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As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at general industrial machinery stocks, starting with Otis (NYSE:OTIS).
Automation that increases efficiency and connected equipment that collects analyzable data have been trending, creating new demand for general industrial machinery companies. Those who innovate and create digitized solutions can spur sales and speed up replacement cycles, but all general industrial machinery companies are still at the whim of economic cycles. Consumer spending and interest rates, for example, can greatly impact the industrial production that drives demand for these companies’ offerings.
The 15 general industrial machinery stocks we track reported a mixed Q3. As a group, revenues beat analysts’ consensus estimates by 1.1% while next quarter’s revenue guidance was 5.5% below.
Thankfully, share prices of the companies have been resilient as they are up 10% on average since the latest earnings results.
Otis (NYSE:OTIS)
Credited with inventing the first hydraulic passenger elevator, Otis Worldwide (NYSE:OTIS) is an elevator and escalator manufacturing, installation and service company.
Otis reported revenues of $3.55 billion, flat year on year. This print fell short of analysts’ expectations by 0.7%. Overall, it was a slower quarter for the company with a miss of analysts’ adjusted operating income estimates.
Unsurprisingly, the stock is down 2.2% since reporting and currently trades at $99.12.
Read our full report on Otis here, it’s free.
Best Q3: Luxfer (NYSE:LXFR)
With its magnesium alloys used in the construction of the famous Spirit of St. Louis aircraft, Luxfer (NYSE:LXFR) offers specialized materials, components, and gas containment devices to various industries.
Luxfer reported revenues of $99.4 million, up 2.1% year on year, outperforming analysts’ expectations by 15.9%. The business had an incredible quarter with an impressive beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.
Luxfer scored the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 12.3% since reporting. It currently trades at $14.32.
Is now the time to buy Luxfer? Access our full analysis of the earnings results here, it’s free.
Weakest Q3: Icahn Enterprises (NASDAQ:IEP)
Founded in 1987, Icahn Enterprises (NASDAQ: IEP) is a diversified holding company primarily engaged in investment and asset management across various sectors.
Icahn Enterprises reported revenues of $2.22 billion, down 25.7% year on year, falling short of analysts’ expectations by 4.1%. It was a disappointing quarter as it posted a significant miss of analysts’ EPS estimates.