As the Q1 earnings season wraps, let's dig into this quarter's best and worst performers in the general industrial machinery industry, including John Bean (NYSE:JBT) 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 14 general industrial machinery stocks we track reported an ok Q1; on average, revenues missed analyst consensus estimates by 1.4%. Stocks, especially growth stocks where cash flows further in the future are more important to the story, had a good end of 2023. But the beginning of 2024 has seen more volatile stock performance due to mixed inflation data, and general industrial machinery stocks have held roughly steady amidst all this, with share prices up 4.2% on average since the previous earnings results.
John Bean (NYSE:JBT) Tracing back to its invention of the mechanical milk bottle filler in 1884, John Bean (NYSE:JBT) designs, manufactures, and sells equipment used for food processing and aviation.
John Bean reported revenues of $392.3 million, flat year on year, in line with analysts' expectations. Overall, it was a slower quarter for the company with a miss of analysts' organic revenue estimates.
"JBT's financial results for the first quarter, which is typically the seasonally slowest quarter, were in line with our expectations," said Brian Deck, President and Chief Executive Officer.
The stock is up 7.7% since reporting and currently trades at $95.72.
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Best Q1: 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 $124.3 million, up 7.6% year on year, outperforming analysts' expectations by 12.7%. It was an incredible quarter for the company with an impressive beat of analysts' earnings estimates.
L.B. Foster delivered the biggest analyst estimates beat among its peers. Although it had a great quarter compared its peers, the market seems unhappy with the results as the stock is down 6.5% since reporting. It currently trades at $22.74.
Slowest Q1: 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 $2.47 billion, down 7.7% year on year, falling short of analysts' expectations by 11.6%. It was a weak quarter for the company with a miss of analysts' earnings estimates.
The stock is flat since the results and currently trades at $17.28.
Crane Company (NYSE:CR) Based in Connecticut, Crane Company (NYSE:CR) is a diversified manufacturer of engineered industrial products, including fluid handling, and aerospace technologies.
Crane Company reported revenues of $565.3 million, up 10% year on year, surpassing analysts' expectations by 3.5%. More broadly, it was a very strong quarter for the company with an impressive beat of analysts' organic revenue estimates and a decent beat of analysts' earnings estimates.
The stock is up 17.4% since reporting and currently trades at $153.50.
Honeywell (NASDAQ:HON) Originally founded in 1906 as a thermostat company, Honeywell (NASDAQ:HON) is an aerospace and defense manufacturing company building technologies, performance materials, and safety and productivity solutions.
Honeywell reported revenues of $9.11 billion, up 2.7% year on year, in line with analysts' expectations. Taking a step back, it was a very strong quarter for the company with a solid beat of analysts' organic revenue estimates and a decent beat of analysts' earnings estimates.
The stock is up 11% since reporting and currently trades at $216.
This content was originally published on Stock Story
