuters have forecasted per share earnings for 2013 of $3.18, on revenues of $2.74 billion.

The SEC filing said that the company will present its results Tuesday at the Baird Industrial Conference in Chicago.

In September, the company bolstered its quarterly dividend rate by 19 per cent. It has increased its dividend nine times since 2004. 

In its 2012 fourth quarter, Pall’s profit fell 11 per cent due to restructuring charges, which masked gains made in revenue and margins. Revenue grew to $722.3 million from $718.7 million. 

Shares of the company were down 5.22 per cent as at about 3:30 p.m. EDT, trading at $60.61.


Mon, 05 Nov 2012 19:36:00 +0000
Pall Corp raises dividend by 19%  

Pall Corp. (NYSE:PLL) for the umpteenth time bolstered its quarterly dividend rate by 19 per cent, the company said late Wednesday.

The Port Washington, New York-based company, a maker of everything from air cleaners to centrifugal devices, caters to the aerospace and defence, power generation and graphic arts industries. 

The board upped its dividend to 25 cents per share from 21 cents, with the payout to be distributed to shareholders on November 2. 

The company has increased its dividend nine times since 2004. 

"Pall continues to generate strong cash flow to support our growth plans while also delivering returns to shareholders," chief executive Larry Kingsley said in a statement.  

"The board's decision to increase the quarterly dividend demonstrates our long-term commitment to enhance shareholder value."

Earlier this month, the supplier of filtration and purification technologies' fiscal fourth quarter profit fell 11 per cent due to restructuring charges, which masked gains made in revenue and margins.

But its adjusted profit of 99 cents per share beat Street estimates as revenue grew to $722.3 million from $718.7 million. 

Analysts polled by Bloomberg expected a per share profit of 76 cents, on $719 million in sales during the quarter that ended July 31.

Gross margin widened to 51.5 per cent from 49.1 per cent, thanks to a decline in input costs.


Thu, 27 Sep 2012 13:46:00 +0100
AK Steel swings to Q2 net loss on massive charge, suspends dividend AK Steel Holdings Corp.’s (NYSE:AKS) second quarter profit beat analyst expectations on an adjusted basis, as the steelmaker reported a net loss after recording a hefty non-cash charge worth $736 million.

The West Chester, Ohio steelmaker produces flat-rolled carbon, stainless and electrical steels for the automotive, construction and power generation markets.

AK Steel reported a massive net loss of $724.2 million, or $6.55 per share, compared to a year-prior profit of $33.1 million, or 30 cents per share.

Stripping out a non-cash charge of $736 million for a valuation allowance on AK Steel’s deferred tax assets, adjusted profits were $11.4 million, or 10 cents per share.

Net sales stood at $1.53 billion, down from the $1.79 billion in the previous year period.

Analysts polled by Bloomberg expected a per-share profit of five cents, on $1.50 billion in sales for the quarter that ended June 30.

"During the second quarter, sluggish domestic and global economic conditions impacted shipment volumes and selling prices for our steel products," chief executive James L. Wainscott said.

"Despite these market challenges, AK Steel recorded an improved operating profit and adjusted net income performance compared to the previous quarter."

The steelmaker shipped 1.33 million tonnes with an average selling price of $1,152 per tonne. That is down from 1.49 million tonnes shipped a year ago, and average selling prices of $1,185 per tonne.

AK Steel spent less on selling and administrative costs, which reached $50.8 million, down from $52.8 million in the prior-year quarter.

The company also announced Tuesday that it would suspend its dividend, which will save the company $22 million a year.

Also stemming from uncertainty and market volatility in the U.S., AK Steel said it will not give detailed third-quarter forecasts at this time.

In addition, the company expects to book a $28 million planned maintenance outage expense at its Ashland Works blast furnace in the third quarter.

Shares, in late morning trade, fell 10 cents, or two per cent, to $4.90 apiece on the New York Stock Exchange.

