Cummins http://www.so-l.ru/tags/show/cummins Mon, 01 Jun 2020 10:44:57 +0300 <![CDATA[Volkswagen отказался от покупки доли в группе ГАЗ из за санкций]]> Россия продолжает стремительно терять иностранных инвесторов в автопром.

На следующий день после того, как стало известно о возможном закрытии в России двух заводов Ford, немецкий автомобильный концерн Volkswagen отказался от покупки доли в группе ГАЗ, на заводе которой в Нижнем Новгороде идет cборка автомобилей VW, Skoda и Mercedes.

Volkswagen отказался от покупки доли в группе ГАЗ из за санкций

Фото: marketsignal.ru

Сделка, которая обсуждалась с декабря 2017 года, теперь невозможна из-за санкций, сообщил РИА Новости глава Volkswagen Group Rus Маркус Озегович.

«Чтобы не быть вовлеченными в эту ситуацию, переговоры приостановлены», — отметили он.

Также под вопросом предоставление дизельных двигателей Volkswagen для «Газелей», которым ГАЗ намеревался заменить поставки от американской Cummins.

Переговоры по этому вопросу также приостановлены, заявил Озегович.

Группа ГАЗ, нижегородский завод которой обеспечивает работой 40 тысяч человек и дает 15% валового продукта области, с апреля 2018 года находится под санкциями США, запрещающими любые операции с ней.

При этом в отличие от «Русала», который был выведен из-под санкционного режима, после того как оказался под полным контролем США, ГАЗ остается фигурантом «черного списка» вместе со своим владельцем — миллиардером Олегом Дерипаской.

В Нижнем Новгороде находится 30% локального производства, а собираемые модели — Skoda Octavia и Kodiaq — важные для бренда в России, заявил Озегович.

«Мы находимся в тесном контакте с правительствами России и США, но проблема в том, что мы не можем сделать многое — это политический диалог, который идет между политиками, и нам остается лишь ждать принятых ими решений», — констатировал топ-менеджер.

Источник: Finviz

]]>
http://www.so-l.ru/news/y/2019_03_07_volkswagen_otkazalsya_ot_pokupki_doli_v_g Thu, 07 Mar 2019 12:36:53 +0300
<![CDATA[Why Is Eaton (ETN) Up 6.8% Since Last Earnings Report?]]> It has been about a month since the last earnings report for Eaton (ETN). Shares have added about 6.8% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Eaton due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

Eaton Lags Q3 Earnings Estimates, Narrows Guidance

Eaton Corporation reported earnings per share of $1.43 in third-quarter 2018, which lagged the Zacks Consensus Estimate of $1.44 by a penny. The reported earnings were at the high end of management’s guided range of $1.35-$1.45. Moreover, the bottom line was 14.4% higher than the year-ago figure.    

Revenues

In the quarter, Eaton’s total revenues came in at $5,412 million, lagging the Zacks Consensus Estimate of $5,489 million by 1.4%.  However, total revenues were 3.8% higher than the year-ago quarter.

The year-over-year revenue increase includes 6% organic sales growth, and was partially offset by a 1% negative impact from currency translation and the divestiture of its share in a small electrical joint venture (JV) in 2017, along with the formation of the Eaton Cummins JV.

Segment Details

In the third quarter, Electrical Products’ total sales were $1,789 million, up 0.2% from the year-ago quarter. Organic sales were up 3% while currency translation negatively impacted the same by 1%. The quarter’s operating income was $343 million, up 4% year over year.

Electrical Systems and Services’ total sales were $1,519 million, up 6.9% from the year-ago quarter. Organic sales were up 9% but currency translation negatively impacted the same by 1%. Operating income in the quarter was $234 million, up 19.4% year over year.

Hydraulics total sales were $670 million, up 6% from the year-ago quarter. Organic sales were up 7% but currency translation had a 1% negative impact on the same. The quarter’s operating income was $94 million, up 18% year over year.

Aerospace total sales were $478 million, up 9% from the year-ago quarter. Organic sales were up 9%. Operating income in the quarter was $105 million, up 25% year over year.

Vehicle total sales were $876 million, up 2% from the year-ago quarter. Organic sales were up 7%, partially offset by a negative 2% impact as a result of the formation of the Eaton Cummins JV in 2017 and 3% from negative currency translation. The quarter’s operating income was $166 million, up 10.7% year over year.

eMobility segment’s total sales were $80 million, up 7% from the year-ago quarter. Also, organic sales were up 7%. However, operating income in the quarter was $10 million, down 38% year over year, primarily due to higher spending on research and development activities.

Quarterly Highlights

Cost of products sold in the reported quarter was $3,597 million, up 3.8% from the prior-year quarter.

Selling and administrative expenses were $889 million, down 1.4% from the year-ago quarter.

In the third quarter, the company’s research and development expenses were $138 million, down 6.1% from $147 million in the prior-year quarter.

Interest expenses of $67 million were up 11.7% from the prior-year quarter.

Orders in Electrical Products, Electrical Systems and Services, Hydraulics and Aerospace were up 3%, 4%, 4% and 12% year over year, respectively.

Financial Update

Eaton’s cash & cash equivalents were $327 million as of Sep 30, 2018 compared with $561 million on Dec 31, 2017.

As of Sep 30, 2018, long-term debt of the company was $6,737 million, down from $7,167 million on Dec 31, 2017.

Guidance

Fourth-quarter 2018 earnings per share are expected between $1.38 and $1.48.

The company raised its 2018 earnings expectation by 10 cents, estimated at the lower end of the guided range, to the range of $5.30-$5.40 per share from earlier projection of $5.20-$5.40.

Eaton has plans to repurchase shares worth $800 million to $1 billion in 2018.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in fresh estimates.

VGM Scores

Currently, Eaton has an average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Eaton has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Eaton Corporation, PLC (ETN): Free Stock Analysis Report
 
To read this article on Zacks.com click here.]]>
http://www.so-l.ru/news/y/2018_11_29_why_is_eaton_etn_up_6_8_since_last_ea Thu, 29 Nov 2018 17:31:20 +0300
<![CDATA[Cummins declares $1.08 dividend]]> http://www.so-l.ru/news/y/2018_02_14_cummins_declares_1_08_dividend Tue, 08 May 2018 22:02:15 +0300 <![CDATA[South Africa thrash Australia by 492 runs to win fourth Test – live!]]>
  • South Africa win by 492 runs
  • Vernon Philander bags six wickets in an incredible spell of bowling
  • Feel free to get in touch on email or tweet @JPHowcroft
  • This was a result that was feared at the start of the match following the week Australia had endured but even so, it remains one heck of a thumping.

    Biggest Test victory margins by runs:
    675 Eng beat Aus Brisbane 1928/29
    562 Aus beat Eng Oval 1934
    530 Aus beat SA Melbourne 1911
    492 SA beat Aus Johannesburg 2018
    491 Aus beat Pak Perth 2004

    South Africa arrived on day five knowing they would be celebrating at some point today, they just couldn’t have dreamed it would be so soon. Vernon Philander struck with his opening ball and then again later in his first over to start the rot. Four more fell at his hand in a mesmerising spell of seam bowling before a mindless run-out sealed the deal. Under 90-minutes of play to secure seven wickets and complete a 3-1 series victory, South Africa’s first at home over Australia since 1970.

    Continue reading...]]>
    http://www.so-l.ru/news/y/2018_04_03_south_africa_v_australia_fourth_test_d Tue, 03 Apr 2018 10:37:44 +0300
    <![CDATA[South Africa v Australia: fourth Test, day four – live!]]>
  • Updates from the final match of the series in Johannesburg
  • South African set Australia target of 612 to win
  • Feel free to get in touch with rob.smyth@theguardian.com
  • 27th over: Australia 78-3 (Handscomb 16, S Marsh 4) Aiden Markram comes on to bowl his off spin. Handscomb, a light-footed player of spin, swaggers down to drive through extra cover for four.

    26th over: Australia 73-3 (Handscomb 11, S Marsh 4) Shaun Marsh gets off the mark by belting the new bowler Maharaj for four. The umpires are worried about the light, so we are going to see spin from both ends.

