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Research Tree provides access to ongoing research coverage, media content and regulatory news on VOLVO AB-B SHS. We currently have 22 research reports from 1 professional analysts.
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VOLVO AB-B SHS
VOLVO AB-B SHS
Mixed picture from J Deere for Q1 16/17
18 Feb 17
The group’s revenue increased by 2% to $5.63bn in the quarter through to 29 January while net earnings fell by 24% to $194m. Agricultural and turf revenue was unchanged at $3.6bn, whereas it fell in the construction and forestry division by 6% to $1.1bn. Positive consolidated growth exclusively stemmed from a rise in financial services (+9% to $696m) and ‘other’ (+93% to $231m). The group’s operating earnings were up by 2% to $416m, but this number excludes certain head office costs. Agricultural and turf achieved a 48% profit increase to $213m, while it fell in both construction and forestry (-51% to $34m) and financial services (-13% to $169m). Management blames continuously soft conditions in farming and construction for the profit setback, in particular in the USA and Canada.
Except for cash generation, most 2016 numbers were fine
01 Feb 17
Volvo’s revenue and profit growth numbers have recovered in Q4 16. This has resulted in a full-year sales decrease of ‘only’ 3.4% to SEK302bn (-5.8% in 9M 16) and an EBIT fall of 19% to SEK21bn (-27% in 9M). Both numbers are ahead of our projected SEK296bn and SEK17.4bn (excluding disposal gains of SEK2.26bn). As management is also quite optimistic for 2017, it proposes to increase the dividend from SEK3 to SEK3.25 (we had expected an unchanged dividend).
Dismal 2016 results from Caterpillar
26 Jan 17
The group’s revenue fell by 13% to $9.57bn in Q4 and by 18% to $38.5bn in the full-year. As total costs were hardly down in Q4, the operating loss amounted to $1.26bn (loss of $175m in Q4 15). However, the latest number included impairment charges of $595m vs. zero a year ago and also a considerable market-to-market loss related to pensions. Excluding the impairment charge, the operating loss was $667m. The full-year EBIT was +$498m compared to a profit of $3.8bn in 2015. The group’s net loss after minorities was $1.17bn in Q4 (loss of $94m in Q4 15) and $67m in the full-year (profit of $2.5bn in 2015).
Truck delivery fall accelerates in Q3, but prices stabilise
21 Oct 16
The group’s consolidated accounts showed a Q3 revenue fall of 6.2% to SEK68.8bn which brought the ytd number to SEK219bn, a fall of 5.8%. Simultaneously, the EBIT numbers were SEK4.66bn (unchanged) and SEK13.8bn (-27%), respectively. While the 9M profit number is slightly ahead of our expectation (€13.35bn), the sales number is marginally lower (SEK221.8bn).
$75m disposal gain limited John Deere’s Q3 and 9M profit setback
19 Aug 16
The revenue decline of both the Agricultural and Construction Equipment divisions accelerated in Q3. The former division saw its turnover falling by 11% to $4.70bn in the last quarter (through to July) and by 7% to just above $14bn in the 9M. The respective numbers for Construction Equipment were -24% to $1.16bn and -21% to $3.7bn. In spite of this, Agricultural Equipment achieved a 21% EBIT gain to $571m in the last quarter but the operating result was down by 4% to $1.33bn in the 9M. However, these numbers include the above disposal gain from the listing of SiteOne Landscapes, in which Deere continues to own a 24% stake. Agricultural Equipment saw its EBIT falling by 58% to $54m in Q3 and by 58% to $197m in 9M. Finally, Financial Services suffered an operating profit setback of 20% to $191m in Q3 and of 26% to $545m in 9M. Management blames the lack of volume and negative currency impacts for the revenue and profit falls of the two manufacturing divisions. In addition, it blames less-favourable financing spreads, a higher provision for credit losses, and higher losses on lease residual values for the profit decline of Financial Services.
Continuously deteriorating Caterpillar numbers
26 Jul 16
The company saw its revenue falling by 16% to $10.3bn in Q2 which brought the H1 number to $18.4bn, a fall of 22%. The respective EBIT numbers were $785m (-41%) and $1.28bn (-58%). As these numbers are no better than management had expected in April, it is now seeing the full-year numbers coming in at the bottom end of the indicated range. The resources industries (-29% to $1.46bn) and energy & transportation (-20% to $3.75bn) have continuously been the weak spots in the last quarter whereas the revenue drop was more moderate from the construction industries (-8% to $4.43bn). In fact, divisional revenue started to recover in APAC (+12% to $892m) and was unchanged at just above $1bn in EMEA. In regional terms, Latin American revenue fell by another 31% to $884m while the rate of decline was in the vicinity of 15% in North America (to $5.0bn), EMEA (to $2.49bn) and APAC (to $1.94bn).
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
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N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.