Tue, 24 Jul 2012 17:01:00 +0100
Thermo Fisher Scientific to buy transplant diagnostics co One Lambda for US$925 mln Thermo Fisher Scientific (NYSE:TMO) said it has signed a definite agreement to buy privately held transplant diagnostics group One Lambda for US$925 million in cash.

The deal is expected to increase earnings per share by 9-11 cents from completion, currently expected to occur in the fourth quarter of 2012.

One Lambda's diagnostic tests are used by transplant centers for tissue typing, primarily to determine the compatibility of donors and recipients pre-transplant, and to detect the presence of antibodies that can lead to transplant rejection.

One Lambda has approximately 320 employees, primarily based in Canoga Park, California, and supports more than 1,400 laboratories worldwide.

The business, which generated revenue of US$182 million in 2011, will become part of Thermo Fisher's Specialty Diagnostics Segment.

President and chief executive Marc Casper said: “With its strong technology platform, high margin profile and good growth prospects, the business is perfectly aligned with our specialty in vitro diagnostics strategy.

"One Lambda gives us access to the attractive transplant diagnostics market and complements our existing immunosuppressant monitoring assays,” he added.

Thermo Fisher also announced plans to buy back an additional US$500 million worth of its own shares, and the buy-back authorization will remain in effect through December 31 2012.

As of June 30, 2012, the company had US$250 million remaining under the existing buy-back, which expires on November 9.

Mon, 16 Jul 2012 13:59:00 +0100
Clarcor reduces earnings forecast after second quarter "headwinds"  

Industrial filters maker Clarcor’s (NYSE:CLC) profits flat–lined as it hit “headwinds” in its second quarter that have also prompted it to reduce its full year earnings guidance.

Earnings per share in the three months to 28 May rose by 2 per cent to 66 cents, though revenues dipped slightly to US$285 mln.

Lower operating results from the packaging arm, where operating profit fell 42 per cent or $1.3 million and net sales declined $4.2 million or 18 per cent, held back the rest of the group.

Currency movements also clipped one per cent or $3.9 million from revenues.

Chris Conway, chief executive, said sales growth in global natural gas filtration were offset by currencies, and softness in US heavy-duty engine aftermarket filtration business, its China first-fit OEM heavy-duty engine filtration business and the packaging segment.

"Although our second quarter earnings were the second highest in company history, we experienced softer demand in several of our geographic and product markets,” he said.

As a result, the Franklin, Tennessee- based company has trimmed its 2012 diluted earnings per share forecast to a range of $2.50 to $2.65 from $2.55 to $2.70 previously.

"Despite lower full year financial guidance, we are cautiously optimistic about sales growth in many of our markets in the second half of 2012 compared with both the first half of 2012 and the second half of 2011,” Conway added.

Half year revenues rose by 1 per cent to US$534 mln and earnings by 4 per cent to US$1.07.


Thu, 21 Jun 2012 14:57:00 +0100
WSI Industries shares pop on Q3 results Contract manufacturer WSI Industries (NASDAQ:WSCI) saw its shares spike Wednesday, a day after reporting fiscal third-quarter earnings rose sharply amid a 45 per cent rise in revenue, driven by its core business units.

The Monticello, Minnesota-based metal component manufacturer caters to the aerospace, defence, energy, semiconductor and medical sectors.

Net income spiked by 51 per cent to $598,000, or 21 cents per share, compared with the $397,000, or 14 cents per share in profit, a year-ago.

Revenue also increased by 45 per cent to $9.48 million, versus the $6.53 million in 2011.

In morning trade, WSI’s share price rallied 22.70 per cent climbing to $6 per share on the Nasdaq on Wednesday.

"We are very pleased to report on our fiscal 2012 third quarter results that have both sales and income at their highest levels in the last decade," chief executive Benjamin Rashleger said in a statement.

"Our sales growth came from both of our core businesses of recreational vehicles and energy."

Revenue from its recreational vehicle unit rose by 38 per cent, while its energy business saw sales jump by a whopping 91 per cent.

Gross margin narrowed to 20.2 per cent from 22.4 per cent a year earlier.