    Continue reading...]]>
    http://www.so-l.ru/news/y/2018_04_02_south_africa_v_australia_fourth_test_d Mon, 02 Apr 2018 11:01:38 +0300
    <![CDATA[Ростсельмаш представил модернизированные тракторы с классической рамой VERSATILE R2 и R3]]>
  •  © sun1-9.userapi.com
  • Компания Ростсельмаш представила модернизированные тракторы с классической рамой VERSATILE R2 и R3 семейства MFWD мощностью 305 и 340 л. с. Мощные высокопроизводительные машины уже в базовой комплектации готовы работать с любыми типами агрегатов, а операторов ждут высокий уровень комфорта и уместная поддержка систем в составе бортовой электроники.

    Полноприводные тракторы VERSATILE R2, R3 MFWD готовы к любой работе и на полях уже доказали свое превосходство по производительности среди машин-одноклассников в одинаковых условиях работы. Мощные, экономичные, маневренные, отлично снаряженные и комфортные.

    Двигатели Cummins известны своей надежностью, тяговитостью и скромным аппетитом. На R2 320 устанавливают мотор объемом 8,3 л максимальной мощностью 322 л. с., на R3 340 — двигатель объемом 8,9 л максимальной мощностью 370 л. с. В это...]]> http://www.so-l.ru/news/y/2018_04_01_rostselmash_predstavila_modernizirovanni Sun, 01 Apr 2018 18:44:27 +0300 <![CDATA[Кто знает автомобиль Cord?]]> Забытые имена. Cord

    На самом деле в истории автомобилестроения было много автомобилей, которые на момент создания были шедевром или "революцией", а потом просто исчезли и сейчас мы ничего про них не знаем. Вот например Великолепный Добл, а вот например Tucker’48 (или Tucker Torpedo) и вот еще Автомобили, которых не было

    А давайте отправимся в 1935 год.  На автосалоне в Нью-Йорке один стенд привлёк к себе множество посетителей. Наверное столько, сколько бы привлекла к себе приземлившаяся там инопланетная летающая «тарелка» с «марсианами», и неспроста, автомобиль выставленный на показ бросал вызов своему времени как в техническом плане, так и дизайном. Подумать только, несущий кузов с интегрированным передним подрамником, передний привод, 4-х скоростная коробка передач, управляемая маленьким переключателем – «флажком» на рулевой колонке, еще не автоматическая, но и классической механикой её назвать было нельзя, ваккумный усилитель тормозов, «слепые» фары, спрятанные в выключенном положении в нишах колёсных арок, скрытые петли дверей, радио в стандартной комплектации и тахометр на панели приборов, двухрежимные стеклоочистители.

    Что это за авто?




    Но по порядку!

    В 1934м начался проект по созданию нового автомобиля, первоначально планировалось построить переднеприводный Дюзенберг, и руководителем проекта была Аугуст Дюзенберг. Кстати интересный факт, еще в 1933м году дизайнер автомобиля — Гордон Миллер Бьюриг отправил эскиз будущего автомобиля на конкурс дизайнеров, председательствовал в котором Харли Эрл, работе присудили последнее место, назвав её самой худшей работой, что вообще видели.





    Однако Корду дизайн понравился, и решили немного доработать его, так появились закрытые фары, идею которых подсмотрели с фар самолётов фирмы Stinson, которая так же входила в империю Корда. Кстати интересный факт, фары открывались первоначально не вертикально, а горизонтально, но на серийных машинах фары открывались-закрывались вертикально.

    Автомобиль не имел решётки радиатора, вместо неё, был ряд широких хромированных полосок, протянувшийся до передних дверей, из-за карахтерного дизайна машина получила прозвища: холодильник и еще хуже — крышка гроба.

    Однако на выставке New York Motor Show в ноябре 1935 года, фурор произвёл автомобиль, который носил название вовсе не Duesenberg, а Cord — Cord 810, Это был переднеприводный автомобиль, с мотором фирмы Lycoming так же мощностью в 125 сил, но объёмом не в 4.9л, как предшественник, а 4.7, но главное отличие было в том, это был не рядник, а V8.


    Cord 810 Westchester Sedan

    Cord 810 Westchester Sedan

    Однако передний привод это было всё что роднило L29 и 810. 810й получил независимую подвеску передних колёс, вакуумный усилитель тормозов, передачи в коробке передач управлялись электрически через рычаги, которые были смонированы на рулевой колонке. Кстати название 810 появилось благодаря тому, что начало производства намечалось 10 августа 1935 года, однако к этому сроку не успели запустить производство машин, так что вот только осенью модель была анонсирована.


    салон Cord 810/812

    салон Cord 810/812

    Из дизайнерских особенностей кроме необычной морды и скрытых фар были: скрытые петли дверей, капот алигаторного типа, т.е. откидывается назад, задние фары интегрированы в кузов, так же как и лючок бензобака. Серийно имелись радиоприёмник и тахометр, что не было нормой до начала 50х даже на дорогих автомобилях. Дворники были с регулируемой скоростью (2 скорости), в то время не все машины их имели, это раз, а во вторых те которые их имели в большинстве своём имели механический привод.

    Забытые имена. Cord

    Фары имели механический, ручной привод, каждая фара — свой, отдельный

    Фары имели механический, ручной привод, каждая фара — свой, отдельный


    Всё это не вызывало бы удивления в автомобиле 70-х годов, но в США в 1935 году это всё казалось немыслимым. Кое-где лишь на американских машинах высшего класса стала появляться независимая передняя подвеска, которая опять-таки была на Корде, ну и V-образный 8 цилиндровый двигатель не был чем-то удивительным для состоятельных американцев. Вот только установлен он был необычно, двигатель находился позади коробки передач, и сам двигатель на Корде тоже был новый, 4,7-литровый Lycoming V8 (механическим нагнетателем Schwitzer-Cummins двигатель комплектовался с 1937 года).


    Забытые имена. Cord


    Забытые имена. Cord


    Естественно это был успех, заказов была целая куча, естественно с предоплатой, первоначально планировалось доставить автомобили к рождеству 1935го года, однако заказчики получили не машины, а модельки, т.к. Корд переоценил возможности продемонстрировав автомобиль раньше времени, главной причиной были сложности с кузовами, которые были интегрированы с рамами, т.е. практически несущие кузова.

    Во-вторых дорогие кузова потребовали лишних вливаний, которые неоткуда было взять, так решили экономить на всём что можно, внутренние ручки дверей купили на распродаже банкротного имущества.

    Но самой главной проблемой было то, на выставке были представлены автомобили без трансмиссии, её просто не довели еще до ума. Надо сказать что 100 автомобилей Корд 810 были построены всего за несколько месяцев к Нью-Йорской выставке, т.к. устроители шоу выставили такое вот условие.

    Однако к весне 1936 года удалось запустить автомобиль в серию, но тут выяснилось, что мотор имеет склонность к перегреву, последствия которого приводили к трещинам в алюминиевых головках мотора, коробка передач была задумчивой и плюс иногда сама врубала во время хода нейтралку, ШРУСы не надёжны. За машиной закрепляется слава не надёжной, многие начинают отзывать свои заказы.

    А оперный певец Беньямино Джильи, который хотел заказать такой автомобиль просить переделать свой надёжный L29 в стиле 810, правда он не очень на него похож, кроме передних дверей.


    Забытые имена. Cord

    Забытые имена. Cord

    Забытые имена. Cord


    В 1937м году излечив детские болячки модель 810 получает новый индекс — 812. Некоторые думают, что все 812 компрессорные, но это не так. Отличить 812SC с компрессором от атмосферных моделей 812 можно по трубам, которые выходят из боковин капота, сделаны они были для улучшения охлаждения двигателя, т.к. компрессор из-за нехватки места установили сверху мотора, кстати компрессорные машины имеют чуть высокий капот, но не зная этого разницу трудно заметить.


    Забытые имена. Cord


    Забытые имена. Cord


    Автомобили с компрессором имели 2 варианта наддува в 170 и 190 сил, с последним вариантом Корд мог развивать 170 сил и разгоняться до 100 за 13 секунд, одним из самых быстрых американских автомобилей своего времени.


    Забытые имена. Cord


    Не смотря на то что, автомобиль покупали богатые, знаменитые и харизматичные люди, как например норвежская конькобежка Соня Хенни (её черный 810 до сих пор сохранился), американская лётчица Амелия Эрхарт, бизнесмены Уильям Ригли и Говард Хьюз, актёры Джонни Весмюллер, он же Тарзан. В СССР как ни странно тоже был один Корд 812, ездил на нём Герой Советского Союза летчик Михаил Громов, который совершил беспосадочный перелёт через Северный полюс в Америку. Его машина сохранилась до сих, и находится в РФ в частной коллекции!


