Invest Shift 株式投資ブログ






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


・決算発表日 2016/10/25 プレマーケット
・売上は$9.16B -16.4%でコンセンサス予想より-$680M
・non-GAAP EPSは$0.85 -19.1%でコンセンサス予想より+$0.08
・GAAP EPSは$0.48
・GAAP 純利益は$2.6B



CEOがDoug OberhelmanからJames Umplebyに交代されることが発表されました。


Construction Industriesの売上は$3.55B -13%、営業利益は$326M -8%でした

Resource Industriesの売上は1.37B -25%営業利益は-$77M -83%でした。

Energy & Transportationの売上は$3.53B -19%営業利益は$572M -16%でした。

Financial Productsの売上は$749M +0%営業利益は$183M -12%でした。

positive/negative factorが発表されていたので少し長いですが引用しておきます。

positive factors

・Prices for some commodities important to our business have improved from earlier lows. Oil prices are currently near $50 per barrel, but are still volatile. While about 70 percent below the prior peak in 2014, the U.S. active rig count is up 37 percent since May of 2016.(コモディティーと原油価格の回復)
・Most prices for mined commodities have risen from lows earlier this year, and we are expecting average prices in 2017 to be flat to up modestly from 2016. We are seeing recent improvement in dealer rebuild
activity and some firming of aftermarket parts sales in mining.(鉱物資源の価格回復)
・The construction industry and our market position have continued to improve in China, and we are expecting a continued small improvement in 2017.(中国での業績が好調)
・Construction sales in Brazil and Russia have likely bottomed at very low levels in 2016.(ロシアとブラジルでの建設機械の売上底打ち)
・After several years of decline, surveys of capital expenditures in the mining sector indicate spending should level off in 2017.(鉱山機械への投資は横ばい)

negative factors

・While sentiment around mining has definitely improved, there are still many idle trucks on customer sites, and we have not seen an increase in orders for new equipment.(鉱山関連のセンチメントは良くなったが、動いていないトラックがたくさんあり、注文も増えていない)
・While mining-related commodity prices have improved, some remain at levels that we believe are too low to drive additional investment.(価格レベルが低くて追加投資ができないレベルの鉱山資源がある)
・Construction activity and construction equipment sales in North America during the second half of 2016 are now anticipated to be lower than we expected in our previous 2016 outlook. We are concerned that could continue into 2017.(北アメリカでの建設関連は2017も低調)
・ There is continuing uncertainty in Europe, particularly around the impact of Brexit on European economic growth, business confidence and investment.(Brexitの影響でヨーロッパの見通しが不透明)
・While sales in China have improved, there is risk of slowing if Chinese government monetary and fiscal policy become less supportive.(中国政府が引き締めを行うリスクがある)
・Power generation sales are expected to be down, particularly in the oil-producing regions of Africa/Middle East where the pace of investment has slowed.(特にアフリカ・中東でエネルギー関連の投資が少なくなる見込み)
・Marine engines for boats that service offshore oil and gas are not expected to improve as oil prices, while better, are not expected to be sufficient to improve offshore rig economics in 2017. Tug markets also are expected to be weak with weak freight movement.(海上油田関連のボート用エンジンなどの投資は少ない見込み)
・We expect continued weakness in industrial engine sales to agricultural customers and small generator set packagers.(農業用エンジンは低調な見込み)
・North American rail is again expected to be a challenged industry with many idle locomotives.(北アメリカの鉄道輸送は動いていない列車が多くあって厳しい環境)








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レゴ テクニック ブルドーザー 42028

レゴ テクニック ブルドーザー 42028


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