Hyster-Yale Materials Handling Inc (HY) Q4 2018 Earnings Conference Call Transcript

Image source: The Motley Fool.

Hyster-Yale Materials Handling Inc  (NYSE:HY)Q4 2018 Earnings Conference CallFeb. 27, 2019, 11:00 a.m. ET

Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks:

Operator

Good morning. My name is Chris, and I will be your conference operator today. At this time, I would like to welcome everyone to the Hyster-Yale Materials Handling 2018 Fourth Quarter and Full Year Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions)

Christina Kmetko, you may begin your conference.

Christina Kmetko -- Investor Relations Officer

Thank you. Good morning, everyone, and welcome to our 2018 fourth quarter earnings call. I am Christina Kmetko, and I am responsible for Investor Relations at Hyster-Yale. Joining me on today's call are Al Rankin, Chairman, President and Chief Executive Officer of Hyster-Yale Materials Handling; Colin Wilson, President and Chief Executive Officer of Hyster-Yale Group; and Ken Schilling, our Senior Vice President and Chief Financial Officer.

Yesterday evening, we published our fourth quarter 2018 results and filed our 10-K. Copies of the earnings release and 10-K are available on our website. For anyone who is not able to listen to today's entire call, an archived version of this webcast will be on our website later this afternoon and available for approximately 12 months.

I would also like to remind participants that this conference call may contain certain forward-looking statements. These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements made here today in either our prepared remarks or during the following question-and-answer session. We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly conference call, if at all. Additional information regarding these risks and uncertainties was set forth in our earnings release and in our 10-K.

Also, certain amounts discussed during this call are considered non-GAAP. The non-GAAP reconciliations of these amounts are included in our earnings release and available on our website.

Now let me discuss our fourth quarter results and activities. I will discuss the highlights first, and then get into the details. In the fourth quarter, the global lift truck market continued to grow strong, albeit at a slower pace. The strong market combined with increasing momentum from our strategic initiatives helped us generate a solid increase in our fourth quarter lift truck shipments and 18.7% increase in bookings and a 30% increase in our ending backlog over the respective 2017 periods.

Our average sales price per unit in backlog increased over both the 2017 fourth quarter and the 2018 third quarter. This is because we shipped more lower-priced units during the quarter, while shipments of higher-priced units including Big Trucks were lower primarily because of continuing supplier shortages. We are addressing this issue and expected to be broadly resolved by mid-year.

On a consolidated basis, our revenues increased to $837.7 million, up from $795.5 million last year, driven by increases in revenues at all three of our businesses. The lift truck revenues included $22.7 million of revenues on shipments of 1,600 units from our Maximal subsidiary, which was acquired in June 2018. Despite this revenue growth and improved operating results at Nuvera and Bolzoni, we reported a consolidated operating loss of $3.4 million and a net loss of $1.2 million, or loss of $0.07 per share.

Last year we had operating profit of $15.9 million and a net loss of $2.4 million, or $0.15 per share. But last year's net loss included $18.4 million of unfavorable tax adjustments related to the 2017 tax reform legislation. Our core lift truck business Hyster-Yale Group showed a fourth quarter consolidated revenue increase, with revenues of $794.2 million, up from from $751.6 million last year. However, this segment primarily are Americas division, also drove the decrease in our consolidated results.

Our lift truck business, operating profit decreased to $4.2 million in the fourth quarter, down from $23.7 million last year. The decline occurred because of material and freight cost inflation, including import tariffs, net of price increases we have implemented, as well as manufacturing inefficiencies caused by supplier parts shortages and an increase in warranty expense. We also had higher operating expenses due to an increase in incentive compensation, resulting from an adjustment for the net impact of tariffs on our full year 2018 results, as well as an additional -- as additional investments in the expansion of our industry focused sales and marketing teams and increased product development costs to support a planned major upgrade to one of our core product platforms.

I would like to point out that we are still experiencing a lag between when we implemented price increases and when we actually realize those price increases in our unit revenues. The Americas, which is our largest segment implemented price increases during the first half of the year and a tariff surcharge in November 2018 to offset material cost inflation in tariff, but the fourth quarter operating results continued to reflect a $5.7 million shortfall resulting from this lag. Impact of this lag on our full year results was $25.7 million.

While the fourth quarter results were not what we expected for the full year, our Lift Truck business still generated $67.5 million of operating profit and $56.7 million of net income, despite many external challenges and conscious decisions made to incur additional cost to accelerate the execution of our strategic initiatives.

Moving to our Bolzoni segment, Bolzoni reported net income of $400,000 and revenues of $50.6 million for the fourth quarter of 2018, compared with net income of $600,000 and revenues of $49.4 million in last year's fourth quarter. Bolzoni's operating profit improved to $1.9 million in 2018, up from $1.4 million last year.

Bolzoni's revenue increase was primarily the result of higher volumes in the EMEA market and operating profit increased mainly because of improved margins on products sold, partly offset by higher operating expenses, resulting from the continued implementation of Bolzoni's strategic programs, specifically to increase its presence in North America.

Finally, at our Nuvera segment, Nuvera reported revenues of $10.6 million in the fourth quarter, compared with $400,000 in the prior year. During the fourth quarter Nuvera recognized revenues that have previously been deferred on fuel cell battery box replacements sold to Hyster-Yale Group our Lift Truck business.

These revenues were eliminated in consolidation, but Hyster-Yale Group also recognized revenues on the battery box replacements previously sold to the third-parties. Nuvera's fourth quarter operating loss decreased to $9.8 million from a loss of $13.9 million last year. This reduction was mainly because of the absence of a $4.9 million asset impairment charge taken in 2017 and product development funding received from third-party customers. This improvement was partially offset by the recognition of higher warranty expense, higher employee-related costs and an increase in product development and production start-up costs related to Nuvera's third-party development agreements that we discussed in previous quarters.

As I'm sure you noted, we provided a new investor perspective in our fourth quarter earnings release rather than a detailed 2019 outlook. We trust you will find this of greater value as it lays out the path we expect to follow over the medium to long-term period, as well as give any perspective on 2019. As we said in our earnings release, we are undertaking the largest set of transformational programs in our company's history, and we believe these will help us attain a much higher level of competitiveness, market position and economic performance over the next three to five years.

We have spent a lot of time over the past few years communicating our six strategic initiatives, and many of the projects we are undertaking to execute these initiatives. We believe many of these programs are moving toward completion, in total, these projects have acquired significant upfront expense and capital expenditure investment and cover a very broad range of activities for each of our three businesses.

Over the course of 2017 and 2018, these investments both expense and capital, increased significantly. We expect to continue to make investments in 2019, but we believe the return from these investments have started to be realized and is expected to increase over the next three to five years. While the early part of 2019 is expected to reflect the investment in all of these programs. The second half of the year is expected to be significantly improved in comparison to the second half of this past year.

Efforts in our Lift Truck business to find offsets to the tariff driven unprecedented material cost inflation witnessed in 2018 are expected to mature during 2019, and efforts to abate the most critical supplier issues, which are still having an impact on our production lines are under way with most expected to be resolved by the middle of the year. In addition, our current lift truck backlog contains certain deal-specific pricing agreements at less than target margins to gain targeted accounts and for which margin improvement efforts will take some time to mature. These deals will also have an impact on profitability, mainly in the first half of the year.

However, we do expect margins to recover from the 2018 material cost inflation and the strategically priced deals by the third and fourth quarters of 2019. In this context, we expect 2019 operating profit at Hyster-Yale Group, the Lift Truck business to improve over 2018, but results in the first half of the year are expected to be lower than the first half of last year, and then improve in the second half. Beginning in 2020, further improved results are expected with significant continuing increases through 2023.

Bolzoni's results are expected to improve in 2019 and in the following years with a target of 7% operating profit margins being reached in the shorter-term. Nuvera's results are expected to improve moderately in the first three quarters of 2019 with a break even target for both the fourth quarter and for the 2020 full year. At each of these three businesses, the investments being undertaken are expected to lead to increased operating profit through higher volume, decreased product costs and improved pricing, partially offset by a higher level of operating expense.

As a result, overall we expect 2019 consolidated operating profit to increase significantly with the improvement coming in the second half of the year. Of course, the absolute level of profitability will reflect actual market demand levels. Our company is currently forecasting strong but moderating market levels in 2019 and a resolution to Brexit in a way that does not significantly harm our company's business prospects.

Before I open up the call for questions, I wanted to make a comment about our cash position. At December 31st, our cash was $83.7 million compared with $220.1 million at the end of 2017. Our debt balance was $301.5 million, up from $290.7 million at year end. The decrease in cash and increase in debt were primarily driven by the acquisition of Maximal and an increased investment in working capital.

That concludes my prepared remarks. I will now open up the call for your questions.

Questions and Answers:

Operator

(Operator Instructions) Your question comes from Joe Mondillo with Sidoti & Company. Your line is open.

