For Immediate Release
Chicago, IL – November 14, 2012 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include Terex Corporation (TEX - Analyst Report), The Goldman Sachs Group, Inc. (GS - Analyst Report), The Royal Bank of Scotland Group plc (RBS - Snapshot Report), UBS AG and Caterpillar Inc. (CAT - Analyst Report).
Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=5513
Here are highlights from Tuesday’s Analyst Blog:
Terex Prices $850M Senior Notes
In a bid to finance senior subordinated notes due 2017, Terex Corporation (TEX - Analyst Report) has priced $850 million senior notes in a new offering (excluding underwriting discounts and commissions or other offering expenses). The notes are priced at an issue price of 100% and carries a coupon rate of 6%.
Terex anticipates the offering to be completed by November 26, 2012, subject to certain customary conditions. Credit Suisse Securities (USA) LLC, Goldman, Sachs and Co. – a wing of The Goldman Sachs Group, Inc. (GS - Analyst Report), RBS Securities Inc. – a unit of The Royal Bank of Scotland Group plc (RBS - Snapshot Report) and UBS Securities LLC – an entity of UBS AG will be acting as the joint book-running managers for the offering.
Terex will use the net proceeds from the offering to finance the purchase of its outstanding senior subordinated notes bearing an interest of 8% due 2017. The amount left will be utilized in general corporate purposes.
Terex reported that its third-quarter 2012 adjusted earnings jumped 107% year over year to 62 cents per share. The results comfortably surpassed the Zacks Consensus Estimate of 50 cents. Total revenues increased 1% year over year to $1.822 billion, missing the Zacks Consensus Estimate of $1.952 billion.
Terex had cash and cash equivalents of $542.6 million as of September 30, 2012, versus $774.1 million as of December 31, 2011. The company’s total debt was $2.03 billion of as of September 30, 2012, compared with $2.3 billion as of December 31, 2011.
The debt to capital ratio improved to 49.7% as of September 30, 2012, from 54.6% as of December 31, 2011. In the stringent regulatory background, the offering of the senior notes is expected to further strengthen the company’s balance sheet as well as support its future growth.
Terex is a global equipment manufacturer catering to the construction, infrastructure, and surface mining industries. The company’s manufacturing facilities are located in the U.S., Canada, Europe, Australia, Asia, and South America. It sells its products through a worldwide distribution network. The company has five reporting segments.
Terex faces competition from large players with greater financial resources like Caterpillar Inc. (CAT - Analyst Report). Terex retains a short-term Zacks #3 Rank (Hold). We have a long-term Neutral recommendation on the stock.
Want more from Zacks Equity Research? Subscribe to the free Profit from the Pros newsletter: http://at.zacks.com/?id=5515.
About Zacks Equity Research
Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.
Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.
Zacks "Profit from the Pros" e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today: http://at.zacks.com/?id=5517
Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leon Zacks. As a PhD from MIT Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros at http://at.zacks.com/?id=5518.
Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Follow us on Twitter: http://twitter.com/zacksresearch
Join us on Facebook: http://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts
Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.
Zacks Investment Research
800-767-3771 ext. 9339