    Cord 810 Hardtop

    Cord 810 Hardtop


    Продажи машины падали, причём катастрофически, в середине 1937 года появилась удлинённая на 18см база, на эти шасси стали строить две модели Custom Beverly и Custom Berline, последний имел дополнительное ребро-полоску на передке, внутри у была стеклянная перегородка, всего была построена 21 машина с 132" базой из 2907 всего выпущенных. На глазок 132" модель от 125" можно отличить по более толстой задней стойке крыши.


    Cord 812SC Custom Berline

    Cord 812SC Custom Berline


    В авгесте 1937 года Корд продаёт свою автомобильную компанию Далласу Уинслоу. К 1938м году новый дизайнер фирмы Корд — Алекс Тримулис обновляет капот и крышку закрывающий корпус машина получает индекс 814, однако дальше одного прототипа дело не идёт.


    Забытые имена. Cord


    Т.к. Уинслоу продаёт готовые кузова фирме Hupmobile, после её банкротства кузова Корда использовали на автомобилях Graham-Page. В 1941м фирму "Корд" признают банкротом.

    Однако на складе остаётся куча изготовленных и не используемых кузовов, которые в итоге достались фирме Ниссан, те простояв до начала 60х в контейнерах пошли в итоге на слом, но однако история марки не закончилась!

    В 1964 Гленн Прей, который еще в 1954м году купил права на марку Cord у Уинслоу, при помощи Гордона Бьюрига, дизайнера 810/812 серии возобновляет производство автомобилей, автомобиль был воссоздан в немного уменьшенном масштабе и кузова теперь композитные из материала Royalex.

    В качестве силового агрегата используется мотор и коробка передач от заднемоторного Шевролет Корвейр. Автомобиль был переднеприводным, как и предшественники, передняя подвеска используется от Ситроена ТА.


    Cord 8/10 Sportsman

    Cord 8/10 Sportsman

    Однако им удаётся за 3 года продать всего 97 автомобилей.

    B 1967м Ховард Уильямс и авиапромышленник Уильям П. Лир выкупают обанкротившийся "Корд", они основывают фирмы SAMCO, которая начинает выпускать автомобили с техникой Крайслер и Форд, дизайн машина переработали и я лично должен признаться не в лучшую сторону. Было 2 модели Уорриор и Роял, первый имел базу длиной 2,74м, второй — 2,87. Кроме того покусились на святая святых — передний привод, автомобиль стал заднеприводным.


    Cord Royale

    Cord Royale

    Cord Warrior

    Cord Warrior


    Конструктор Гордон Миллер Бьюрик за свою работу над Cord 810 был признан одним из лучших автоконструкторов 20-го века.

    Забытые имена. Cord


    Забытые имена. Cord


    Этот автомобиль – доказательство тезиса о том, что имя дизайнера будет жить в веках, а о маркетологах, создающих современные однотипные кузова — «флаконы для геля», никто не вспомнит и при их жизни. Несмотря на столь сложную и не самую удачную судьбу Cord 810/812 стал автомобилем, больше похожим на произведение искусства, а его технические характеристики, были актуальными до конца 20 века.


    источники
    https://zen.yandex.ru/media/oldtimer/cord-810812-avtomobil-operedivshii-svoe-vremia-5a81a421a8673134168a7602


    ]]>
    http://www.so-l.ru/news/y/2018_03_30_kto_znaet_avtomobil_cord Fri, 30 Mar 2018 12:00:18 +0300
    <![CDATA[South Africa v Australia: fourth Test, day one – live!]]>
  • Updates from the final match of the series in Johannesburg
  • Adam Collins on Steve Smith, David Warner and the future
  • Email rob.smyth@theguardian.com
  • 42nd over: South Africa 135-1 (Markram 83, Amla 25) Lyon has three men round the bat for Markram: slip, leg slip and short leg. OU EST LE BATPAD? Three from the over, and that’s drinks.

    41st over: South Africa 132-1 (Markram 80, Amla 25) Markram pulls Hazlewood for four, a lovely, smooth shot. He is some player, this kid.

    “Hey Rob,” says Tapan. “Haven’t heard from you on ‘sandpapergate’ yet. Curious to know.”

    Continue reading...]]>
    http://www.so-l.ru/news/y/2018_03_30_south_africa_v_australia_fourth_test_d Fri, 30 Mar 2018 10:20:50 +0300
    <![CDATA[CarMax (KMX) to Report Q4 Earnings: What's in the Cards?]]> CarMax Inc. KMX is slated to report fourth-quarter fiscal 2018 (ended Feb 28, 2018) results on Apr 4, before the opening bell. Last quarter, this specialty retailer of used vehicles delivered a negative earnings surprise of 1.2%.

    The company pulled off positive earnings surprises in three of the trailing four quarters with an average beat of 5%. CarMax has expected long-term growth rate of 14.8%.

    Let’s see how things have shaped up for the forthcoming announcement.

    CarMax, Inc. Price and EPS Surprise

    CarMax, Inc. Price and EPS Surprise | CarMax, Inc. Quote

    Factors Influencing This Quarter

    CarMax aims at the used-car market and is one of the strongest among the peers. In fiscal 2017, used vehicle sales rose 6.7%, supported by an 8.3% year-over-year increase in used-car units sold. In third-quarter fiscal 2018, CarMax’s total used-vehicle unit sales rose 8.2%, which is likely to continue in the fiscal fourth quarter.

    The Richmond, VA-based company is also following an aggressive store expansion scheme in order to grow its presence in the existing and new markets. It opened total six stores during the first two quarters of fiscal 2018. During the third quarter of fiscal 2018, CarMax opened five stores.

    A significant increase in cash outflows from operations and rising capital expenditures might affect CarMax’s revenues.

    For the soon-to-be-released quarterly results, the Zacks Consensus Estimate for net sales of used-vehicle retail is pegged at $3.6 billion, up from the fiscal third quarter’s net sales of $3.4 billion.

    Similarly, the Zacks Consensus Estimate for net sales of the company’s wholesale vehicles stands at $499 million, down from the fiscal second quarter’s net sales of $552.8 million.

    Also, the Zacks Consensus Estimate for Other sales and revenues is expected to be $135 million, up from the fiscal third quarter’s figure of $129 million.

    Earnings Whispers

    Our proven model does not conclusively show that CarMax is likely to beat earnings in this quarter. This is because a stock needs to have both a positive Earnings ESP and a favorable Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) for this to happen. But that is not the case here as you will see below.

    Zacks ESP: CarMax has an Earnings ESP of -3.51% as the Most Accurate estimate of 86 cents is lower than the Zacks Consensus Estimate of 89 cents. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

    Zacks Rank: CarMax carries a Zacks Rank #3, which increases the predictive power of ESP. However, we need to have a positive ESP to be confident about an earnings surprise.

    We caution against Sell-rated stocks (#4 or 5) going into earnings announcement, especially when the company is witnessing negative estimate revisions.

    Stocks to Consider

    Here are a few companies worth considering in the same space, with the right combination of elements to surpass estimates this quarter:

    General Motors Company GM has an Earnings ESP of +0.52% and a Zacks Rank of 1. It is expected to report upcoming earnings results on Apr 27. You can see the complete list of today’s Zacks #1 Rank stocks here.

    BorgWarner Inc. BWA has an Earnings ESP of +2.02% and a Zacks Rank of 2. It is expected to report upcoming earnings results on Apr 26.

    Cummins Inc. CMI has an Earnings ESP of +2.57% and a Zacks Rank of 3. It is expected to report upcoming earnings results on May 1.

    Investor Alert: Breakthroughs Pending

    A medical advance is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating substantial revenue and even more wondrous products are in the pipeline.

    Cures for a variety of deadly diseases are in sight and so are big potential profits for early investors. Zacks names 5 stocks to buy now.

