(Reuters) – The Architecture Billings Index, considered a leading indicator of U.S. non-residential construction, rose in July to a seven-year high, the American Institute of Architects said on Wednesday.
The ABI rose to 55.8 in July, from 53.5 in June, reflecting an increase in design activity.
Aug 5 (Reuters) – Emerson Electric Co posted
lower-than-expected quarterly profit and sales on Tuesday,
pointing to “persisting economic challenges,” and said its
full-year results would come in at the low end of its
Shares of the U.S. automation and power supply systems maker
slipped 1.4 percent to $63.07 in morning trade on the New York
(Reuters) – Rising orders and increasing optimism from companies like United Technologies Corp (UTX.N: Quote, Profile, Research, Stock Buzz) and Tyco International (TYC.N: Quote, Profile, Research, Stock Buzz) point to a strengthening recovery in the U.S. commercial construction market, which has been limping back since bottoming more than three years ago.
The anecdotal evidence, buttressed by a strengthening index of architectural billings that is considered a leading indicator of commercial construction spending, bodes well for a variety of manufacturers whose fortunes are linked to construction spending for everything from hotels and offices to hospitals and schools, which remain far off their peaks from about six years ago.
July 29 (Reuters) – Eaton Corp tempered its
full-year profit forecast on Tuesday due to weaker margins in
its electrical systems business and dented some Wall Street
hopes for a near-term spin-off of its vehicle business, sending
its shares down 6 percent.
The U.S. manufacturer of power products and systems also
said bookings fell 2 percent for its hydraulics segment, while
second-quarter profit missed analysts’ target.
(Reuters) – U.S. companies are reporting sluggish financial results in Latin America, showing the risks they face in relying on Brazil and other emerging markets in the region for growth.
Companies ranging from Ford Motor Co to 3M Co and Caterpillar Inc reported second quarter earnings that highlighted weakness in their Latin or South American operations.
July 22 (Reuters) – United Technologies Corp posted
an 8 percent increase in quarterly profit, topping estimates, as
sales of its elevators and aircraft parts helped offset a
sluggish performance in its Pratt & Whitney engine business.
The diversified U.S. manufacturer also gave a more bullish
profit outlook for 2014.
July 18 (Reuters) – The success of General Electric Co’s
impending initial public offering for its private-label
credit card unit could ride on investors’ willingness to bet
that a lukewarm consumer-led U.S. economic recovery heats up.
GE began its investor road show on Friday for the IPO of the
unit, to be called Synchrony Financial, as it revealed new
details about the business.
(Reuters) – General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) reported a 13-percent jump in quarterly net income Friday on improved sales of its jet engines and oil and gas equipment, and said it was targeting the initial public offering of its private-label credit-card business for the end of the month.
The U.S. conglomerate has been planning a partial IPO of the North American retail finance business, to be called Synchrony Financial, as part of a plan to exit the business and slim down its overall GE Capital unit.
June 6 (Reuters) – Hertz Global Holdings Inc said it
would restate or correct financial results for the past three
years to fix accounting errors originating in 2011, sending the
car rental company’s shares down as much as 11.5 percent on
First-quarter results are likely to be below market
estimates due to costs related to the accounting review, the No.
2 U.S. car rental firm said in a regulatory filing that signaled
further possible financial adjustments ahead.
(Reuters) – The failure of a Pratt & Whitney jet engine during testing on a new Bombardier Inc plane last week is unlikely to have a significant impact on Bombardier’s testing schedule, an executive at Pratt parent United Technologies Corp said on Thursday.
“We’re working now with Bombardier on a plan to resume testing here in the next few weeks,” United Tech Chief Financial Officer Greg Hayes told an investor conference.