Invest Shift 米国株投資ブログ






セグメントは「Energy & Transportation」「Construction Industries」「Resource Industries」「Financial Products」です。


・決算発表日 2017/1/26 プレマーケット
・売上 $9.57B -13.2% コンセンサス予想より-$270M
・non-GAAP EPS $0.83 コンセンサス予想より+$0.17
・GAAP EPS -$2.00
・GAAP net income -$1.17B
2017FYの予想non-GAAP EPSは$2.90
・決算発表後の株価 終値で-0.95%



Construction Industriesの売上は$3.9B -8%、営業利益は$334M +88%でした。

Resource Industriesの売上は1.87B -23%営業利益は-$711M -789%でした。

Energy & Transportationの売上は$4.54B -15%営業利益は$638M -14%でした。

Financial Productsの売上は$712M -3%営業利益は$149M -22%でした。

Positives/Conserns を引用しておきます。

Resource Industries – Commodity prices at higher levels than a year ago, along with sequential improvements in parts sales in each of the last three quarters and improvements in quoting and order activity in the fourth quarter, suggest that mining-related sales may have bottomed.(鉱山関連の売上は底打ちしたかもしれない)
Construction Industries – Sales in China began recovering in 2016; sales in Europe seem to have stabilized and could improve some in 2017; and sales in Brazil, which are off their peak by over 80 percent, could improve if the Brazilian economy begins to recover from recession.(中国の売上は回復を始め、ヨーロッパの売上は安定している)
Energy & Transportation – Gas compression remains strong, and we have a solid backlog for turbines. If oil prices rise modestly and stabilize, it would be positive for our businesses that support drilling and well servicing. Prospects for tax reform and an infrastructure spending bill in the United States are encouraging. While these initiatives would likely be a solid positive for many of our businesses, we would not expect to begin to see meaningful effects of these changes until sometime in 2018.(アメリカの減税と公共事業は期待できるが、業績への影響が出始めるのは2018FYになるだろう)
Resource Industries – While quoting interest in mining products has improved, we are expecting miners’ capital spending to be about flat in 2017 after several years of decline. Sales of some large construction equipment within Resource Industries are likely to be down in 2017, compared with 2016.(2017FYには鉱山関連の設備投資は前年と変わらない見通し)
Construction Industries – North America and EAME are the most concerning regions. While better economic growth and increased infrastructure spending may be on the horizon, the availability of used equipment has negatively impacted sales in North America during 2016 and we expect some negative impact in 2017. We expect sales in Africa/Middle East to be down again in 2017 due to overall economic weakness and continued pressure on economies that rely on oil revenues to drive economic growth. In addition, continuing uncertainty related to Brexit remains a concern in Europe.(アフリカと中東の売上は落ちる見込み)
Energy & Transportation – Rail remains challenged with low traffic volume and a significant number of idle locomotives. Additionally, weakness in shipbuilding is expected to be negative for our marine-related sales; power generation sales are projected to remain weak; and industrial engine sales to original equipment manufacturers are expected to be lower than 2016.(鉄道は輸送量が低調で稼働していない貨車があり引き続き厳しい環境)







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