Joseph Mondillo -- Sidoti & Company -- Analyst

Hi, everyone. Good morning.

Christina Kmetko -- Investor Relations Officer

Good morning, Joe.

Alfred M. Rankin -- Chairman, President and Chief Executive Officer

Good morning.

Joseph Mondillo -- Sidoti & Company -- Analyst

First off wanted to ask about the supply chain constraint challenges that you've had, just sort of what the status is and sort of how you're thinking about, how this progresses through 2019?

Alfred M. Rankin -- Chairman, President and Chief Executive Officer

Colin, do you want to answer that?

Colin Wilson -- President and Chief Executive Officer

Joe, if you split it down by locations out of the area that we've been impacted the most has been in Nijmegen on our Big Trucks. Three or four month ago, we were facing issues with around by 20 suppliers, right now it's down to three and we have plans with each of those that will see us work our way out by the end of the first quarter and really touch upon all of our backlog issues by mid-year. We are facing some other issues to a smaller magnitude in North America, again we have plans for all of those and we're working our way out from those and again come -- end of the first quarter, we expect to be in much better shape than we are right now.

Joseph Mondillo -- Sidoti & Company -- Analyst

Okay. Any -- just regarding sort of the delays in shipments and such? Just curious if you're -- what your customers are saying, any issues with, I don't know, order cancellations or just any issues with what your customers are saying regarding this delays?

Colin Wilson -- President and Chief Executive Officer

Well it's -- whenever you delay shipments, you don't typically have heavy customers, we've managed to work our way through with most. We haven't had any cancellations. I would say we've had to push lead times out. So our lead times are in 20 -- depending upon location, but in Europe we are sitting on our Big Trucks anywhere from 24 to 28 weeks, and the Americas it's probably roundabout the 32 week line. Some customers won't wait that long, so we have lost a few orders, but it's only a few on lead time. But again, we expect to work our way out of this as we will go through the first quarter and to the second quarter.

Joseph Mondillo -- Sidoti & Company -- Analyst

Okay. And then on price cost side of things. At this point, is it just like are things sort of put in place where you think relative to where the cost of materials and such are in place and now it's just the catch-up? And if so, what point in time do you sort of see things catching up to normal margins related to price cost?

Colin Wilson -- President and Chief Executive Officer

Well, whatever we put a price increase in place, we give 30 days notification of the price increase, and typically what happens is, we get a flood of orders coming in to beat the price increase. And we are looking at ways in which we can potentially stop that from happening going forward. But we have this as you know on the backlog. I mean, a large part of the backlog is at oil pricing, I mean anything new going into the backlog now, is at new pricing. So that needs time to work its way out, it really given the length of -- the size of our backlog, we see it starting to get better in the second quarter, getting much better in the third and basically be fully recovered and that's the key thing, the flow business and what's going into the backlog now is, is it pricing that basically reflects full or almost full recovery of the wave of inflation we saw last year.

Alfred M. Rankin -- Chairman, President and Chief Executive Officer

And I'd just add that inflation appears to be moderating, it's a little bit early days this year, but it appears to be a little bit lower than our expectations were. So some of the stresses in heavy equipment market supply chain seem to be abating a little bit.

Joseph Mondillo -- Sidoti & Company -- Analyst

Okay. Yeah, I figured that much, so now sort of a catch up. In terms of market demands, I'm curious to see what kind of trends you're seeing geography wise and even more so based on types of trucks, given some slowing environments in these industrial economies. I would be -- I would think that potentially some of your heavy-duty high priced heavy trucks would potentially be seeing a slowdown. But could you just talk about sort of the geographies, the trends and type of truck orders, how things are trending there?

Alfred M. Rankin -- Chairman, President and Chief Executive Officer

I think the overview comment, I'd make first and then ask Colin to follow-up is that, we haven't seen any particularly consistent trends at this point. We have seen some month-to-month fluctuations and we're at a time, where we're watching each of the different types of trucks by class in a particularly focused way and by capacity, to look for indications, which we can monitor pretty much month-by-month with the considerable accuracy, especially in Europe, Middle East and Africa and North America, but really globally as well.

Because, we at least think that we ought to think that there are caution lights out there and we're going to watch it like a hawk. But at this point we haven't seen any consistent indicators of the downturn. Now certainly, we have seen a moderation in the growth rates at this point. And so, we're not assuming that anything is going to be moving up as rapidly as it was. That's kind of the overview, I'd have. Do you want to add anything to that, Colin?

Colin Wilson -- President and Chief Executive Officer

I mean the demand in the fourth quarter was still up on a global basis over the prior year and the prior year was a very strong fourth quarter. But as Al said I've said, I mean, we've seen some moderating. And also the market was very heavily to started last year because of the -- again, because of the price increases, some manufacturers are putting in place where people were pulling forward orders. So again, global demand was up a couple of percent, the Americas was down in the fourth quarter, but we're not overly worried about that. Again, because we saw very strong quarters earlier in the year in order to beat the price increase.

Our markets in Brazil, which was an important market for us, is really recovering nicely, was up almost 40% in the year-over-year. The European markets were up, Western Europe was up a little, Eastern Europe was up a lot, Middle East and Africa was down and even the JAPIC markets, China was up a couple of percent in the fourth quarter, I mean significantly down on the growth rates we've seen of late.

So we see markets moderating, but as be probably see markets continuing to moderate going into 2019, but we're still looking at a very strong market. And as far as the Big Truck demand is concerned, I mean it was very strong in 2018 and we expected to continue to be strong, maybe is not quite at the levels of '18 into '19. But again, we saw a very strong demand from around the world. And we look at it by segments to Al's point, so we look at what's happening in ports and terminals, we look at what's happening in steel, we look at what's happening in mining, we look at what's happening in concrete, we look at what's happening in a model. And most of those segments are still very robust. And so we don't really see any decline, significant decline in our demand.

In fact, as we're stopping in our lead times and as we go through the first and second quarters, we're hoping that's going to actually provide us a stimulus going into the second half.

Alfred M. Rankin -- Chairman, President and Chief Executive Officer

Yeah, and I think I'd add to that. And this is strictly from a market point of view as opposed to how we're positioned to gain share, that I certainly hope that markets around the world except where they've been depressed in areas like Brazil, moderate. We're at a high level, as Colin indicated, and to have them rise over these high levels by anything significant is just really inviting a bigger downturn later. And so, we're quite happy to go back to the low growth rates that have characterized really the years since the beginning of the upturn in 2008, 2009 rather than see these volumes continue to increase from where they are.

And in addition to just the cyclical impact, the supply chain base isn't really in place to support continued increases in the volume in any kind of efficient way. And so, for that reason as well, we hope they're moderate. On the other hand, we're going to keep our eyes very carefully focused on whether we see any downturns, even if they're not general, we want to be able to plan our production and inventory levels line-by-line in our factories to minimize our inventories and manage efficient production. So we've got a tremendous incentive to watch the numbers that you are asking about.

Joseph Mondillo -- Sidoti & Company -- Analyst

Okay. Is there any way you can have a sense of sort of what the product mix maybe looks like for 2019 versus 2018? Because I know that can fluctuate margins quite a bit. Your margin -- your backlog is quite strong on it relative to a margin basis because you're seeing some delays in these Big Trucks shipments. Does that mean that maybe we could think that product mix is positive for 2019 or is it still sort of too early to tell in how maybe the back half?

Alfred M. Rankin -- Chairman, President and Chief Executive Officer

Well, in terms of shipments, I think it's probably fair to say that we have a reasonably rich backlog at the moment, some of it because of the supply constraints that you mentioned. But I think our earnings release has some specific comments about the value of the backlog and the value of the backlog per unit in a way that I think is beneficial to us, that's particularly important too, because some of the unit volumes, the unit areas of the market that have grown the fastest are in Class 3, which are in some cases extremely low-value trucks. And so the units have become a far less important indicator backlog than the dollars in many ways, Colin.

Colin Wilson -- President and Chief Executive Officer

Yeah I mean, and Joe, if you look at the perspective that we put in the earnings release and think about what we've talked about in our investment days and investment decks, we're really putting a lot of emphasis on our new industry focus and we have emphasized in the industries basically, we'll provide a richer mix of products. And so it's -- from a market share perspective, every unit counts as one, but we're really looking beyond that now and focusing on value segments, by value I'm talking about high value, not only high value of the truck, but also what margins are available from the types of customers that we can sell to. So focusing not on just volume growth, but also on growth of margin dollars and margin percent.

Alfred M. Rankin -- Chairman, President and Chief Executive Officer

And that's a particularly important point that we tried to bring out in the investor perspective that we've got a lot of programs, projects, individual projects that have been -- that are supporting our six strategic initiatives. And those are coming together at an increasingly rapid rate, at roughly the same period of time. So you have our increases in sales coverage, our industry, strategies and the industry focus in our sales activities, products and a variety of other support activities, all of which are designed to enhance the value of our backlog and increase our market share position in these more attractive market segments we go forward.