The company’s board also declared a quarterly dividend of four cents per share, which will be paid to shareholders on July 19.

Wed, 20 Jun 2012 16:23:00 +0100
Agilent Technologies to buy cancer diagnostic firm Dako from Swedish EQT for $2.2 bln Agilent Technologies (NYSE:A) announced Thursday it has agreed to acquire the Denmark-based cancer diagnostic company Dako, from the Sweden-based private equity group EQT for $2.2 billion dollars.

Agilent provides bio-analytical and electronic measurement solutions to the communications, electronics, life sciences and chemical analysis industries.

The deal to buy Dako is part of its effort to increase its presence in the clinical diagnostics market.
Agilent’s bio-analytical measurement business provides instruments, software, consumables and services that allow customers to measure and analyze the physical and biological properties of substances and products.

The company’s measurement business complements Dako’s tissue diagnostic technology and position in the life sciences field, Agilent said.

"In the rapidly growing diagnostics market, Dako’s products and capabilities are a strategic complement to Agilent’s existing offerings,” said Agilent’s president and CEO, Bill Sullivan.

"Dako is one of the world’s leading providers of cancer diagnostics tools, and together we will be able to develop a wider range of products that help in the fight against cancer."

"Agilent’s strategy in acquiring Dako is about strengthening the company’s presence in life science and about revenue growth."

Agilent serves customers in more than 100 countries, and had net revenue of $6.6 billion last year.

Dako’s reagents, antibodies, scientific instruments, and software are used to accurately diagnose and determine effective treatments for cancer patients. The company also works with many large pharmaceutical companies to develop new potential pharmacodiagnostics that are used to identify which patients are most likely to benefit from a specific targeted therapy.

"Our combined companies will have complementary strengths. Like Agilent, Dako has a long history as a leader in scientific advancement and a culture that values discovery and innovation. We believe that Agilent and Dako are a winning combination," said Dako’s CEO Lars Holmkvist.

Dako is also present in more than 100 countries, and had net revenue of roughly $340 million last year.

The deal, which is slated to close within the next 60 days, is subject to customary conditions.

Shares of Agilent were trading at $39.76 pre-market Thursday morning.

Thu, 17 May 2012 14:55:00 +0100
Applied Industrial Q1 profit up 11%, earnings outlook narrowed Applied Industrial Technologies (NYSE:AIT) said Thursday third-quarter profit nearly grew 11 percent amid sales growth and a slight increase in margins, but the company narrowed its full-year earnings outlook.

The company, which is headquartered in Cleveland, Ohio, is one of North America’s largest industrial distributors of power transmission and hydraulic components, as well as fabricated rubber products, tools and safety products.

For the quarter that ended March 31, net earnings rose to $29.4 million, or 69 cents per share, compared to $26.5 million, or 61 cents per share, in the same period last year.

Net sales for the third quarter increased seven percent to $605.5 million from $566.0 million in the comparable period a year ago.

Gross margins edged up slightly to 27.8 percent from 27.6 percent.

The company's board also declared a quarterly cash dividend of 21 cents a share, which will be paid to shareholders on May 31.

In addition, the company maintained its full-year 2012 sales guidance of $2.35 to $2.45 billion, in line with analyst estimates for $2.40 billion.

Applied Industrial did, however, narrow its earnings projection to between $2.45 and $2.55 per share. Analysts predict $2.45 per share.

The company employs about 4,600 people and has operations across Canada, Mexico and the U.S.

Shares of Applied were down more than 2.6 percent Thursday, to $38.76.

Thu, 26 Apr 2012 15:03:00 +0100
Gulf Resources posts 2012 guidance based on lower expected bromine prices China-based Gulf Resources (NASDAQ:GURE) reported Tuesday a weak fiscal full-year 2012 sales and profit guidance on expected lower prices for bromine.

The company manufactures bromine and crude salt and specialty chemical products in China for use in the oil and gas, agricultural and paper-making industries.

Based on the current business outlook, the company estimates that bromine prices, a factor with a large impact on its operating performance, will fluctuate between a range of RMB23,150 per tonne and RMB30,000 per tonne in fiscal year 2012.