    Click here to see them >>
     


    Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
     
    CarMax, Inc. (KMX): Free Stock Analysis Report
     
    General Motors Company (GM): Free Stock Analysis Report
     
    BorgWarner Inc. (BWA): Free Stock Analysis Report
     
    Cummins Inc. (CMI): Free Stock Analysis Report
     
    To read this article on Zacks.com click here.]]>
    http://www.so-l.ru/news/y/2018_03_29_carmax_kmx_to_report_q4_earnings_what Thu, 29 Mar 2018 16:30:00 +0300
    <![CDATA[Should Value Investors Consider Cummins (CMI) Stock Now?]]> Value investing is easily one of the most popular ways to find great stocks in any market environment. After all, who wouldn’t want to find stocks that are either flying under the radar and are compelling buys, or offer up tantalizing discounts when compared to fair value?

    One way to find these companies is by looking at several key metrics and financial ratios, many of which are crucial in the value stock selection process. Let’s put Cummins Inc. CMI stock into this equation and find out if it is a good choice for value-oriented investors right now, or if investors subscribing to this methodology should look elsewhere for top picks:

    PE Ratio

    A key metric that value investors always look at is the Price to Earnings Ratio, or PE for short. This shows us how much investors are willing to pay for each dollar of earnings in a given stock and is easily one of the most popular financial ratios in the world. The best use of the PE ratio is to compare the stock’s current PE ratio with: a) where this ratio has been in the past; b) how it compares to the average for the industry/sector; and c) how it compares to the market as a whole.

    On this front, Cummins has a trailing twelve months PE ratio of 14.6, as you can see in the chart below:



    This level actually compares pretty favorably with the market at large, as the PE for the S&P 500 stands at about 19.9. If we focus on the long-term PE trend, Cummins’ current PE level puts it below its midpoint of 16.3 over the past five years. Moreover, the current level stands well below the highs for the stock, suggesting that it could be a great entry point.



    However, the stock’s PE stands above the Zacks Auto – Tires – Trucks sector’s trailing twelve months PE ratio of 10.4. This indicates that the stock is relatively stretched right now, compared to its peers.



    Nonetheless, we should also point out that Cummins has a forward PE ratio (price relative to this year’s earnings) of just 12.3, so it is fair to say that a slightly more value-oriented path may be ahead for Cummins stock in the near term too.

    P/S Ratio

    Another key metric to note is the Price/Sales ratio. This approach compares a given stock’s price to its total sales, where a lower reading is generally considered better. Some people like this metric more than other value-focused ones because it looks at sales, something that is far harder to manipulate with accounting tricks than earnings.

    Right now, Cummins has a P/S ratio of about 1.3. This is significantly lower than the S&P 500 average, which comes in at 3.2 right now.



    Broad Value Outlook

    In aggregate, Cummins currently has a Value Score of A, putting it into the top 20% of all stocks we cover from this look. This makes Cummins a solid choice for value investors.

    What About the Stock Overall?

    Though Cummins might be a good choice for value investors, there are plenty of other factors to consider before investing in this name. In particular, it is worth noting that the company has a Growth Score of A and a Momentum Score of C. This gives CMI a Zacks VGM score — or its overarching fundamental grade — of A. (You can read more about the Zacks Style Scores here >>)

    Meanwhile, the company’s recent earnings estimates have been quite encouraging. The current quarter has seen seven estimates go higher in the past sixty days compared to one downward revision, while the full year estimate has seen ten upward and one downward revision in the same time period.

    This has had a meaningful impact on the consensus estimate as the current quarter consensus estimate has risen by nearly 7% in the past two months, while the full year estimate has jumped 6.4%. You can see the consensus estimate trend and recent price action for the stock in the chart below:

    Cummins Inc. Price and Consensus
     

    Cummins Inc. Price and Consensus | Cummins Inc. Quote

    However, this bullish trend has likely not yet been reflected in the stock, as we have just a Zacks Rank #3 (Hold), which indicates expectations of in-line performance in the near term. Nevertheless, the bullish analyst sentiment indicates that the stock’s prospects in the near term look good.

    Bottom Line

    Cummins is an inspired choice for value investors, as it is hard to beat its incredible lineup of statistics on this front. Despite having a Zacks Rank #3, the stock belongs to an industry which is ranked among the Top 48% of more than 250 industries, which indicates that broader factors are favorable for the company. In fact, over the past two years, the industry has clearly outperformed the broader market, as you can see below:



    So, it might pay for value investors to delve deeper into the company’s prospects, as fundamentals indicate that this stock could be a compelling pick.

    5 Medical Stocks to Buy Now

    Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.

    New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.

    Click here to see the 5 stocks >>


    Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
     
    Cummins Inc. (CMI): Free Stock Analysis Report
     
    To read this article on Zacks.com click here.
     
    Zacks Investment Research]]>
    http://www.so-l.ru/news/y/2018_03_26_should_value_investors_consider_cummins Mon, 26 Mar 2018 17:05:00 +0300
    <![CDATA[История Cord 810/812]]>
    В 20-х годах прошлого века, Эррет Лобан Корд был простым торговцем автомобилей в Чикаго. Не смотря на это, Корд умудрился заработать довольно значительную сумму денег и обратиться в 1924 году к руководству бедствующей компании Auburn из штата Индиана с предложением поставить компанию на ноги.

    Эррет Лобан Корд
    Спустя почти год, Корд стал владельцем фирмы Auburn, тем самым начав путь к выпуску автомобилей. Дальше было еще больше. Корд превратил маленькую развивающуюся фирмочку в целую империю, скупив целый ряд компаний: Duesenberg из Индианаполиса, American Airlines, Lycoming и Checker из Нью-Йорка!

    К 1928 году Корд уже управлял активами в 11 миллионов долларов! Это огромные деньги для тех времен! Также в распоряжении имелось несколько заводов уже подготовленных к выпуску автомобилей, в том числе вышеупомянутые Duesenberg и Auburn. Для осуществления плана для производства Корд нанял проектировщиков Гарри Миллера и Корнелиуса Ван Ранста.

    Было решено назвать автомобиль в честь самого себя – Cord. Еще одним важным критерием для проектировщиков стало то, что машины должны были иметь исключительно двигатели от Lycoming, так как эта компания по постройке моторов входила в империю Корда.
    Одной из самых ярких моделей фирмы Cord стала модель 810\812. Внешним видом в 1934 году занялся Гордон Бюэриг, в то время как сам Корд покинул США из-за преследования со стороны правительственных органов, тем не менее у него одновременно с этим получалось неплохо управлять своей фирмой. Кроме переднего привода и двигателя V8 Lycoming, она получила великолепный кузов.

    Осенью 1935 года на автомобильных выставках в Нью-Йорке, Чикаго и Лос-Анжелесе новый автомобиль марки Cord произвел эффект разорвавшейся бомбы. Такого современного автомобиля, с огромным количеством новейших технических разработок, а главное, с таким фантастическим дизайном никто из посетителей выставок еще не видел.
    Автомобиль имел прекрасный внешний вид, плавные необычные формы и массу интересных отличительных особенностей, он не имел как таковой характерной решетки радиатора, вместо них ряд широких хромированных полосок протянулся снаружи моторного отсека от одной передней двери до другой, а фары убирались в передние крылья под специальные крышки. К 1937 году цена машины составила: 2195$ за модификацию 810 и 2560$ за 812, в последующий год цена обоих возросла еще на 450$.
    В то время насчитывалось 6 модификаций кузова: Convertible Coupe, Beverly Sedan, Custom Beverly, Custom Berline, Phaeton, Westchester Sedan. Внешний вид автомобиля был узнаваемым даже десятилетия спустя. Дилерам поступило 7639 заявок от желающих в ближайшее время приобрести эту модель. Эта серия оказалась технически совершенной, но полностью убыточной изначально. Причиной тому стала не только нехватка средств.

    На постройку одного автомобиля денег уходило несоизмеримо больше чем ожидалось, причиной тому послужил кузов, в изготовлении оказавшись очень дорогим и сложным, так как он был несущим, а не на рамном шасси. Также неувязка вышла и с началом выпуска автомобилей, заказы от клиентов были уже приняты и оплачены, а готовых машин еще не было, в результате чего расстроенным заказчикам пришлось отправить на Рождество 1935 года масштабные модели автомобиля в качестве подарка.
    Тем не менее, после рождества автомобили начали продаваться в достаточном количестве. Автомобиль имел прекрасный внешний вид, плавные необычные формы и массу интересных отличительных особенностей, он не имел как таковой характерной решетки радиатора, вместо них ряд широких хромированных полосок протянулся снаружи моторного отсека от одной передней двери до другой, был переднеприводным, а фары убирались в передние крылья под специальные крышки. Внешний вид автомобиля был узнаваемым даже десятилетия спустя.