Doesn't mean we're ignoring the others, we are increasingly using low-cost countries in some cases for some of the low-value items, particularly some of our customers find that they don't need all the capability that had and they're happy with a lighter duty product in some of those low value segments. But I might add, we've got even in the higher value segments, especially for Asia, and the developing countries, we have a new line of utility of products that are all coming into the market that's happening basically as we speak, throughout beginning now and throughout 2019. So there is a lot of new product activity occurring in the next couple three years, that should have a very big impact pretty much on across the Board on our high value lines.

Joseph Mondillo -- Sidoti & Company -- Analyst

Okay, great. Wanted to have a couple of questions on Nuvera. Could you update us with the China bus project and what you're doing there? And sort of I don't know if you can give us any timing of when delivery start, it seems like most likely maybe by fourth quarter, because that's when you're sort of projecting break even. And then in terms of sort of your well, maybe you can address that. Could you just update us on the -- what you're doing with that China project?

Colin Wilson -- President and Chief Executive Officer

We're still in development, we are getting quite advanced in terms of our ability to deliver and the projection of our fourth quarter results reflects what we -- not only the output from these developments, but also increase in our BBR business, as we complete the transition of the BBRs to Greenville plant as -- and start ramping up the volume with the new product designs that we've got coming out.

Alfred M. Rankin -- Chairman, President and Chief Executive Officer

We've got two significant projects going on in China, and they're a little bit different than our traditional projects, and even different from the BBR business, because they have -- they've have been structured with significant payments to us for development work that's associated with developing the specific capabilities that are necessary for that particular customer relationship. So there is a -- not necessarily a direct parallel between unit shipments and the receipt of reimbursements for expenses that we're incurring with the margin along the way.

So, there are lot of things that are happening. If we look at the plan, they come together as we said in the earnings release in the fourth quarter. And I'll make no mistake, there is plenty of challenge left for the team at Nuvera to get all those pieces to come together, they too have supply chain issues that they have to work through, they tend to be a little different than the ones we have now in the forklift truck business, but they're still significant as new components are released and we move toward their cost objectives, and the BBRs and the new components in the new engines in the bus business that you mentioned.

But there is nothing fundamentally, that isn't moving in the right direction from our point of view. At this point, we'll watch it carefully and give Nuvera every support that we can, we having some very knowledgeable and capable people and our supply chain activities in the forklift truck business and on some of these contract negotiations with suppliers, they can be very helpful to the Nuvera people. And so, we're working it on a comprehensive basis to get keep us moving in the direction that we outlined in the earnings release.

Joseph Mondillo -- Sidoti & Company -- Analyst

Okay. It seems like relative to how you sort of phrase things in terms of guidance last quarter, compared to this quarter, and maybe I'm reading into this too much. It seems like maybe you're more optimistic of hitting that break even target by the end of this year. Just regarding the phrasing in the press releases if you compare the two. Is that correct? And if so, what gives you more confidence? Or is that -- am I just over reading it?

Alfred M. Rankin -- Chairman, President and Chief Executive Officer

Yeah, it's very difficult to say with clarity. What I would tell you is that the team at Nuvera is committed to trying to achieve those numbers and they have a plan to do it, and a lot of things have to come together. But if you go back earlier two, three, four quarters ago, we didn't have the clarity to be able to define the plan with that kind of precision. So yes, in that sense, we have a more defined plan. But still a lot of things have come together and everybody is working to try to make that happen. But certainly, we feel we've got a more defined pathway at this point. You want to add anything to that, Colin?

Colin Wilson -- President and Chief Executive Officer

No, just I mean, we're confident in terms of the outcome. Timing is -- fourth quarter is not very far way, as we've made two commitments, one to be break even in the fourth quarter and the other to be break even in 2019 --

Alfred M. Rankin -- Chairman, President and Chief Executive Officer

2020.

Colin Wilson -- President and Chief Executive Officer

Sorry, 2020. So, are we confident in terms of the path that we're on? Yes, we are. Are we more confident in three months ago? I think, what we're more confident in is the people that we're working with in China, who are testing our technology and testing our fuel cells are coming back and telling us, we have a superior master. And all of the indications are that these are going to be very successful for us. And we're talking to other people, not only in China, but in another parts of the world who are attracted to -- we regard as the best fuel cell in the market. So I think in terms of the reaction from customers, yes, we're more confident. I would say, we're probably in the same position as we were three months ago with respect to the fourth quarter. And probably feel more confident about 2020.

Joseph Mondillo -- Sidoti & Company -- Analyst

Okay. Just last question regarding Nuvera. Could you talk about competitions? I know sort of the BBR side of things, as one competitor, is that same competitor competing at the same level in terms of fuel cell engines and stacks? So when you say you have the best engine worldwide or you think you do, is that the one and only competitor on that side or are you one of the only providers of that?

Alfred M. Rankin -- Chairman, President and Chief Executive Officer

Well, it's a very narrow group of players at this point. But there are others that are making efforts to come into the marketplace. We -- still we think we have the leading technology at this point. To answer your specific question about our competitor in the forklift truck business and the BBR business. To some degree for a long time they sourced some of their core components including stacks from another company. And that company is in the business of competing with us and others in China and other places in the fuel cell stacks side of things. We think we have better technology than they do, but that's kind of the basic framework that I would give you.

In the end, automotive applications are going to play an important role in this, whether it's in China or in America or Europe, there is a lot of interest on the part of automotive OEMs in fuel sales. And it's a little different application, but some of the technology is broadly applicable. But we feel good about our competitive position. I think, we would say that we don't want to get too far out in front of ourselves at this stage of the game. We got a lot of work to do with these two significant contracts in China and our BBR business in the US, plus some heavy-duty experimental applications that are mainly in the US -- demonstration applications is the better word that are mainly in the US that are going to lead to electrification and fuel cell applications for our heavy-duty trucks for specialized work environments, at least in the beginning. So that's kind of the overview that I would give you. You want to add anything to that, Colin?

Colin Wilson -- President and Chief Executive Officer

No, you got to think about, which are you talking about, when you're talking about competition. I mean clearly on the BBR side, it's Plug Power, they were the like first to market in North America, they are very North American centric, although they're trying to get into China, that's what, what we believe.

On the engine side, fuel cell stack and engine, it's probably Ballard, I mean, they are the biggest competitor. We do have other smaller competitors in the US and a couple of coming out of Europe. But again, we look at our technology and we spent a little bit of time looking at our competitors. But it's really the confidence we've got comes from what the people that we're partnering with tell us in terms of the power density that comes out of our unit and it's not just a small amount, better -- I would say very, very significant amount better, and that's a very powerful selling proposition.

Joseph Mondillo -- Sidoti & Company -- Analyst

Okay. Last quick question for me, just regarding cash flow. Your inventories were up 30% at the end of 2018 and I understand that probably a good part of that is related to the delays in shipments and just the productivity issues that you've had in 2018. But you're also ramping up this Nuvera project with the China project. I'm just curious of what -- how you're thinking about working capital needs in terms of the use of cash for 2019? And then also, what you're thinking about CapEx for 2019?

Colin Wilson -- President and Chief Executive Officer

Ken, do you want to talk about that?

Kenneth C. Schilling -- Senior Vice President and Chief Financial Officer

Sure. Yeah, I think --

Alfred M. Rankin -- Chairman, President and Chief Executive Officer

(Multiple Speakers) purpose it by saying that there's been no question that the inventories are higher than we would like, as we closed out 2018, we think it's extremely important to manage those very carefully and we've got really a special effort focused on making sure that we have a system that is as resilient as possible in dealing with some of the shortages and their buildup of inventories, as you can imagine having one component short and big truck means a lot of inventory is sitting there waiting for that final component. And as we indicated, we think we can get that part of this to clear sometime during the first half or so. But then we do expect to have more business in 2019, so they're based on basement increases. Ken, you want to take it from there?

Kenneth C. Schilling -- Senior Vice President and Chief Financial Officer

Yeah, I think you laid it out perfectly. I mean our issue is the inventory that we hold primarily related to supplier constraints, we weren't able to churn that inventory into products sold, obviously that's the miss on the top line, sales line that we would have -- we were forecasting as well as you were. We performed well with payables and obviously receivables were down because of the shorter shipments. We're watching it carefully managing through the process and we expect to provide the working capital needed to fulfill the backlog that we have, which is a strong backlog in terms of what percent of the year is covered and as you pointed out, the average unit sales has grown to $27,000 in spite of the fact that now we include Maximal which has a quite a bit lower average sales value per truck at this time.