Gulf Resources projects total sales of between $114.7 and $147.3 million for the year, and earnings in the range of $16.8 and $30.5 million.

Gulf noted its forecast does not take into account the effect on earnings resulting from costs incurred from potential drilling expenditures for testing and exploring underground bromine water resources in Daying County, Sichuan Province.

"Although we expect bromine prices to stay relatively constant and stable in fiscal year 2012 due to the continued slowdown of the economy in China, we believe the strategy of exploring more brine water resources and obtaining bromine assets through acquisitions will enable us to achieve long term growth in the future," president and CEO, Xiaobin Liu.

"We have sufficient cash flow for our operating activities and will continue to look for attractive acquisition targets."

Gulf Resources operates through two wholly-owned subsidiaries, Shouguang City Haoyuan Chemical Co. and Shouguang Yuxin Chemical Industry Co.

Tue, 20 Mar 2012 19:19:00 +0000
U.S. Silica Holdings Q4 earnings more than double on demand U.S. Silica Holdings (NYSE:SLCA) reported Tuesday that fourth-quarter earnings more than doubled helped by demand in the oil and gas sector. 

The news sent Silica’s share price up 1.62 percent to reach $20.13 apiece in trade on the New York Stock Exchange.

The U.S.-based company is the second-largest domestic producer of commercial silica, a mineral that is used by the oil and gas industry in an exploration method known as hydraulic fracturing.

Net income soared 166 percent to $10 million, or 19 cents a share, for the quarter ended December 31. This compares with $3.8 million, or seven cents a share.

Revenue rose 40.5 percent to $83.6 million from $59.5 million, led by demand for its natural proppants, the company said. 

For the quarter, sales volume at its oil and gas unit rose 37.3 percent to more than 590,000 tonnes. That is up from $430,000 tonnes a year ago.

Sales volumes for its industrial and speciality products were flat at 1.01 million tonnes.

Overall sales volume increased 10.6 percent to 1.6 million tonnes, as compared to 1.4 million tonnes in the fourth quarter of 2010. Contribution margin rose to 40.2 percent from 34.4 percent.

The company spent $66.7 million in capital expenditures, due to the expansion of its Ottawa and Rockwood plants, which were online late in fourth quarter and boosted production by more than one million tonnes.

In the first quarter, the company projects revenue of between $92 and $97 million.

For full-year 2012, Silica forecasts sales of $395 and $420 million, with capital expenditures pegged at $70 and $95 million.

Tue, 20 Mar 2012 15:37:00 +0000
Uni-Select reports higher Q4 profit, sales, driven by acquisitions Car part distributor Uni-Select (TSE:UNS) reported Thursday higher fourth-quarter earnings and sales, driven by acquisitions and organic growth.

The auto parts distributor, founded in 1968, has 6,600 workers and its network expands to over 2,500 clients.

For the quarter that ended December 31, the company said total revenue surged to $436.7 million from $305.4 million a year ago.

Net income rose to $11.7 million, or 54 cents per share, compared with a year-earlier profit of $10.2 million, or 52 cents a share.

Uni-Select, which is headquartered in Boucherville, Quebec, said that revenue growth came from its FinishMaster’s operations and the acquisition of Parts Depot last quarter.

On a geographic basis, the company said its Canadian operations had sales of $123.5 million, and posted organic growth of 1.6 percent.

Its American operations recorded organic sales growth of 4.2 percent, to reach $313.2 million.

"We are proud to record improved sales and net earnings for the eighth quarter in a row. Growth has come from an increase in organic sales and a contribution of recently acquired businesses," said chief executive Richard Roy.

"FinishMaster largely contributed to the improvement of our quarterly results. We remain confident that the target of $10 million in annual synergies within two years is attainable.”

Uni-Select is a distributor of replacement parts, equipment, tools and accessories for motor vehicles in North America, operating in two divisions.

Shares of the company went up by 50 cents to $29 each in trade on the Toronto Stock Exchange on Thursday afternoon.