    Передняя панель автомобиля под заказ была выполнена из дерева, так же это касалось и обшивки дверей. Салон обшивали бежевой, коричневой, либо черной кожей. В оснащение входило даже радио. В то время единые рама и кузов представляли собой пример ранней несущей конструкции (очень дорогой в изготовлении).
    Двигатель: 16 клапанный V8 Lycoming с диаметром цилиндра и ходом поршня 88.9х95.25 мм, объемом 289 куб. дюймов (4729 куб.см.) и верхним расположением клапанов с необычным приводом располагался за коробкой передач. При компрессии 6.50:1 мощность составляла 125 л.с при 3600 об\мин, это позволяло автомобилю развивать скорость в 90 миль\ч. До 60 миль\ч машина разгонялась ровно за 20 секунд. Сама же коробка передач имела 4 ступени и сложное электропневматическое переключение передач с небольшим рычажком и направляющей для него на рулевой колонке.
    Автомобиль имел компактную компоновку, колесная база в среднем была на 30 см. короче, чем у одноклассников, а масса на 300 килограммов меньше и составляла 1730 кг. Упругим элементом передней независимой подвески была поперечная листовая рессора, а направляющими – массивные нижние рычаги. Барабанные тормоза имели вакуумный усилитель – в те времена это была вершина в автомобилестроении.

    В 1937 модельном году Cord выпустил на свет модель 812 – с двигателем, оборудованным механическим нагнетателем Schwitzer-Cummins. С ним, машина по сути имевшая ту же самую конструкцию, что и модель 810, развивала уже 190 л.с. и была способна разогнаться до 177 км\ч.
    Модель 812 несколько подражала Mercedes SSK тех лет и Auburn 851 Speedster, в частности она имела выхлопные трубы выходящие из боковин моторного отсека, как и у вышеупомянутых. Автомобиль имел впечатляющие характеристики и являлся настоящим представителем Grand Touring, чем и прославился среди мафиози и бандитов 30-х годов, которые без труда уходили в погоне от полицейских Chevrolet Six. К большому сожалению, обе машины потерпели коммерческое фиаско.

    В 1936 модельном году изготовили только 1174 автомобиля модели 810. Даже появление модели 812 с наддувом не отразилось на уровне продаж: изготовлено было 1146 машин. Конец наступил менее чем через два года. Всего компания выпустила 2320 автомобилей, после чего по решению суда ее объявили несостоятельной.
    Однако сам же Эррет Лобан Корд был непотопляем, после банкротства Корд был передан владельцем компании в распоряжение фирмы Hupmobile из Детройта, которая превратила машину в заднеприводную и оснастила ее собственным двигателем и измененной передней частью, она называлась – Hupmobile Skylark. Как ни странно, после выпуска нескольких сотен автомобилей компания тоже обанкротилась, тогда эстафету приняла компания Graham работающая на том же заводе, что и Hupmobile, и поставлявшая кузова для него же. Автомобиль был в очередной раз модернизирован и установлен собственный двигатель. Модель представили как Graham Hollywood. И снова неудача: выпуск был остановлен после сборки 1859 автомобилей.

    Hupmobile Skylark (Graham Hollywood)
    Следует отметить, что марка Cord скончалась в 1941 году, а не в 1937 году, хотя к тому времени наследие было довольно сомнительным. Сам же Эррет Лобан Корд на продолжительное время после этого пропал, после чего объявился в штате Невада в 60-х годах, где занялся радио и телевидением, однако более он никогда не пытался вернуться к выпуску автомобилей. В Неваде Корд прожил до 1974 года где и умер, а вместе с ним и еще один великий, когда-то созданный им автомобиль периода «классики высокой моды» 1930-1940 годов – Cord.



    ]]>
    http://www.so-l.ru/news/y/2018_03_23_istoriya_cord_810_812 Fri, 23 Mar 2018 16:25:01 +0300
    <![CDATA[Приключения пикапов в России]]> На заре автомобилестроения пикапы выпускались исключительно как рабочие машины с минимальным набором удобств. Сейчас все изменилось. Ими пользуются не только, чтобы перевозить груз, но и с удобством добираться до пункта назначения. К сожалению, отечественный рынок не богат пикапами, и за последнее время выбор стал только меньше.

    УАЗ Пикап

    Ульяновский автозавод то и дело радует любителей бездорожья и активного отдыха новыми модернизациями. На этот раз обновлению подвергся УАЗ Пикап.

    Как обычно, немного изменили дизайн и интерьер. Но УАЗы любят не за внешний вид, а за внедорожные способности, вместительность и цену.

    С проходимостью все хорошо (проверено многочисленной армией поклонников off-road). Высокий дорожный просвет, рамная конструкция, жестко подключаемый полный привод, а также блокировка заднего дифференциала позволяют не волноваться, перепрыгивая очередное препятствие.

    Багажник может вместить 1181 литров, а если установить кунг – 2243 литра. Грузоподъемность – 725 кг, ее с лихвой хватит для бытовых нужд.

    На УАЗы устанавливаются двигатели ЗМЗ 40906 объемом 2,7-литра и мощностью 135 лошадиных сил, с механической 5-ступенчатой коробкой. Для любителей автоматов – АКПП на ульяновских пикапах как не было, так и нет.

    Цены на УАЗ Пикап демократичны. Версия «Классик» обойдется в 700 тысяч рублей. А если захотите максимальную комплектацию, готовьтесь потратить 1 миллион 44 тысячи рублей.

    Volkswagen Amarok

    В 2009 году немцы выпустили на рынок не просто рабочую лошадку, но и вполне комфортабельный пикап под название Amarok. В 2016 году он претерпел первую модернизацию, и с новыми силами отправился покорять автомобильные рынки, в том числе и российский.

    Среди всех официально представленных у нас пикапов Amarok выделается самым мощным двигателем – V6 TDI дизелем. В обычном режиме он выдает 224 лошадиных силы. А в пиковых из него можно выжать до 245 «лошадок». Другие версии тоже имеются. Для тех, кто хочет сэкономить на топливе, стоит присмотреться к версиям с 2.0-литровыми моторами TDI и biTDI.

    Коробок две на выбор, так же, как и систем полного привода. Для любителей полазить по буеракам подойдет 6-ступенчатая «механика» с подключаемым полным приводом и «понижайкой», а для любителей ездить с комфортом – 8-ступенчатый «автомат» и постоянный полный привод.

    На отечественном рынке новый Volkswagen Amarok у официальных дилеров можно приобрести по минимальной цене 2 миллиона 167 тысяч рублей. За специальные версии будьте готовы отдать до 3,5 миллиона рублей.

    Foton Tunland

    Китайские производители пикапов на нашем рынке представлены фирмой Foton. Кампания молодая, всего 22 года на рынке. А пикапы выпускает и того меньше – первый Foton Tunland сошел с конвейера только в 2014 году.

    По техническим данным здесь нет, конечно, ничего выдающегося. Под капотом размещается дизель Cummins ISF 2.8-литра мощностью 163 лошадиных силы. Коробка передач – 5-ступенчатая механика от Getrag. Дорожный просвет 200 мм. Раздатка BorgWarner c «понижайкой». Грузоподъемность 925 килограммов.

    Foton Tunland – это обычный рабочий автомобиль с претензией на комфортабельность. В начальной комплектации имеются подушки безопасности, АБС, кондиционер, CD-проигрыватель и обойдется она в 1 миллион 550 тысяч рублей. Более продвинутая версия Comfort отличается лишь кожаным салоном и двумя дополнительными динамиками. Эти опции поднимут цену на 50 тысяч рублей.

    Fiat Fullback

    Итальянцы тоже представили на суд отечественных автолюбителей свой пикап – Fiat Fullback. Внешне это практически брат-близнец японца Mitsubishi L200, который также официально представлен в России.

    Из особенностей можно выделить силовой агрегат, который совмещает в себе легкость и мощность. На выбор тут дизель объемом 2,4-литра и мощностью 150 лошадиных сил, либо такой же по объему дизель, но мощнее на 30 «лошадок». Автомобиль идет в комплекте либо с 6-ступенчатой «механикой», либо с 5-ступенчатым «автоматом».