Alfred M. Rankin -- Chairman, President and Chief Executive Officer

And don't forget, we have had an acquisition that is increasing some of the absolute numbers. So we do tend to watch our days of inventory on hand, and even -- and we're same with receivables and payables, so that we're looking at our total working capital on that kind of a basis and it gets adjusted for the volumes, whether they're newly acquired volumes are not. Certainly, as the business begins to fall and Nuvera begins to fall into a fully commercialized mode, it will be building some inventory. We have had -- I should go back to say that, we have some isolated cases of forward purchases of engines that are related to the movement of the Tier 5 engine production and --

Kenneth C. Schilling -- Senior Vice President and Chief Financial Officer

Brexit --

Alfred M. Rankin -- Chairman, President and Chief Executive Officer

And we have some extra inventory that's associated with unknowns about Brexit. So there are a number of one time things in addition to just the some of the supply chain things, I suppose there are one time too. We've got a pretty good record of managing our working capital efficiently and effectively. But I think it requires special effort when we have as many one times things going on as we do.

Kenneth C. Schilling -- Senior Vice President and Chief Financial Officer

Joe, your second question was CapEx and our forecast is $79.1 million for 2019, it's predominantly focused in product development in IT systems and in the development of our manufacturing capability to produce those new products, as well as at the forklift company, as well as at Nuvera with the fuel cell engines.

Joseph Mondillo -- Sidoti & Company -- Analyst

Okay, great.

Alfred M. Rankin -- Chairman, President and Chief Executive Officer

(Multiple Speakers) that we said in the press release. I believe that, we got a lot of expense and lot of CapEx associated with these -- this set of projects that Christy described as we're basically transformational in our views and in our objectives.

Joseph Mondillo -- Sidoti & Company -- Analyst

Okay. Great. Thanks a lot. Good luck, and thanks for taking my questions.

Alfred M. Rankin -- Chairman, President and Chief Executive Officer

Okay. Thanks.

Colin Wilson -- President and Chief Executive Officer

Thank you.

Operator

(Operator Instructions) This concludes the Q&A portion of the call. I'll now turn things back over to Christina Kmetko for any closing remarks.

Christina Kmetko -- Investor Relations Officer

Thank you. That concludes our call for today unless, Al or Colin, you have any further comments you wish to make.

Alfred M. Rankin -- Chairman, President and Chief Executive Officer

No, further comments.

Christina Kmetko -- Investor Relations Officer

Okay. Thank you everybody for joining us. We appreciate your interest and if you do have any follow-up questions, please reach out to me, my number is available in our earnings release. Thanks so much, and have a great day.

Operator

Thank you for participating in today's conference call. This call will be available for replay beginning at 4:00 PM Eastern Time today through 11:59 PM Eastern Time on March 6. The conference ID number for the replay is 5938819, again the conference ID number for the replay is 5938819. The number to dial for the replay is 800-585-8367. This concludes today's conference call and you may now disconnect.

Duration: 45 minutes

Call participants:

Christina Kmetko -- Investor Relations Officer

Joseph Mondillo -- Sidoti & Company -- Analyst

Alfred M. Rankin -- Chairman, President and Chief Executive Officer

Colin Wilson -- President and Chief Executive Officer

Kenneth C. Schilling -- Senior Vice President and Chief Financial Officer

More HY analysis

Transcript powered by AlphaStreet

This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.

Here's the cost for a 2019 Ram Heavy Duty truck

The 2019 Ram Heavy Duty pickup unveiled at this year's Detroit auto show will launch with a starting price of $33,395.

The price, not including a $1,695 destination charge, for the Ram 2500 Tradesman regular cab 4x2 represents the low end of the spectrum for Fiat Chrysler Automobiles' new trucks, which are expected to go on sale this spring. On the other end is the Ram 3500 Limited Mega Cab 4x4 with 12-inch Uconnect 4C touchscreen at $67,050, not including destination, according to a news release.

The company noted that pricing is for the standard 6.4-liter Hemi V8 with 8-speed automatic. Add $9,100 for the optional 6.7-liter Cummins turbo diesel with 6-speed automatic transmission or $11,795 for the Cummins High Output mated to the Aisin 6-speed — available in the Ram 3500 — to hit the 1,000 pound-feet of torque milestone.

Trucks: Fiat Chrysler goes big at Detroit auto show, unveiling beefier 2019 Ram Heavy Duty pickup.

Car show highlights: 3 highs, 3 lows of Detroit auto show: Toyota Supra generates buzz, Infiniti flubs debut

The Heavy Duty trucks, which are being built at the Saltillo Truck Assembly Plant in Coahuila, Mexico, come in Tradesman, Big Horn/Lone Star, Power Wagon, Laramie, Larmie Longhorn and Limited trims. The trucks made their debut last month at the North American International Auto Show in Detroit.

FacebookTwitterGoogle+LinkedInMidsize pickup truck wars: Chevy, Ford, Ram, Jeep, Toyota go to battle FullscreenPost to FacebookPosted!

A link has been posted to your Facebook feed.

For the last several years, the Ford F-series, Chevrolet Silverado and Ram full-size pickups have dominated the industry as the first-, second- and third-best-selling vehicles in the U.S., according to Autodata Corp. And that's not changing anytime soon. But the full-size pickup category's raging success has given birth to a new generation of pickups for customers who want something just a bit smaller: the midsize pickup. Ford MotorFullscreenThe 2018 Toyota Tacoma. Michael EngelmeyerFullscreenThe 2019 Nissan Frontier. NissanFullscreenThe Volkswagen Atlas Tanoak pickup truck concept vehicle debuted at the 2018 New York Auto Show. The company is considering making a pickup truck but wants to gauge the public's reaction first. VolkswagenFullscreenThe 2019 Honda Ridgeline. HondaFullscreenThe 2018 GMC Canyon SLT Diesel. Jim FetsFullscreenThe 2018 Chevrolet Colorado. ChevroletFullscreenThe Hyundai Santa Cruz crossover truck concept is unveiled during the North American International Auto Show Carlos Osorio, APFullscreenFiat Chrysler Automobiles is expected to reveal a new midsize pickup truck called the Jeep Gladiator at the 2018 Los Angeles Auto Show in November. The Jeep Gladiator pickup concept truck seen here was revealed in 2005. Fiat Chrysler AutomobilesFullscreenInterested in this topic? You may also want to view these photo galleries:Replay1 of 92 of 93 of 94 of 95 of 96 of 97 of 98 of 99 of 9AutoplayShow ThumbnailsShow CaptionsLast SlideNext Slide

The company also released pricing for the 2019 Ram 3500, 4500 and 5500 Chassis Cab commercial trucks, which debuted at this year's Chicago Auto Show. The trucks have a starting manufacturer's suggested retail price of $34,750, plus the $1,695 destination fee, the company said.

Ram's "heaviest haulers" promise a "towing capacity up to 35,220 pounds, the highest gross combined weight rating of 43,000 pounds and payload up to 12,510 pounds." 

Ram's new Chassis Cab trucks are expected to be available in the second quarter of the year.

Reid Bigland, who heads the Ram truck brand, said the company's new trucks would deliver the right mix for its customers.

Top car picks: These are the 10 best cars, SUVs and pickups of 2019, according to Consumer Reports

When will I get my refund? How long should it take after I file my tax returns?

"In launching the new 2019 Ram Heavy Duty pickups and Chassis Cab trucks, we knew it was important to offer class-leading capability, features and technology. But it's also important to offer our great products at a competitive price," Bigland said in the news release.

Contact Eric D. Lawrence: elawrence@freepress.com. Follow him on Twitter: @_ericdlawrence

 

Get Paid While You Wait: 3 Top Dividend Stocks in Banking

Even though we're more than a decade past the financial crisis, some banks are still among the most attractively valued stocks in the market. What's more, there are several that pay excellent, reliable dividends. Here's why I think Toronto-Dominion Bank (NYSE:TD), Wells Fargo (NYSE:WFC), and Synchrony Financial (NYSE:SYF) could be excellent choices for income investors who want exposure to the financial sector.  

This north-of-the-border giant has been paying dividends since before the Civil War 

Canadian bank stocks make excellent choices for dividend investors, as their payouts aren't governed by the Federal Reserve and therefore tend to be higher than their U.S. counterparts. Toronto-Dominion Bank, commonly known as TD Bank, is one that could be worth a closer look right now. 

Image source: Getty Images.

The sixth-largest North American bank, TD has large operations in Canada as well as the U.S., and also owns over 40% of TD Ameritrade. The bank has one of the best-run operations in the industry, with a high-quality loan portfolio and extremely solid balance sheet. TD has even been named the "safest bank in North America by Global Finance magazine.  

And just because it's a massive institution doesn't mean there isn't room to grow. With most of its U.S. operations concentrated on the East Coast, TD still has lots of room to expand going forward. 

As far as dividends go, it's tough to find a better track record of reliability. In fact, TD Bank has paid dividends since 1857, and has a fantastic history of giving shareholders raises. The stock currently yields 3.6%, and there's no reason to think that the payout won't continue to grow in the future.  

Patient investors could be rewarded by this bank's aggressive capital return 

Wells Fargo has been one of the worst-performing bank stocks over the past few years, and to be fair, there's good reason why. You've probably heard of the bank's infamous fake-accounts scandal, and there has been a series of other scandals revealed in the time since, including one involving charging auto loan customers for insurance they didn't need or improperly charging fees for mortgage delays. 