Thu, 08 Mar 2012 19:19:00 +0000
Thermo Fisher shares fall nearly 10% on lowered full year outlook Thermo Fisher Scientific (NYSE:TMO) saw its shares fall nearly ten percent on Wednesday, after slashing its full year outlook and releasing third quarter earnings that just barely met Street estimates.

The laboratory equipment provider said that, as a result of challenging markets and a poor foreign currency outlook, it now expects earnings between $4.11 and $4.17 per share for 2011, down from its previous guidance of between $4.15 and $4.25 per share, and below analysts' $4.20 per share estimate.

Revenues are now expected in the range of $11.62 to $11.70 billion. It had previously forecast sales in the range of $11.79 billion to $11.89 billion, while analysts are expecting $11.8 billion.

Investors reacted to the news, sending the company's stock down 9.26 percent, to $48.30 as of 2:29 pm EDT.

"Similar to what we saw at the end of the third quarter, it appears that academic and government markets will continue to be challenging for the balance of the year," said Marc N. Casper, president and CEO.

"We remain well-positioned to navigate through this current environment to deliver solid growth, profitability and shareholder value."

For the three months ending October 1, Thermo Fisher posted net income of $265.4 million, or $0.69 per share, down one percent from $268.5 million, or $0.66 per share, a year ago.

Adjusted for certain one-time items related to restructuring and amortization, earnings were $409.2 million, or $1.07 per share.

Revenues rose 13 percent to $2.97 billion, from $2.63 billion in the same period last year.

Analysts polled by Bloomberg Businessweek had estimated earnings of $1.07 per share, on $3.0 billion in sales.

The company's analytical technologies segment posted revenues of $1.0 billion, up 22 percent, while its specialty diagnostics unit boosted sales by 20 percent to $614.7 million, and its laboratory products and services business had $1.48 billion in sales, a five percent increase.

In other news, the company said it completed its acquisition of Phadia, adding to the company's diagnostics segment with blood tests for allergies and autoimmune diseases.

Thermo Fisher also repurchased 4.0 million shares of its common stock for $225 million during the quarter.

Wed, 26 Oct 2011 19:54:00 +0100
Logistec Corporation Q2 earnings report disappoints  

Logistec Corp (TSE:LGT.A) said second-quarter revenue fell 1.5% while the termination of its lease in New Haven and a sluggish U.S economy hurt profitability. 

Total revenue fell 1.5% to $50 million in the second-quarter that ended June 25. That compares with $51 million in the year-earlier quarter. 

The company said the decline in activity came mostly from U.S. terminals, where fruit and steel volumes were lower than last year. This was offset by higher revenue in Canada, it added.

Net income fell to $1.5 million, or 21 cents per share, compared to $3 million, or 44 cents per share, for the year ago period.   

Segment wise, the marine services segment's revenue came in flat at $32.4 million in the latest quarter versus $32.5 million.

Revenue in the environmental services segment dropped to $17.8 million down from $18.5 million.

During the second quarter, Sanexen's results were negatively affected by very low revenue from its woven-hose products, where sales of fire hoses were at an all-time low. 

The Aqua-Pipe business was also below last year as there are no more subsidies assisting municipalities to undertake this work, resulting in fewer and smaller contracts available. 

The lower profitability can be attributed to a substantial one-time cost associated with terminating a lease in New Haven, Connecticut. 

“This terminal had specialized in handling import steel but the volumes have gone down substantially in the last years and we do not expect that it would not come back to the extent needed to render this facility profitable,” officials said. 

However, the solid performance of site remediation activities compensated to a large extent these negative factors, the company said.  

Moving ahead, the company said in the near term the global economic outlook continues to be uncertain because of the sluggish U.S. economy and sovereign debt crises in Europe. 

The company forecasts its bulk cargo and break-bulk cargo activities will remain stable whereas container handling could post a slight improvement. 

"We remain focused on our development plan over the medium and long term and are pleased to have been awarded a new multi-year contract during the quarter, covering cargo-handling services for an aluminum smelter in Northern Quebec," officials said.  