    Максимальная грузоподъемность – 1 тонна. Масса буксируемого прицепа – не более 3,1 тонны. Подключаемый полный привод с блокировкой межосевого дифференциала и понижающей передачей.

    Комплектации представлены на любой вкус. Минимально машина обойдется в 1 млн. 600 тысяч рублей. А максимум – 2 млн. 290 тысяч.

    Toyota Hilux

    Один из самых популярных и надежных пикапов, производится с далекого 1968 года. Сейчас в продаже восьмое поколение автомобилей. Машина немного прибавила в длине и ширине, и незначительно убавила в высоте.

    Интерьер довольно сильно переработали. Внутренне убранство стало конкурировать с дорогими внедорожниками. Места в салоне достаточно, чтобы свободно расположиться пяти пассажирам.

    На пикап устанавливается система безключевого запуска двигателя, современная мультимедийная система, складывающиеся зеркала и множество других приятных мелочей.

    Пикап представлен двумя вариациями силовых агрегатов. Первый – 2,4-литровый 4-цилиндровый дизель мощностью 150 лошадиных сил и механической 6-ступенчатой коробкой передач. Второй – 2,8-литровый дизель со 177 «лошадками» и автоматической 6-ступенчатой коробкой.

    Ценовой разброс на новый Toyota Hilux составляет от 2 миллионов 115 тысяч за минимальную комплектацию до 2 миллионов 584 тысяч за максимальную.

    Mercedes X-class

    Недавно российские дилеры стали принимать заказы на пикапы Mercedes X-класса. Но машины к нам поступят не раньше июня, и по цене могут неприятно удивить даже подготовленных потенциальных покупателей.

    На отечественный рынок планируют поставлять Mercedes X 220d с четырехцилиндровым 2,3-литровым турбированным дизелем Nissan мощностью 163 лошадиных силы. В комплекте идет 6-ступенчатая механическая коробка передач и жестко подключаемый полный привод.

    Версия Mercedes X 250d оснащается тем же самым двигателем Nissan, но с двойным турбонаддувом, из-за чего получается увеличить мощность 190 «лошадок». На эту модель устанавливается 7-ступенчатый «автомат».

    Минимальная комплектация Mercedes X 220d Pure обойдется в 2 млн. 899 тысяч рублей. Версия Progressive оценивается в 3 млн. 169 тысяч рублей. А Mercedes X 250d с кожаным салоном, климат-контролем и прочими атрибутами статусного авто будет стоить не меньше 3 млн. 499 тысяч рублей.

    Новости авто: Стала известна стоимость путешествия из Москвы в Петербург по платной трассе М-11

    ]]>
    http://www.so-l.ru/news/y/2018_03_23_priklyucheniya_pikapov_v_rossii Fri, 23 Mar 2018 08:43:46 +0300
    <![CDATA[7 Ways to Improve Operations Without Sacrificing Worker Safety]]>
    mar18-21-132075539-CSA-Images-B&W-Archive-Collection

    HBR STAFF/CSA Images/BW Archive Collection/Getty Images

    When I ask corporate leaders why they are committed to preventing serious injuries and deaths among their workers, most say they care about their employees and don’t want to see anyone hurt. They’ll also note that “safety pays” in reducing costs, or admit they fear reputational damage following a significant incident at their company.

    In my experience, these rationales rarely lead to significant changes in workplace safety and the prevention of serious injuries and deaths. Underneath it all, many business leaders have an implicit but unfounded belief that, while it is necessary to reduce workplace injury risk, there is a trade-off between profits and the expenditures necessary to keep workplaces safe. One example of this sticks in my mind.

    During my years at OSHA, where I served as the Assistant Secretary of Labor from 2009 through the beginning of 2017, I received several reports of safety system failures at DuPont facilities. I watched with concern as the company, under pressure from activist shareholders to increase profits, cut costs and let its safety program deteriorate. Needed repairs and upgrades were delayed, worker training postponed, and risk assessments overlooked. The culmination was an incident at an insecticide plant in LaPorte, Texas, where, as a result of a basic process safety management failure, an extremely toxic chemical—methyl mercaptan—was released and two workers were overcome. With inadequate equipment, others rushed in to save their colleagues. In all, four workers were killed.

    We fined DuPont a few hundred thousand dollars—a high penalty for OSHA but petty cash for DuPont. To get management’s attention, I issued a statement declaring that “these four preventable workplace deaths and the very serious hazards we uncovered at this facility are evidence of a failed safety program.”

    It worked. CEO Ellen Kullman came to see me and promised a top to bottom review of the DuPont safety program. I was pleased with our meeting, feeling like she had made a real commitment. And then, less than two weeks later, she stepped down.

    Her successor, Ed Breen, was quoted as saying, “as we confront a challenging environment, [Kullman] and the management team already have taken actions to accelerate cost reductions. Looking ahead, we will continue to drive productivity, and we plan to conduct a deep dive into the details of our cost structure and allocation of capital to ensure we deliver appropriate returns for shareholders.”

    When I read DuPont CEO Breen’s words “accelerating cost reductions,” my heart sank. I thought immediately of BP and the other industrial giants whose “accelerating cost reductions” had disastrous consequences. These kinds of statements speak to a leader’s choice of values, and a failure to understand the relationships between a safe work environment and operational performance. They convey to workers what’s really important, and they create ample context for inadequate safety focus lower down the organization.

    It doesn’t have to be this way. Companies can be successful and safe at the same time. The reality is that virtually all workplace injuries are preventable, and safety management and operational excellence are intimately linked. Injuries and catastrophic events, in addition to being tragic, are evidence that production is not being managed correctly. Improved operational performance will result in fewer injuries.

    Here are some steps CEOs, executives, and boards can take to accomplish just that.

    Start at the top.

    From the CEO down, the message should be, “We care about safety because we care about you — doing it right means no one gets hurt.” Take safety as seriously, if not more seriously, than anything else you do.

    One former CEO who exemplifies this message is Jim Gallogly, who was hired to be CEO of LyondellBasell, one of the world’s largest plastics, chemicals and refining companies, in 2009. When Gallogly arrived, the firm was in bankruptcy; his job was to return it to profitability (which he did). At his first meeting with employees, however, he announced that he wasn’t going to begin by talking about the firm’s financial challenges. Instead, the new CEO wanted to focus on something far more important: his absolute commitment to safety. He subsequently included a report of the firm’s safety performance in every earnings call, too.

    Aside from prioritizing safety with employees and investors, corporate leaders need to be familiar with the nature, extent, and potential of the major risks — and the risk mitigation plans — associated with their facilities. Many executives require every serious injury to be reported to them immediately. At Cummins, Inc., for example, serious incidents are reported directly to the COO and communicated to business unit vice presidents as well. They are then reviewed by the company’s Manufacturing Leadership Council.

    When operational staff knows that the C-suite will be on the receiving end of such reports, and that they will be analyzed in detail, it reminds mid-level management of the importance of risk reduction and injury prevention.

    Use the right incentives.

    The term “safety culture” is misleading because it suggests organizations have multiple cultures: one for safety, another for production, and perhaps others for quality and for sales. In reality, each company has its own organizational culture, and all too often, when production needs suddenly to increase, production takes precedence over safety.

    At the safest, most successful companies, safety is what the firm does — and what the firm is at its core — not something that is separate from operations. In fact, a study of 19 manufacturing firms on quality, productivity, and economic performance, along with subjective data on how workers and managers felt about their safety program, found that:

    “As safety deteriorates, product quality and plant performance, based on internal and external measures, suffers. There is more scrap, more rework, and employees are less involved. Such outcomes are in line with the core concepts of total quality management which would suggest that employees who do not feel safe in their jobs are not likely to do their jobs well…. Safety and operating performance measures should be viewed as in concert with each rather than as competing entities.”

    Operations managers must get the message, though direct comments, performance reviews, and bonuses, that safety is a central part of their jobs. I have seen far too many employers who fail to penalize managers when their safety management systems are failing but their production numbers are good. LyondellBasell, for example, has a policy that makes it clear that safety is no less important than profits. According to Jim Gallogly, no matter how low the OSHA recordable injury rate, if there is a serious incident — a fire, a chemical release, a worker is seriously hurt — no manager gets a bonus.

    Don’t blame workers for injuries.

    Workers are humans and humans make mistakes. No matter the job, at some point a person will get tired, bored, or distracted. Because of this, errors are inevitable. Well-functioning safety programs understand this and have multiple backup systems to ensure that mistakes do not result in injuries or deaths.