As a result of its bad behavior, the Federal Reserve slapped the bank with an unprecedented penalty. Wells Fargo is not allowed to grow beyond its asset size as of the end of 2017. This has understandably caused many investors to jump ship -- after all, who wants to invest in a bank that isn't allowed to grow in arguably the best growth environment for banks in decades? 

However, there are a few things to keep in mind. For starters, Wells Fargo still has excellent asset quality and is a generally strong bank. Also, Wells Fargo is buying back stock at a breathtaking rate. It was approved to spend as much as $24.5 billion on buybacks in the one-year period through June 2019, and this translates to roughly 9% of its outstanding shares.  

In other words,Wells Fargo is using an aggressive capital return to take advantage of its depressed valuation. While the next year or two could be a bit volatile for the bank, long-term investors with the patience to ride out its recovery could be handsomely rewarded.  

A high dividend and a ridiculously cheap valuation 

Store credit card giant Synchrony Financial is another bank stock that has underperformed recently. The store credit card business is more recession-prone than many other forms of lending, and Synchrony lost its valuable Walmart co-branding partnership in mid-2018, so there's certainly a reason for the slump.  

Having said that, Synchrony's business is highly profitable and growing nicely. As of the fourth quarter, its net interest income grew by 11% year over year, and its deposit platform went up by $7.5 billion in net deposits, which provide the bank with low-cost funding to grow its operations. And with higher-than-average interest rates, store credit cards can be wildly profitable, even with an uptick in delinquencies. (Note: Synchrony's delinquencies haven't meaningfully risen recently.)  

Synchrony is trading for approximately seven times trailing-12-month earnings, so it could be a smart time to add this excellent business to your portfolio while it is trading for such a fire-sale valuation. In fact, I recently called Synchrony my top overall bank stock to buy. 

 

What to Watch For in Roku Earnings

Roku Inc. (NASDAQ: ROKU) is scheduled to release its most recent quarterly results after the markets close on Thursday. The consensus estimates from Thomson Reuters are $0.03 in earnings per share (EPS) and $262.11 million in revenue. In the fourth quarter of last year, the company said it had EPS of $0.08 and $188.26 million in revenue.

At the beginning of January, the firm announced that it would be expanding its platform to include "Premium Subscriptions." As a result, users will be able to watch both free ad-supported and paid premium entertainment in one easy-to-navigate interface, with personalized recommendations, where they can browse, trial and subscribe to popular services.

In addition to more than 10,000 free, ad-supported movies and TV episodes already available, the Roku Channel will soon offer users the option to add 25 or more Premium Subscriptions from providers such as Showtime, Starz and EPIX.

Premium Subscriptions will only be viewable within the Roku Channel. Additionally, search within the Roku Channel will be expanded, allowing users to easily search for keywords within the channel. The Roku Channel will make subscription streaming easy for users by providing one destination to watch premium entertainment from more than 25 providers with a single monthly bill and simple account management.

Rob Holmes, vice president of Programming and Engagement, commented:

We're focused on making it easy to find great entertainment of all types on the platform and adding Premium Subscriptions is a natural evolution for The Roku Channel. As a top five channel by active account reach, The Roku Channel is already a great source for free, ad-supported entertainment and provides significant user engagement. By making it easy for users to discover, subscribe to and watch Premium Subscriptions, we believe this offering will result in increased subscriptions and user engagement for our subscription partners and an even better user experience.

Overall, Roku has outperformed the broad markets, with its stock up about 75% year to date. Over the past 52 weeks, the stock is up only 11.5%.

A few analysts weighed in on Roku ahead of the report:

Wedbush has an Outperform rating and a $65 price target. Loop Capital has a Hold rating with a $40 price target. Citigroup has a Neutral rating with a $44 target price. KeyCorp has an Overweight rating and a $59 target price.

Shares of Roku were last seen down 3% at $52.00 on Wednesday, in a 52-week range of $26.30 to $77.57. The consensus price target is $56.62.

ALSO READ: The 15 Best Dividend Stocks for Retirees to Own

JobsCoin Price Reaches $0.0002 on Exchanges (JOBS)

JobsCoin (CURRENCY:JOBS) traded flat against the dollar during the 1 day period ending at 21:00 PM Eastern on February 18th. In the last week, JobsCoin has traded 12% lower against the dollar. JobsCoin has a market cap of $23,645.00 and $0.00 worth of JobsCoin was traded on exchanges in the last 24 hours. One JobsCoin coin can now be purchased for $0.0002 or 0.00000004 BTC on major exchanges.

Here’s how related cryptocurrencies have performed in the last 24 hours:

Get JobsCoin alerts: Tao (XTO) traded flat against the dollar and now trades at $0.22 or 0.00005602 BTC. Syndicate (SYNX) traded up 4.7% against the dollar and now trades at $0.0232 or 0.00000591 BTC. Magnet (MAG) traded 5.1% higher against the dollar and now trades at $0.0117 or 0.00000299 BTC. Capricoin (CPC) traded up 3.2% against the dollar and now trades at $0.21 or 0.00005252 BTC. IslaCoin (ISL) traded flat against the dollar and now trades at $0.17 or 0.00002159 BTC. Monkey Project (MONK) traded down 23.6% against the dollar and now trades at $0.0390 or 0.00000995 BTC. Piggycoin (PIGGY) traded down 12.2% against the dollar and now trades at $0.0004 or 0.00000010 BTC. Virtacoinplus (XVP) traded flat against the dollar and now trades at $0.0139 or 0.00000145 BTC. TrustPlus (TRUST) traded flat against the dollar and now trades at $0.0039 or 0.00000060 BTC. SuperCoin (SUPER) traded up 5.1% against the dollar and now trades at $0.0016 or 0.00000042 BTC.

JobsCoin Coin Profile

JOBS is a PoW/PoS coin that uses the
X11 hashing algorithm. It launched on October 5th, 2016. JobsCoin’s total supply is 200,019,300 coins and its circulating supply is 106,019,270 coins. JobsCoin’s official Twitter account is @Jobscoin. The official website for JobsCoin is jobscoin.us.

JobsCoin Coin Trading

JobsCoin can be purchased on these cryptocurrency exchanges: YoBit. It is usually not possible to purchase alternative cryptocurrencies such as JobsCoin directly using U.S. dollars. Investors seeking to trade JobsCoin should first purchase Bitcoin or Ethereum using an exchange that deals in U.S. dollars such as Gemini, GDAX or Coinbase. Investors can then use their newly-acquired Bitcoin or Ethereum to purchase JobsCoin using one of the aforementioned exchanges.

new TradingView.widget({ “height”: 400, “width”: 650, “symbol”: “JOBSUSD”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

Top Heal Care Stocks For 2019

tags:CVT,HYG,JCI,

Fortinet (NASDAQ:FTNT) issued an update on its first quarter 2019 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $0.37-0.39 for the period, compared to the Thomson Reuters consensus estimate of $0.41. The company issued revenue guidance of $465-475 million, compared to the consensus revenue estimate of $470.4 million.Fortinet also updated its FY 2019 guidance to $2.05-2.10 EPS.

Shares of FTNT traded down $0.75 during mid-day trading on Wednesday, hitting $81.22. 2,781,308 shares of the stock were exchanged, compared to its average volume of 2,216,529. The stock has a market capitalization of $13.86 billion, a price-to-earnings ratio of 156.19, a price-to-earnings-growth ratio of 4.18 and a beta of 0.90. Fortinet has a 52-week low of $44.47 and a 52-week high of $94.37.

Top Heal Care Stocks For 2019: CVENT, INC.(CVT)

Advisors' Opinion:

• [By Stephan Byrd]

  CyberVein (CURRENCY:CVT) traded up 12.6% against the US dollar during the one day period ending at 18:00 PM ET on October 5th. CyberVein has a market capitalization of $20.74 million and $59,268.00 worth of CyberVein was traded on exchanges in the last 24 hours. One CyberVein token can now be purchased for about $0.0196 or 0.00000297 BTC on cryptocurrency exchanges including HitBTC, OKEx, IDEX and Bit-Z. Over the last seven days, CyberVein has traded down 12.5% against the US dollar.

• [By Logan Wallace]

  CyberVein (CURRENCY:CVT) traded 7.6% lower against the US dollar during the one day period ending at 21:00 PM E.T. on June 9th. One CyberVein token can now be purchased for about $0.0625 or 0.00000853 BTC on major exchanges including Bit-Z, HitBTC and IDEX. CyberVein has a total market cap of $56.75 million and $10.82 million worth of CyberVein was traded on exchanges in the last 24 hours. During the last seven days, CyberVein has traded up 5.3% against the US dollar.

Top Heal Care Stocks For 2019: iShares iBoxx $ High Yield Corporate Bd (HYG)

Advisors' Opinion:

• [By WWW.GURUFOCUS.COM]

  For the details of Virtus Investment Advisers, Inc.'s stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Virtus+Investment+Advisers%2C+Inc.