Montreal-based Logistec provides specialized services to the marine community and industrial companies in areas of bulk, break-bulk and container cargo handling in 23 ports in Eastern Canada, the Great Lakes and the U.S. East Coast. 

Logistec Corp’s shares were inactive in recent trade, holding at $21.99.


Wed, 03 Aug 2011 20:52:00 +0100
Thermo Fischer to buy Phadia from Cinven in $3.5bn deal US-based medical device and services provider Thermo Fischer Scientific (NYSE:TMO) said Thursday that it signed a billion dollar cash deal to acquire Swedish blood-test company Phadia from global private equity firm Cinven.

The transaction will be valued at about €2.47 billion, or $3.5 billion, and is expected to be finalized sometime during the fourth quarter of this year.

Founded in 1967, Phadia manufactures and markets blood-test systems to aid the clinical diagnosis and monitoring of allergy and autoimmune diseases. The company reported sales of €367 million, or $525 million, in 2010, with an annual growth rate of 10% on a constant currency basis.

The company will become part of Thermo Fischer’s specialty diagnostics business within its analytical technologies division.

"The acquisition of Phadia is a major step forward in our strategy to enhance Thermo Fisher's global presence in specialty diagnostics, one of our key growth platforms," said president and CEO Marc N. Casper.

Upon closure of the deal, Thermo Fischer said it expects adjusted earnings per share to grow to between 26 to 30 cents in 2012.

In addition, the acquisition is anticipated to bring $35 million of cost and revenue synergies in 2014, with $10 million by 2012.
The deal is subject to the satisfaction of customary closing conditions, including regulatory approvals.

Thermo Fischer, which is based in Waltham, Massachusetts, plans to fund the acquisition through debt from Barclays Capital and cash on hand.

Shares for Thermo Fischer were up Thursday by 3.83% trading at $65.14 as of 12 p.m. EST.

Thu, 19 May 2011 17:17:00 +0100
Gulf Resources sees strong revenue, earnings growth in fiscal 2011 Gulf Resources (NASDAQ:GFRE), a Chinese producer of bromine-based products, said Monday it sees strong revenue and earnings growth in fiscal 2011 on increased demand.

Bromine is a chemical element used to make various products in the industrial and agricultural sectors.

For fiscal 2011, the company said it expects revenues to range from $195 million to $198 million and net income to range from $64 million and $66 million.  This represents revenue growth of between 23.2% to 25.1%, and net income growth of 24.8% to 28.7% compared to fiscal 2010.

"As business environment and economic conditions continue to evolve for many of our customers in China, we continue to see strong demand for bromine, crude salt, and other specialty chemical products in 2011," said Gulf Resources’ CEO, Xiaobin Liu.

"We expect the price of bromine to stabilize at a high level and possibly reach a new historical high price during 2011."

Liu also said the company is looking to acquire more bromine assets and reserves. 

Mon, 28 Mar 2011 21:10:00 +0100
China Armco shares up 17% on iron ore distribution deal with Brazilian steel giant Mineracao Usiminas China Armco Metals (AMEX:CNAM), a metal ore distributor in China, said Thursday it has inked a deal to distribute iron ore produced by Brazilian company Mineracao Usiminas S.A.  Financial terms of the agreement were undisclosed.

Though, California-based China Armco said today it has already delivered its first shipment of 0.15 million metric tons of iron ore from Mineracao. 

That shipment,worth $19.8 million, represents nearly 23% of China Armco’s revenues in 2009. 

 “...This strategic relationship offers us a strong opportunity to secure our metal distribution position in China while maximizing profitability,” said China Armco’s CEO Kexuan Yao. 

According to China Armco, Mineracao intends to deliver 3 million metric tons of iron ore to China in 2011, as well as potentially another 20 million metric tons in 2012.  Mineracao, which accounts for 28% of the Brazil’s total steel output, according to China Armco’s press release today, has an annual production capacity of 9.5 million metric tons of steel. 