    It’s also worth remembering that serious events are almost always caused by multiple factors — not the actions of one person — and that the prevention of these events is most effective when many indicators are considered together.

    The most effective path to preventing injuries is to consider human errors as the consequences, rather than as causes, of operational failure. As James Reason, the organizational psychologist who authored the seminal book Managing the Risks of Organizational Accidents, wrote, “(w)hen an adverse event occurs, the important issue is not who blundered, but how and why the defenses failed.”

    Rethink how you think about injury rates.

    Injury rates, often called “OSHA recordables” are important metrics, in that they reflect the very real experience of your workforce. At the same time, injury rates and reports of specific incidents are what are known as lagging indicators. While they identify problems that often need immediate attention, they do not adequately evaluate a firm’s safety and health management system.

    This may be the opposite of what many CEOs hear from their safety professionals. For many years, it was a common belief that preventing minor injuries will also prevent the most serious ones. In fact, the causal chains that lead to most serious and fatal injuries are quite different than those leading to the majority of “OSHA recordable” injuries (#4 talks more about these). This is especially true in the high-risk sectors where a single event can be catastrophic. Famously, BP executives were on the Deepwater Horizon drilling rig the night before that horrific explosion, giving its workers an award for their low injury rate.

    That said, you should set concrete goals for injury rates at your company. But instead of focusing on a lower rate, I would recommend setting an aspirational goal of zero injuries (while making it clear that reporting injuries is an absolute requirement). The undesirable premise underlying the goal of a lower injury rate — versus aspiring to no injuries — is that it is OK for some workers to get hurt, as long as fewer get hurt than before.

    Focus on leading indicators.

    To make substantial progress in injury prevention, companies must select a set of indicators that measure progress toward that firm’s chosen goals. These are called “leading indicators” because, unlike lagging indicators like recordable injuries, they are predictive of fatalities, serious injuries, or events that may have catastrophic consequences.

    The measures could involve hazard identification or abatement, incident investigations, or the time it takes to close out of recommendations, among others. Each firm needs to select or develop its own, appropriate to its functions and products. Start with a small number and then add more as your program matures.

    The pharmaceutical manufacturer Allergan, for example, tracks “good observations,” reports that include near misses, unsafe conditions, or suggestions for reducing risk. Beyond providing a mechanism for workers to alert management to problems, this metric encourages a continual focus on risk reduction. Good observations are a take-off point for another measure the company tracks: speed in which serious or high gravity hazards are addressed. Simply receiving the observations is not enough, of course; eliminating the serious hazards are what is important.

    Whatever the metrics, top managers should use them to measure the evolution of their safety management system (see #5 below), and they should be an integral component of managerial performance payments. The performance of senior executives at Dow Chemical, for example, is evaluated using leading safety indicators, not injury rates.

    Embrace a safety and health management system.

    Managing for safety requires managers to implement a systemic process to find and fix workplace hazards before workers are hurt. Generically these programs are called Safety and Health Management Systems (SHMSs) or Injury and Illness Prevention Programs. They all involve an iterative, continual improvement process that have as their operating principle the Plan Do Check Act cycle (or the Plan Do Study Act cycle, sometimes called the “Deming Wheel”) widely in use today.

    In order to be successful, an SHMS must involve support from leadership; worker participation (including the acting involvement of a union if one present in an organization); hazard identification, assessment, prevention and control; opportunities for education and training; and regular program evaluation and improvement.

    SHMSs should also include protocols for investigating incidents that are sometimes called near misses or close calls. These incident investigations, conducted with the participation of managers, workers, and safety experts, examine the chain or root causes that led to the incident and then develop recommendations for preventing them in the future.

    Welcome a regulator as a “cheap consultant.”

    A visit from an OSHA inspector often triggers fear, if not panic, especially among inexperienced managers. But many OSHA inspections lead to substantial improvements in a firm’s operations. I was amused to hear an executive at one of the nation’s largest chemical manufacturers tell me that he looked at OSHA inspections as an inexpensive consultant, since our fines were always less than he would have to pay an industrial hygienist to do that same inspection for him.

    In fact, most firms actually benefit from OSHA inspections, and I’m not just saying this because I worked there. According to researchers David I. Levine and Michael W. Toffel, OSHA’s random inspections of high hazard establishments result in a 9% reduction in injuries that triggered workers’ compensation claims in the four years following the inspection. On average, each inspection reduced employer expenditures for wage replacement and medical costs by $350,000. Further, not only do the OSHA inspections prevent injuries, “they cause no discernible damage to employers’ ability to stay in business and no reductions in sales or credit ratings… Nor did we identify any effects of workplace inspections on wages, total payroll, or employment.”

    Today and every day in the future, corporate leaders need to reassess what safety means and how their company can achieve it. They need to recognize that safety is a value proposition, that safety management and operational excellence are inextricably linked. If you ask the CEOs of companies who take this seriously, my bet is you won’t hear the same old tired line that “safety is a priority.” They understand that safety is not a priority — it is an essential precondition of their work. It is a fundamental component of their operating culture. Safety, ultimately, is at the core of what they do.

    ]]>
    http://www.so-l.ru/news/y/2018_03_21_7_ways_to_improve_operations_without_sac Wed, 21 Mar 2018 15:00:03 +0300
    <![CDATA[Shopify (SHOP) Up 6.7% Since Earnings Report: Can It Continue?]]> It has been about a month since the last earnings report for Shopify Inc. SHOP. Shares have added about 6.7% in that time frame.

    Will the recent positive trend continue leading up to its next earnings release, or is SHOP due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.

    Recent Earnings

    Shopify reported non-GAAP earnings of 15 cents per share in fourth-quarter 2017, flat year over year. Earnings beat the Zacks Consensus Estimate by 10 cents.

    Revenues jumped 71% from the year-ago quarter to $222.8 million, comfortably surpassing the Zacks Consensus Estimate of $208 million. The figure was also better than the guided range of $206-$208 million.

    Shopify continues to launch a number of merchant-friendly applications to meet the requirements of a dynamic retail environment, thereby adding to its merchant base. This also reflected in the year-over-year top-line growth. Record breaking sales achieved during Black Friday and Cyber Monday weekend significantly impacted this quarter’s results.

    Moreover, investments in latest technological developments such as Virtual Reality and Augmented Reality will reap benefits for the company going forward.

    Quarter Details

    Subscription Solutions revenues surged 67% to $93.9 million. This upside was driven by the continued rapid growth in Monthly Recurring Revenue (“MRR”) with the addition of several new merchants. The company ended 2017 with approximately 609,000 merchants on its platform.

    As of Dec 31, 2017, MRR was $29.9 million, up 62% from $18.5 million as of Dec 31, 2016. Shopify Plus accounted for $6.3 million or 21% of MRR compared with 17% of MRR in the year-ago quarter.

    Merchant Solutions revenues grew 74% to $128.9 million, backed primarily by the growth of Gross Merchandise Volume (“GMV”), which soared 65% from the year-ago quarter to $9.1 billion. Gross Payments Volume (“GPV”) grew to $3.5 billion, which accounted for 39% of GMV processed in the quarter compared with $2.2 billion or 39% in fourth-quarter 2016.

    Notably, Shopify’s Instagram channel and integration of Apple Pay services have helped the company connect to a wide customer base, ultimately increasing the number of active users on the platform. To make transactions easier for its merchants, Shopify is continuously focusing on the development of mobile applications, which grew to 2300 in 2017.

    Additionally, global toy store giant, FAO Schwarz, was added as a partner during the quarter, helping sellers reach new markets. Moreover, Polaroid, Cummins Engine Company and Ford were added to the company’s partner network. Management expects eBay sales channel to be beneficial to the merchants, going forward.

    The company also enhanced its shipping capabilities by integrating GPS services to Shopify Shipping lineup. In addition, it made UPS premium services available with Shopify Shipping.

    Shopify has been developing various apps, including various augmented reality (“AR”) based applications to streamline customer experience, The first-of-its-kind merchant product on the Shopify platform has been built on Shopify Mobile Buy SDK and Apple Inc.'s ARKit, enabling users to check how the goods look in real life surroundings.