  These are the top 5 holdings of Virtus Investment Advisers, Inc.iShares iBoxx $ Investment Grade Corporate Bond (LQD) - 11,144 shares, 51.91% of the total portfolio. New PositioniShares iBoxx $ High Yield Corporate Bond (HYG) - 8,200 shares, 28.37% of the total portfolio. New PositionSPDR Bloomberg Barclays High Yield Bond (JNK) - 13,660 shares, 19.72% of the total portfolio. Invesco Senior Loan (BKLN) - 0 shares, 0% of the total portfolio. Shares reduced by 10000%Caesars Entertainment Corp (CZR) - 0 shares, 0% of the total portfolio. Shares reduced by 10000%New Purchase:
• [By Max Byerly]

  Equities research analysts expect Hydrogenics Co. (NASDAQ:HYGS) (TSE:HYG) to post earnings of ($0.07) per share for the current quarter, Zacks Investment Research reports. Two analysts have made estimates for Hydrogenics’ earnings. The lowest EPS estimate is ($0.13) and the highest is ($0.02). Hydrogenics posted earnings of ($0.13) per share in the same quarter last year, which suggests a positive year over year growth rate of 46.2%. The firm is expected to announce its next earnings results on Monday, November 5th.

• [By Joseph Griffin]

  Traders purchased shares of iShares iBoxx $ High Yield Corporate Bond ETF (NYSEARCA:HYG) on weakness during trading hours on Monday. $192.39 million flowed into the stock on the tick-up and $84.01 million flowed out of the stock on the tick-down, for a money net flow of $108.38 million into the stock. Of all equities tracked, iShares iBoxx $ High Yield Corporate Bond ETF had the 8th highest net in-flow for the day. iShares iBoxx $ High Yield Corporate Bond ETF traded down ($0.06) for the day and closed at $85.83

• [By Shane Hupp]

  iShares iBoxx $ High Yield Corporate Bond ETF (NYSEARCA:HYG) was the target of a significant increase in short interest during the month of September. As of September 28th, there was short interest totalling 86,052,969 shares, an increase of 17.1% from the September 14th total of 73,507,270 shares. Based on an average daily volume of 14,201,656 shares, the short-interest ratio is presently 6.1 days.

• [By Stephan Byrd]

  PFS Investments Inc. decreased its position in shares of iShares iBoxx $ High Yield Corporate Bond ETF (NYSEARCA:HYG) by 11.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,838 shares of the exchange traded fund’s stock after selling 11,634 shares during the period. PFS Investments Inc.’s holdings in iShares iBoxx $ High Yield Corporate Bond ETF were worth $7,420,000 at the end of the most recent quarter.

• [By WWW.GURUFOCUS.COM]

  For the details of Summit Rock Advisors, LLC's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Summit+Rock+Advisors%2C+LLC

  These are the top 5 holdings of Summit Rock Advisors, LLCiShares Core MSCI Emerging Markets (IEMG) - 754,105 shares, 52.51% of the total portfolio. Shares added by 8.46%iShares MSCI ACWI Index Fund (ACWI) - 516,128 shares, 45.53% of the total portfolio. Shares added by 194.10%iShares iBoxx $ High Yield Corporate Bond (HYG) - 18,330 shares, 1.96% of the total portfolio. Shares reduced by

Top Heal Care Stocks For 2019: Johnson Controls Inc.(JCI)

Advisors' Opinion:

• [By Chris Lange]

  The S&P 500 stock posting the largest daily percentage loss ahead of the close Friday was Johnson Controls International PLC (NYSE: JCI) which traded down nearly 4% at $38.37. The stock's 52-week range is $34.51 to $44.70. Volume was 8.6 million versus the daily average of 5.5 million shares.

• [By Logan Wallace]

  10 15 Associates Inc. grew its holdings in Johnson Controls International PLC (NYSE:JCI) by 5.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 249,674 shares of the auto parts company’s stock after purchasing an additional 13,946 shares during the period. Johnson Controls International makes up about 2.1% of 10 15 Associates Inc.’s portfolio, making the stock its 22nd biggest position. 10 15 Associates Inc.’s holdings in Johnson Controls International were worth $8,799,000 at the end of the most recent quarter.

• [By Ethan Ryder]

  Nomura Asset Management Co. Ltd. decreased its holdings in Johnson Controls International PLC (NYSE:JCI) by 13.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 351,993 shares of the auto parts company’s stock after selling 56,612 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in Johnson Controls International were worth $12,404,000 as of its most recent filing with the SEC.

• [By Shane Hupp]

  Johnson Controls International (NYSE:JCI) was downgraded by analysts at JPMorgan Chase & Co. from a neutral rating to an underweight rating. They currently have $44.00 price target on the stock.

• [By Shane Hupp]

  Get a free copy of the Zacks research report on Johnson Controls International (JCI)

  For more information about research offerings from Zacks Investment Research, visit Zacks.com

• [By Shane Hupp]

  The business also recently declared a quarterly dividend, which was paid on Friday, January 11th. Shareholders of record on Monday, December 17th were given a $0.26 dividend. The ex-dividend date was Friday, December 14th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.11%. Johnson Controls International’s dividend payout ratio (DPR) is presently 36.75%.

  ILLEGAL ACTIVITY WARNING: “Trust Co. of Vermont Has $823,000 Holdings in Johnson Controls International PLC (JCI)” was published by Ticker Report and is the property of of Ticker Report. If you are reading this news story on another website, it was stolen and republished in violation of U.S. and international trademark and copyright legislation. The legal version of this news story can be read at https://www.tickerreport.com/banking-finance/4118852/trust-co-of-vermont-has-823000-holdings-in-johnson-controls-international-plc-jci.html.

  Johnson Controls International Company Profile

$0.33 Earnings Per Share Expected for Caretrust REIT Inc (CTRE) This Quarter

Wall Street brokerages forecast that Caretrust REIT Inc (NASDAQ:CTRE) will report earnings per share (EPS) of $0.33 for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Caretrust REIT’s earnings. Caretrust REIT reported earnings of $0.32 per share during the same quarter last year, which would suggest a positive year over year growth rate of 3.1%. The firm is scheduled to issue its next earnings report on Tuesday, May 14th.

According to Zacks, analysts expect that Caretrust REIT will report full year earnings of $1.37 per share for the current financial year, with EPS estimates ranging from $1.34 to $1.38. For the next financial year, analysts expect that the business will report earnings of $1.49 per share, with EPS estimates ranging from $1.47 to $1.50. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research analysts that that provide coverage for Caretrust REIT.

Get Caretrust REIT alerts:

Caretrust REIT (NASDAQ:CTRE) last released its earnings results on Wednesday, February 13th. The real estate investment trust reported $0.18 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by ($0.14). The company had revenue of $40.36 million for the quarter, compared to the consensus estimate of $39.99 million. Caretrust REIT had a net margin of 36.91% and a return on equity of 8.90%. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.31 EPS.

CTRE has been the topic of several research analyst reports. BMO Capital Markets raised Caretrust REIT from a “market perform” rating to an “outperform” rating in a research report on Wednesday, January 9th. Zacks Investment Research downgraded Caretrust REIT from a “buy” rating to a “hold” rating in a research report on Monday, February 4th. BidaskClub raised Caretrust REIT from a “buy” rating to a “strong-buy” rating in a research report on Thursday, January 17th. ValuEngine downgraded Caretrust REIT from a “buy” rating to a “hold” rating in a research report on Monday, December 31st. Finally, Stifel Nicolaus raised Caretrust REIT from a “hold” rating to a “buy” rating and upped their price objective for the company from $17.00 to $21.00 in a research report on Wednesday, November 28th. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $20.71.

Institutional investors have recently made changes to their positions in the business. Amalgamated Bank grew its position in shares of Caretrust REIT by 7.0% during the 4th quarter. Amalgamated Bank now owns 12,037 shares of the real estate investment trust’s stock worth $222,000 after buying an additional 791 shares in the last quarter. Daiwa Securities Group Inc. grew its position in shares of Caretrust REIT by 8.8% during the 4th quarter. Daiwa Securities Group Inc. now owns 12,406 shares of the real estate investment trust’s stock worth $229,000 after buying an additional 1,000 shares in the last quarter. Raymond James & Associates grew its position in shares of Caretrust REIT by 2.1% during the 4th quarter. Raymond James & Associates now owns 49,321 shares of the real estate investment trust’s stock worth $910,000 after buying an additional 1,036 shares in the last quarter. Piedmont Investment Advisors Inc. grew its position in shares of Caretrust REIT by 7.0% during the 4th quarter. Piedmont Investment Advisors Inc. now owns 19,951 shares of the real estate investment trust’s stock worth $368,000 after buying an additional 1,301 shares in the last quarter. Finally, American International Group Inc. grew its position in shares of Caretrust REIT by 2.4% during the 4th quarter. American International Group Inc. now owns 64,699 shares of the real estate investment trust’s stock worth $1,194,000 after buying an additional 1,501 shares in the last quarter. 91.62% of the stock is currently owned by institutional investors.