Besides metal ore distribution, China Armco is also in the metal recycling business with the recent launch of its metal recycling facility.  The facility is capable of recycling up to about one million metric tons of scrap metal per year. 

Since the announcement, China Armco’s shares rallied 17% to trade at $2.75 as of 3:54 pm EST.

Thu, 17 Mar 2011 20:48:00 +0000
Commercial Solutions narrows losses as energy drilling picks up Commercial Solutions (TSE:CSA), a distributor of oilfield and industrial supplies, said Monday it narrowed first quarter losses as increased drilling activity in the energy sector helped improve revenues. 

For the first quarter of fiscal 2011, the Alberta-based company posted losses of $72.7 thousand, or zero earnings per diluted share, down from $0.8 million, or 4 cents per diluted share, for the year-ago period. 

Revenues grew nearly 15% year-over-year to $24.4 million as the energy sector in Western Canada, where the company mainly operates, increased drilling activity. 

 “Rig counts and rig utilization rates have improved mainly driven by favourable oil prices and land sales in Western Canada continue to outpace prior year's volumes and price,” said Commercial’s CEO, Jim Barker.

“Based on this, we expect revenue generation from the energy sector to increase in the future,” he added. 

Energy drilling services and products accounted for 24% of the company’s first quarter revenues.

Recently, the company has been trying to diversify its customer base to have smoother results. 

Gross margins fell to 27.1% from 27.6% on competitive pricing pressures. 

At quarter end, the company had about $13.5 million in net working capital.

Looking forward, the company said it is “cautiously optimistic” that the increased oil drilling activity will offset a forecasted decline for natural gas drilling services. 

The company also said it believes pricing pressures in the energy sector will ease as the economy improves but it may be difficult to find qualified labour. 

As of 12:30 pm EST, the company’s shares are priced at 78 cents and unchanged from Friday’s close.  The shares have risen three-fold in the last year.

Mon, 14 Feb 2011 17:38:00 +0000
AK Steel Wins Patent Lawsuit With ArcelorMittal Steel producer AK Steel (NYSE: AKS) said today it has won a patent infringement lawsuit initiated by two French units of ArcelorMittal (NYSE:MT), the world’s largest steel producer.

The suit, heard in the U.S. District Court in Delaware, alleged that AK Steel and two other steel producers have infringed on a U.S. patent for aluminum-coated, boron-bearing carbon steels, used mainly for high-strength automotive applications.

In a decision announced last Friday, the jury found the ArcelorMittal patent invalid and there was no infringement.
The decision, AK Steel said, will alleviate customer concerns of lawsuits and allow the company to start selling the product in the U.S.  

While it has had the capability to produce the product for several years, potential customers had been concerned about the pending legal action brought by ArcelorMittal, AK Steel said.

AK Steel, headquartered in West Chester, Ohio, produces flat-rolled carbon, stainless and electrical steels for the car, appliance, construction, and electrical power generation and distribution markets. The company employs about 6,200 people.

Tue, 18 Jan 2011 00:25:00 +0000
Thermo Fisher Scientific To Buy Dionex For $2.1 Billion

Thermo Fisher Scientific (NYSE:TMO), a provider of laboratory equipment, said today that it will buy Dionex, a manufacturer of chemical separation systems, for $2.1 billion, or $118.50 per share in cash. 

The purchase price represents a 21% premium to Dionex's closing stock price on Friday.

The deal will add Dionex’s ion and liquid separation offerings to Thermo Fisher’s gas separation offerings.  The deal also gives Thermo Fisher better access to the Asia-Pacific region and emerging markets since Dionex currently generates more than 35% of its revenues there. 

Also, the combined company will be able to offer water analysis products, where growth is driven by new regulatory requirements and increased testing in developing countries such as China.                           

As a result of the deal, Thermo Fisher expects to realize operating synergies of $60 million in the third year after the transaction’s close. 

The transaction is expected to be immediately accretive to Thermo Fisher's adjusted earnings per share by 13 cents to 15 cents  in the first year following the close.

