Wrapping up Q3 earnings, we look at the numbers and key takeaways for the general industrial machinery stocks, including GE Aerospace (NYSE: GE) and its peers.
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 strong Q3. As a group, revenues beat analysts’ consensus estimates by 1.6% while next quarter’s revenue guidance was in line.
Thankfully, share prices of the companies have been resilient as they are up 7.5% on average since the latest earnings results.
GE Aerospace (NYSE: GE)
One of the original 12 companies on the Dow Jones Industrial Average, General Electric (NYSE: GE) is a multinational conglomerate providing technologies for various sectors including aviation, power, renewable energy, and healthcare.
GE Aerospace reported revenues of $12.18 billion, up 23.8% year on year. This print exceeded analysts’ expectations by 17.6%. Overall, it was an exceptional quarter for the company with an impressive beat of analysts’ revenue estimates and a solid beat of analysts’ adjusted operating income estimates.
GE Aerospace achieved the biggest analyst estimates beat of the whole group. Unsurprisingly, the stock is up 6.3% since reporting and currently trades at $321.81.
Best 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 $2.51 billion, down 9.9% year on year, outperforming analysts’ expectations by 4.3%. The business had an incredible quarter with a beat of analysts’ EPS estimates and a solid beat of analysts’ revenue estimates.
Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 3% since reporting. It currently trades at $7.88.
Is now the time to buy Icahn Enterprises? Access our full analysis of the earnings results here, it’s free.
Weakest Q3: Albany (NYSE: AIN)
Founded in 1895, Albany (NYSE: AIN) is a global textiles and materials processing company, specializing in machine clothing for paper mills and engineered composite structures for aerospace and other industries.
Albany reported revenues of $261.4 million, down 12.4% year on year, falling short of analysts’ expectations by 12.8%. It was a disappointing quarter as it posted a miss of analysts’ Engineered Composites revenue estimates and a significant miss of analysts’ revenue estimates.
Albany delivered the weakest performance against analyst estimates in the group. Interestingly, the stock is up 3.9% since the results and currently trades at $56.71.
Read our full analysis of Albany’s results here.
L.B. Foster (NASDAQ: FSTR)
Founded with a $2,500 loan, L.B. Foster (NASDAQ: FSTR) is a provider of products and services for the transportation and energy infrastructure sectors, including rail products, construction materials, and coating solutions.
L.B. Foster reported revenues of $138.3 million, flat year on year. This number came in 10.4% below analysts' expectations. Overall, it was a softer quarter as it also recorded a significant miss of analysts’ revenue estimates and a significant miss of analysts’ EBITDA estimates.
The stock is up 3.7% since reporting and currently trades at $28.41.
Read our full, actionable report on L.B. Foster here, it’s free.
Crane (NYSE: CR)
Based in Connecticut, Crane (NYSE: CR) is a diversified manufacturer of engineered industrial products, including fluid handling, and aerospace technologies.
Crane reported revenues of $589.2 million, up 7.5% year on year. This result surpassed analysts’ expectations by 1.6%. It was an exceptional quarter as it also put up an impressive beat of analysts’ adjusted operating income estimates.
The stock is up 5.8% since reporting and currently trades at $202.56.
Read our full, actionable report on Crane here, it’s free.
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