Shares of NASDAQ CTRE traded up $0.26 during trading hours on Monday, hitting $22.42. 874,824 shares of the company traded hands, compared to its average volume of 990,400. The company has a market cap of $1.85 billion, a P/E ratio of 17.52 and a beta of 0.92. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.52 and a current ratio of 1.52. Caretrust REIT has a 12 month low of $12.73 and a 12 month high of $22.87.

Caretrust REIT Company Profile

CareTrust REIT, Inc is a self-administered, publicly-traded real estate investment trust engaged in the ownership, acquisition and leasing of seniors housing and healthcare-related properties. With 192 net-leased healthcare properties and three operated seniors housing properties in 27 states, CareTrust REIT is pursuing opportunities across the nation to acquire properties that will be leased to a diverse group of local, regional and national seniors housing operators, healthcare services providers, and other healthcare-related businesses.

Further Reading: Does the Step Transaction Doctrine Affect a Backdoor Roth IRA?

Get a free copy of the Zacks research report on Caretrust REIT (CTRE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Brokerage calls: Deutsche Bank cuts target price of ONGC

We have collated a list of recommendations from various global brokerage firms for February 15.

ONGC | Brokerage: Deutsche Bank | Rating: Buy | Target: Rs 187

The brokerage cut its target price of ONGC to Rs 187 from Rs 216, retaining the Buy call.

"Maintain Buy rating given inexpensive valuations and sensitivity to oil prices," Deutsche Bank said in a research note.

related news Safari Industries Q3 review: A quarterly blip but long-term story strong First Cut | RBI's clean chit was what the Yes Bank stock was waiting for Brokerage calls: Jefferies slashes target price for Coal India, Hindalco

Deutsche Bank cut its FY19-20 earnings estimate for ONGC by 4 percent.

ONGC | Brokerage: Citi | Rating: Neutral | Target: Rs 172

ONGC's EBITDA beat estimates due to lower than expected operating expenditure, said Citi.

There is room for the government to reduce its stake in the company, according to Citi.

Page Industries | Brokerage: Credit Suisse | Rating: Neutral | Target: Rs 23,300

Credit Suisse said it upgraded the stock to neutral from underperform, and raised the target price to Rs 23,300 from Rs 22,000.

Expect the downgrade cycle to be over, Credit Suisse said.

Ashok Leyland | Brokerage: Nomura | Rating: Neutral | Target: Rs 123

"Margin may be weak on weak operating leverage and high discounts by competition," Nomura said in a research note.

The brokerage expects medium and heavy commercial vehicles industry to peak in FY20, hence has a weak outlook on Ashok Leyland.

Sadbhav Engineering | Brokerage: CLSA | Rating: Buy | Target: Rs 340

CLSA cut the stock's target price to Rs 340 from Rs 390, keeping the Buy call.

"New strategy to churn capital should reach fruition in March end," the brokerage said.

CLSA cut its FY19-21 EPS estimate for the company by 5-6 percent.

(Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions) First Published on Feb 15, 2019 01:03 pm

Invesco Ltd. (IVZ) Major Shareholder Purchases $1,123,401.84 in Stock

Invesco Ltd. (NYSE:IVZ) major shareholder Ltd. Invesco bought 425,531 shares of the company’s stock in a transaction dated Friday, February 8th. The stock was purchased at an average cost of $2.64 per share, for a total transaction of $1,123,401.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Invesco stock opened at $18.27 on Friday. The stock has a market capitalization of $7.60 billion, a price-to-earnings ratio of 7.52, a P/E/G ratio of 1.12 and a beta of 1.50. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.82. Invesco Ltd. has a twelve month low of $15.38 and a twelve month high of $35.03.

Get Invesco alerts:

Invesco (NYSE:IVZ) last released its quarterly earnings results on Wednesday, January 30th. The asset manager reported $0.44 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.54 by ($0.10). The company had revenue of $919.20 million during the quarter, compared to the consensus estimate of $913.37 million. Invesco had a net margin of 16.61% and a return on equity of 10.88%. The firm’s revenue was down 8.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.73 earnings per share. As a group, equities analysts forecast that Invesco Ltd. will post 2.15 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, March 1st. Shareholders of record on Thursday, February 14th will be issued a $0.30 dividend. The ex-dividend date is Wednesday, February 13th. This represents a $1.20 annualized dividend and a yield of 6.57%. Invesco’s dividend payout ratio is currently 49.38%.

A number of brokerages have recently issued reports on IVZ. Zacks Investment Research raised shares of Invesco from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 15th. Morgan Stanley set a $19.00 target price on shares of Invesco and gave the company a “hold” rating in a report on Friday, February 8th. Barclays cut shares of Invesco from an “overweight” rating to an “equal weight” rating and set a $19.00 target price on the stock. in a report on Thursday, January 31st. Deutsche Bank dropped their target price on shares of Invesco from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, November 16th. Finally, Citigroup dropped their target price on shares of Invesco from $23.00 to $18.00 and set a “neutral” rating on the stock in a report on Wednesday, December 19th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $23.70.

Institutional investors have recently added to or reduced their stakes in the business. Rational Advisors LLC boosted its position in shares of Invesco by 411.3% during the 4th quarter. Rational Advisors LLC now owns 2,536 shares of the asset manager’s stock worth $42,000 after acquiring an additional 2,040 shares in the last quarter. Oakworth Capital Inc. boosted its position in shares of Invesco by 30.3% during the 4th quarter. Oakworth Capital Inc. now owns 2,882 shares of the asset manager’s stock worth $48,000 after acquiring an additional 670 shares in the last quarter. Semmax Financial Advisors Inc. acquired a new stake in shares of Invesco during the 4th quarter worth approximately $52,000. Resources Investment Advisors Inc. acquired a new stake in shares of Invesco during the 4th quarter worth approximately $53,000. Finally, NumerixS Investment Technologies Inc acquired a new stake in shares of Invesco during the 4th quarter worth approximately $60,000. 79.67% of the stock is currently owned by hedge funds and other institutional investors.

ILLEGAL ACTIVITY WARNING: This article was first posted by Ticker Report and is owned by of Ticker Report. If you are accessing this article on another website, it was illegally stolen and reposted in violation of United States and international copyright and trademark law. The correct version of this article can be accessed at https://www.tickerreport.com/banking-finance/4153389/invesco-ltd-ivz-major-shareholder-purchases-1123401-84-in-stock.html.

About Invesco

Invesco Ltd. is a publicly owned investment manager. The firm provides its services to retail clients, institutional clients, high-net worth clients, public entities, corporations, unions, non-profit organizations, endowments, foundations, pension funds, financial institutions, and sovereign wealth funds.

Further Reading: Convertible Shares

Best Safest Stocks To Own For 2019

tags:BKEP,LKQ,AMWD,TTOO,

We have been fans of DNB (OTCPK:DNHBY) (OTCPK:DNBHF) for quite a long time now. It is the largest financial services group in Norway, and, more importantly, one of the safest banks in the world. A little less than a year ago, we said that DNB was offering a 'once-in-a-lifetime' buying opportunity. Our high-conviction contrarian call was based on the fact that DNB was trading at a very undemanding valuation, despite having a double-digit RoE, strong capital ratios and a 6% dividend yield. We also argued that market fears over the bank's asset quality issues were overdone as DNB has a prudent risk management approach. Since that, DNB's shares have rallied by 55%. And that does not include the stock's generous dividends.

Best Safest Stocks To Own For 2019: Blueknight Energy Partners L.P., L.L.C.(BKEP)

Advisors' Opinion:

• [By Ethan Ryder]

  Phillips 66 Partners (NYSE:PSXP) and Blueknight Energy Partners (NASDAQ:BKEP) are both oils/energy companies, but which is the superior investment? We will compare the two companies based on the strength of their dividends, valuation, earnings, institutional ownership, analyst recommendations, risk and profitability.

• [By Ethan Ryder]

  Shares of Blueknight Energy Partners LP Common Stock (NASDAQ:BKEP) have earned an average recommendation of “Hold” from the seven analysts that are currently covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating on the company. The average 12 month target price among brokers that have covered the stock in the last year is $4.00.

• [By Max Byerly]

  Blueknight Energy Partners LP (NASDAQ:BKEP) hit a new 52-week low on Tuesday . The company traded as low as $2.30 and last traded at $2.37, with a volume of 12716 shares traded. The stock had previously closed at $2.35.

Best Safest Stocks To Own For 2019: LKQ Corporation(LKQ)

Advisors' Opinion:

• [By Chris Lange]

  The S&P 500 stock posting the largest daily percentage loss ahead of the close Thursday was LKQ Corp. (NASDAQ: LKQ) which traded down about 19% at $30.43. The stock's 52-week range is $29.60 to $43.86. Volume was 15 million compared to the daily average volume of 1.8 million.