Thermo Fisher said it intends to use cash on hand and proceeds from committed financing from Barclays Capital and J.P. Morgan Securities to pay for the deal.  As of October 2, Thermo Fisher had about $930 million in cash.

Dionex will be integrated into Thermo Fisher's Analytical Technologies Segment after closing of the deal.

 The transaction, approved by both companies’ boards, is subject to customary closing conditions and is expected to be completed in the first quarter of 2011. 

Dionex’s share price has rallied almost 20% on the pre-market to trade at $117.75 as of 9:18 am.  Meanwhile, Thermo Fisher’s shares have rallied 3.6% to trade at $54.95.

Mon, 13 Dec 2010 19:14:00 +0000
China Armco Lowers 2010 Revenue and Profit Guidance Due to Blackouts China Armco Metals (AMEX:CNAM), a distributor of imported metal ore and a metal recycler in China, announced today that its annual financial results will be negatively affected as a result of scheduled blackouts in the Lianyungang enterprise zone, where the company operates its metal recycling plant. 

The blackouts are part of Jiangsu Provincial Government’s efforts to meet annual industrial energy usage targets set by the central government.

The energy restrictions are expected to decrease the company’s revenue in 2010 by as much as $40 million, prompting a revision in its 2010 guidance to net income and sales exceeding $8 million and $140 million, respectively.  Previously, the company expected 2010 revenues to exceed $180 million and net income to exceed $10 million. In 2009, the company recorded net income of $5.1 million on revenue of $86.9 million. 

Despite the temporary setback, its recycling operations will recover as production utilization rates increase, the company said.  

For the quarter ended June 30, 2010, the company had current assets of $32.3 million, about 10% of which was cash.  Current liabilities and long term debt totalled $21.7 million. 

Last month, the company added nine additional cutting machines to expand production capacity at its metal recycling facility.  The recycling facility, located in Lianyungang, China, is expected to be capable of recycling one million metric tons of scrap metal per year. 

China Armco's product lines include ferrous and non-ferrous ore, iron ore, chrome ore, nickel ore, magnesium, copper ore, manganese ore and steel billet. The company also engages in metal recycling through its wholly-owned subsidiary, Armet Renewable Resourced.

Fri, 10 Sep 2010 20:02:00 +0100
China Armco Metals to invest A$4.3 million in iron ore explorer Apollo Minerals Apollo Minerals (ASX: AON) has entered into a Subscription Agreement with US-OTC listed company China Armco Metals Inc (OTC BB: CNAM) for Armco to take up to a 19.9% interest in Apollo at a total subscription of A$4.3m.

The placement will involve an initial issue of 12.5m shares at $0.15 each, under the company’s existing 15% capacity, to raise A$1,875,000 before costs.

After shareholder approval is received, a further issue of 16.75m shares at $0.15 each to raise a further A$2,512,500 before costs.

China Armco Metals, Inc. is a U.S. based company doing business in China. Armco & Metawise (H.K.) Ltd., a wholly owned subsidiary of China Armco founded in July 2001, is engaged in the distribution of metal ores, steel scrap, and non-ferrous metals within China.

Apollo owns the exploration rights of three mineral tenements at Mount Oscar in the Pilbara region of Western Australia, containing a significant iron ore deposit.

In a statement Apollo said the funds raised will be used to advance the company’s exploration activities, to carry out processing option studies and to evaluate opportunities to access local infrastructure and other project opportunities.

Apollo has agreed to an offtake agreement to sell to Armco not less than 15% of the off-take from its flagship Mount Oscar iron ore project.

Sevag Chalabian, Apollo’s Chairman, believes the agreement with Armco will play a key role towards advancing the company’s exploration success along “with potential customers in the rapidly growing Chinese iron ore and steel industries.”

Prior to entering into the Subscription Agreement, Armco conducted an extensive due diligence, including a site visit to the company’s flagship Mount Oscar project and believes the project has the potential to become a significant iron ore project.

Wed, 09 Jun 2010 13:42:00 +0100