Shares of several heavy machinery manufacturers fell Friday as an analyst said CNH Global NV's warning about a turbulent 2009 demonstrates "the view is abysmal" for the year.
Analyst Robert F. McCarthy of Robert W. Baird & Co. said in a note to investors that he sees "particularly negative implications" for Caterpillar Inc., Deere & Co., Terex Corp. and Astec Industries Inc., which will follow CNH Global in reporting earnings results.
CNH Global, a supplier of agricultural and construction-equipment businesses, reported Thursday it earned $114 million, or 48 cents per share, in the fourth quarter, about the same as a year ago. Excluding restructuring charges, it earned 49 cents per share.
Revenue for the Amsterdam-based company dropped 10 percent to $3.67 billion.
Analysts surveyed by Thomson Reuters, on average, had expected earnings per share of 69 cents on much higher revenue of $4.75 billion.
McCarthy said the implications also are negative for lifting equipment manufacturers such as Manitowoc Co. Inc., Oshkosh Corp. and suppliers such as Parker Hannifin Corp. and Sun Hydraulics Corp.
Shares of Caterpillar fell $1.89, or 5 percent, to $35.34 in morning trading as the overall market was down. Deere was down $1.53, or 4 percent, to $35.98. Terex slipped to 56 cents, or 4 percent, to $13.50. Astec dropped 43 cents, or 1.6 percent, to $25.50. Manitowoc slipped 11 cents, or about 2 percent, to $6.27 and Oshkosh dropped 43 cents, or 4 percent, to $9.57.
http://www.forbes.com/feeds/ap/2009/01/23/ap5957560.html
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