• [By Daniel Miller]

  Shares of LKQ (NASDAQ:LKQ), a global distributor of automotive replacement parts, components, and systems with operations in North America, Europe, and Taiwan, are down 17% as of 11:45 a.m. EDT after the company posted a worse-than-expected first quarter thanks to rising costs.

• [By Dan Caplinger]

  LKQ (NASDAQ:LKQ) has found itself an extremely profitable niche in the auto parts and accessories business. By concentrating largely on the specialty and alternative market, LKQ aims to capture higher-margin business that many other parts manufacturers choose not to pursue. That's generally been a winning formula for the company over the long run.

• [By Lisa Levin]

  LKQ Corporation (NASDAQ: LKQ) was down, falling around 16 percent to $31.49 following weaker-than-expected quarterly earnings.

  Commodities

• [By Ethan Ryder]

  Glenview Trust Co cut its stake in shares of LKQ Co. (NASDAQ:LKQ) by 80.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,292 shares of the auto parts company’s stock after selling 215,125 shares during the period. Glenview Trust Co’s holdings in LKQ were worth $1,700,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

• [By Logan Wallace]

  Get a free copy of the Zacks research report on LKQ (LKQ)

  For more information about research offerings from Zacks Investment Research, visit Zacks.com

Best Safest Stocks To Own For 2019: American Woodmark Corporation(AMWD)

Advisors' Opinion:

• [By Lisa Levin] Gainers Axovant Sciences Ltd. (NASDAQ: AXON) shares rose 23.7 percent to $1.49. Axovant announced strengthening of management team and completion of organization restructuring which "enhanced capabilities in research and business development" and reduced internal headcount by 43 percent. Mammoth Energy Services, Inc. (NASDAQ: TUSK) shares jumped 19.8 percent to $37.3148. Mammoth Energy’s subsidiary Cobra signed a new $900 million contract to finish the restoration of critical electrical services and support the initial phase of reconstruction of the electrical utility system in Puerto Rico. Acorn International, Inc. (NYSE: ATV) shares gained 19 percent to $34.0201. Acorn shares rose Friday after the company declared a special one-time cash dividend of $14.97 per ADS. DHI Group, Inc. (NYSE: DHX) shares surged 19 percent to $2.20. My Size, Inc. (NASDAQ: MYSZ) climbed 16.8 percent to $1.18 after the company received a Notice of Allowance from the USPTO for measurement technology patent. Global Eagle Entertainment Inc. (NASDAQ: ENT) gained 16.6 percent to $2.32. Leju Holdings Limited (NYSE: LEJU) gained 16.5 percent to $1.34 following Q1 beat. Evolus, Inc. (NASDAQ: EOLS) shares surged 16.5 percent to $26.1499. Evolus named Lauren Silvernail as Chief Financial Officer and Executive Vice President, Corporate Development. Jupai Holdings Limited (NYSE: JP) shares gained 15 percent to $26.29 after reporting Q1 results. Momo Inc. (NASDAQ: MOMO) shares gained 15 percent to $44.7702 after the company reported better-than-expected results for its first quarter and issued strong sales forecast for the second quarter. Windstream Holdings, Inc. (NASDAQ: WIN) rose 15 percent to $7.075. China Advanced Construction Materials Group, Inc. (NASDAQ: CADC) gained 14.4 percent to $2.746. American Woodmark Corporation (NASDAQ: AMWD) climbed 14.2 percent to $101.10 after the company reported upbeat Q4 results. Savara Inc. (NAS
• [By Lisa Levin]

  Shares of American Woodmark Corporation (NASDAQ: AMWD) got a boost, shooting up 14 percent to $100.60 after the company reported upbeat Q4 results.

• [By Motley Fool Transcribing]

  American Woodmark (NASDAQ:AMWD) Q1 2019 Earnings Conference CallAug. 27, 2018 11:00 a.m. ET

  Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks:

  Operator

Best Safest Stocks To Own For 2019: T2 Biosystems, Inc.(TTOO)

Advisors' Opinion:

• [By Lisa Levin]

  Shares of T2 Biosystems, Inc. (NASDAQ: TTOO) were down 12 percent to $7.80 after the health care company that targets unmet needs received clearance from the FDA. The company said the FDA granted a market clearance for its T2Bacteria Panel for the direct detection of bacterial species in human whole blood specimens from patients with suspected bloodstream infections.

• [By Shane Hupp]

  T2 Biosystems (NASDAQ:TTOO) hit a new 52-week high and low during trading on Friday . The company traded as low as $7.72 and last traded at $7.38, with a volume of 13220 shares changing hands. The stock had previously closed at $7.22.

• [By Lisa Levin] Gainers Euro Tech Holdings Company Limited (NASDAQ: CLWT) rose 18.2 percent to $4.55 in pre-market trading after the company declared a $0.70 per share special dividend. Co-Diagnostics, Inc. (NASDAQ: CODX) rose 11.7 percent to $3.24 in pre-market trading after falling 13.17 percent on Thursday. Co-Diagnostics reported its participation in a research project with the Stanford University. Abercrombie & Fitch Co. (NYSE: ANF) shares rose 8.6 percent to $25.95 in pre-market trading after the company posted upbeat Q1 results. Zuora, Inc. (NYSE: ZUO) shares rose 8 percent to $23.95 in pre-market trading after the company reported upbeat Q1 earnings and issued strong outlook. Lululemon Athletica Inc. (NASDAQ: LULU) shares rose 7.8 percent to $113.25 in pre-market trading after the company reported better-than-expected results for its first quarter. The company also raised its FY18 earnings and sales guidance. OPKO Health, Inc. (NYSE: OPK) rose 5.7 percent to $4.10 in pre-market trading. Lannett Company, Inc. (NYSE: LCI) rose 5.5 percent to $17.45 in pre-market trading following the FDA approval for Levofloxacin Oral Solution. Eversource Energy (NYSE: ES) shares rose 5 percent to $59.8 in pre-market trading. VMware, Inc. (NYSE: VMW) rose 4.6 percent to $143.74 in pre-market trading as the company reported stronger-than-expected results for its first quarter on Thursday. Energy Transfer Partners, L.P. (NYSE: ETP) rose 4.3 percent to $19.80 in pre-market trading after the company reported the Federal Energy Regulatory Commission approval to place Rover pipeline’s full Mainline B into service. T2 Biosystems, Inc. (NASDAQ: TTOO) rose 4.3 percent to $7.73 in pre-market trading after declining 4.26 percent on Thursday. Curis, Inc. (NASDAQ: CRIS) rose 4.3 percent to $2.90 in pre-market trading after jumping 21.93 percent on Thursday. Sasol Limited (NYSE: SSL) rose 4.2 percent to $37.91 in pre-market trading. Nucor Corporatio
• [By Maxx Chatsko]

  Shares of diagnostic test and device developer T2 Biosystems (NASDAQ:TTOO) jumped as much as 16.1% today after a volatile week. The good news is that the company recently announced that the U.S. Food and Drug Administration cleared its T2Bacteria Panel, which is aimed at detecting the presence of sepsis-causing pathogens in blood samples.

• [By Ethan Ryder]

  T2 Biosystems Inc (NASDAQ:TTOO) traded up 0.9% during trading on Monday . The stock traded as high as $9.65 and last traded at $9.62. 34,517 shares were traded during mid-day trading, a decline of 97% from the average session volume of 1,220,257 shares. The stock had previously closed at $9.53.

Why Shares of Unisys Popped Today

What happened

Shares of technology services and solutions provider Unisys (NYSE:UIS) jumped on Wednesday after the company reported fourth-quarter revenue and earnings that beat analyst estimates. The stock was up about 17.5% at 12:45 p.m. EST.

So what

Unisys reported fourth-quarter revenue of $760.9 million, up 2.2% year over year and $8.9 million higher than the average analyst estimate. Currency hurt the company's results, with revenue up 4.8% year over year in constant currency. Non-GAAP adjusted revenue was up 1.3% to $754.6 million.

Image source: Getty Images.

Services accounted for $625.5 million of revenue, growing by 5.6% year over year. The rest came from technology, which slumped 11% year over year to $135.4 million. The company blamed the renewal schedule for its ClearPath Forward products for the decline.

Non-GAAP earnings per share came in at $0.97, down from $1.75 in the prior-year period but $0.31 better than analysts were expecting. Earnings in the fourth quarter of 2017 were boosted by tax benefits worth $0.41 per share related to the Tax Cut and Jobs Act.

Now what

Total revenue grew by 3% in 2018, the first year of revenue growth for Unisys since 2003. "Our results were driven by our strategy of a focused industry go-to-market approach and using security to differentiate our offerings. Our expertise in cloud migration and infrastructure modernization and managed digital workplace services which contributed to our growth in 2018, is aligned with ongoing market demand for these services," said Unisys President and CEO Peter Altabef.