    Management was particularly positive about the company’s partner ecosystem that helps it to identify and reach out to merchants otherwise unreachable. The company added quite a few prominent brands such as infant formula Enfamil, apparel brands like Jockey and low-LAY yoga. The company also added celebrity brands such as Elle Macpherson fashion line and headphone line from Cristiano Ronaldo.

    Operating Details

    Gross profit soared 78% to $121.1 million, primarily driven by robust performance across Subscription Solutions and Merchant Solutions segments.

    Adjusted operating income was $11.6 million against loss of $0.8 million in the year-ago quarter.

    Balance Sheet

    Shopify ended the quarter with cash, cash equivalents and marketable securities balance of $938 million compared with $926.6 million in the previous quarter.

    Guidance

    For first-quarter 2018, Shopify projects revenues in the range of $198-$202 million. The Zacks Consensus Estimate for the same is pegged at $196.26 million.

    Adjusted operating loss is expected to be in the range of $6-$8 million.

    For full-year 2018, management projects revenues in the range of $970-$990 million. The Zacks Consensus Estimate is pegged at $952.62 million.

    Adjusted operating income for fiscal 2018 is guided between ($5) and $5 million.

    How Have Estimates Been Moving Since Then?

    Fresh estimates followed a downward path over the past two months. In the past month, consensus estimates have shifted downward by 29.5% due to these changes.

    Shopify Inc. Price and Consensus

     

    Shopify Inc. Price and Consensus | Shopify Inc. Quote

    VGM Scores

    At this time, SHOP has a nice Growth Score of B, though it is lagging a lot on the momentum front with a D. The stock was allocated a grade of F on the value side, putting it in the bottom 20% for this investment strategy.

    Overall, the stock has an aggregate VGM score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

    The company's stock is suitable solely for growth based on our styles scores.

    Outlook

    SHOP has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.


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    http://www.so-l.ru/news/y/2018_03_19_shopify_shop_up_6_7_since_earnings_re Mon, 19 Mar 2018 09:50:00 +0300
    <![CDATA[Getting the Market Right: What Will the Trump Tariffs Do to the Markets?]]> http://www.so-l.ru/news/y/2018_03_18_getting_the_market_right_what_will_the Sun, 18 Mar 2018 15:00:22 +0300 <![CDATA[Salesforce to Buy B2B eCommerce Software Provider CloudCraze]]> Salesforce.com, Inc. CRM is set to buy a B2B eCommerce software provider, which will mark the company’s second acquisition this year. Though the world’s leading customer-relationship management-solution provider has not made any announcement regarding this, the to-be-acquired company — CloudCraze — has revealed this news on its website. However, financial terms of the deal have been kept under wraps.

    Founded in 2009, this Chicago-based start-up provides eCommerce platform to enterprises. The company’s B2B commerce software is built on Salesforce’s platform. Till its formation, CloudCraze had raised more than $30 million through venture funding, according to Crunchbase. Notably, Salesforce’s investment arm — Salesforce Ventures — had backed the company’s $20-million funding round in 2017.

    Rationale Behind the Acquisition

    The transaction is believed to be beneficial for Salesforce as the acquisition will enhance its capabilities and thereby help capture the growing opportunity in the B2B commerce industry. President and chief customer officer of CloudCraze, Ray Grady, in his blog yesterday, noted that the industry is anticipated to reach a value of $1.2 trillion by 2021 from the $889 billion at present.

    Furthermore, CloudCraze has a strong customer base with some big names like The Coca-Cola Company KO, Adidas, General Electric Company GE, Cummins CMI, Ecolab, Land O’ Lakes, and WABCO. Therefore, with this acquisition, Salesforce will be able to pitch its existing B2B clients to use CloudCraze’s software.

    Bottom Line

    Acquisitions have always been one of Salesforce’s key growth strategies. Although the company remained almost silent throughout 2017 on the acquisition front (just one — Sequence), this year it might repeat the likes of 2016, when Salesforce bought 12 companies, to boost its capabilities, and grab newer and larger markets.

    We believe Salesforce’s continued focus on expanding its business through strategic acquisitions and investments will drive growth over the long run.

    Notably, the stock has appreciated 51.6% over the past year, significantly outperforming 40.2% growth recorded by the industry.



    Currently, Salesforce carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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    To read this article on Zacks.com click here.]]>
    http://www.so-l.ru/news/y/2018_03_13_salesforce_to_buy_b2b_ecommerce_software Tue, 13 Mar 2018 16:15:00 +0300
    <![CDATA[Cummins (CMI) Down 7.8% Since Earnings Report: Can It Rebound?]]> A month has gone by since the last earnings report for Cummins Inc. CMI. Shares have lost about 7.8% in that time frame.

    Will the recent negative trend continue leading up to its next earnings release, or is CMI due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

    Cummins Q4 Earnings Top Estimates, Guidance Revised

    Cummins reported adjusted earnings of $3.03 per share in fourth-quarter 2017, surpassing the Zacks Consensus Estimate of $2.65. The company’s bottom line was $2.25 in the year-ago quarter. Excluding the tax reform impact, net income was $503 million in fourth-quarter 2017.

    Revenues improved 22% year over year to $5.48 billion in the reported quarter. The top line also outpaced the Zacks Consensus Estimate of $5.2 billion. The year-over-year rise was owing to increased demand for trucks, construction and mining equipment.

    Operating income increased to $595 million from $507 million a year ago. Earnings before interest and taxes (EBIT) were $620 million (11.3% of sales) compared with $526 million (11.7% of sales) a year ago.

    Fiscal 2017 Results

    Cummins reported adjusted earnings of $5.97 per share in fiscal 2017, down from $8.23 earned in fiscal 2016. Also, earnings missed the Zacks Consensus Estimate of $10.22.

    Net income fell to $999 million from $1.4 billion recorded a year ago. Consolidated revenues rose to $20.43 billion, up from $17.5 billion in the prior fiscal. Moreover, the figure beat the Zacks Consensus Estimate of $20.15 billion.

    Segmental Performance

    Sales at the Engine segment grew 16% to $2.3 billion on the back of a 14% increase in on-highway revenues and 27% in off-highway revenues, resulting from growing demand in global truck and construction market. The segment’s EBIT increased to $224 million (9.8% of sales) from $194 million (9.9% of sales) a year ago.

    Sales at the Components segment surged 32% to $1.6 billion owing to revenue growth of 35% in North America in addition to international sales increase of 30% on the back of higher commercial truck manufacturing in North America and China. The segment’s EBIT was $168 million (10.8% of sales) compared with the year-ago tally of $140 million (11.9% of sales).

    Sales at the Power Generation segment augmented 18% to $1.1 billion, banking on increased demand in mining, oil and gas and power generation markets. The segment’s EBIT rose to $95 million (8.6% of sales) in fourth-quarter 2017 from $68 million (7.3% of sales) in fourth-quarter 2016.

    Sales at the Distribution segment shot up 16% to $1.9 billion. Revenues benefited from a 21% rise in the North American segment and a 7% ascent in the international markets. The segment’s EBIT plunged to $97 million (5% of sales) from $122 million (7.3% of sales) a year ago.

    Financial Position

    Cummins’ cash and cash equivalents increased to $1.37 billion as of Dec 31, 2017 from $1.12 billion as of Dec 31, 2016. Long-term debt totaled $1.59 billion as of Dec 31, 2017, a slight increase from $1.57 billion recorded on Dec 31, 2016.

    At the fiscal 2017-end, Cummins’ net operating cash inflow increased to $2.3 billion from $1.9 billion in the same period last year. Capital expenditures declined to $506 million from $531 million within the same time frame.

    Capital Deployment

    In 2017, Cummins returned $1.2 billion to shareholders in the form of dividends and share buybacks. The company achieved its plan to return 50% of operating cash inflow in the year.

    2018 Guidance

    For 2018, Cummins anticipates revenues to grow 4-8% compared with the prior outlook of 14-15% rise in revenues. EBIT is expected in the range of 15.8-16.2%, an increase from the previous projection of 11.8-12.2%.

    How Have Estimates Been Moving Since Then?

    In the past month, investors have witnessed an upward trend in fresh estimates. There have been eight revisions higher for the current quarter In the past month, the consensus estimate has shifted by 6.6% due to these changes

    Cummins Inc. Price and Consensus

     

    VGM Scores

    At this time, CMI has a great Growth Score of A, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.

    Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

    Based on our scores, the stock is equally suitable for growth and momentum investors while value investors may want to look elsewhere.

    Outlook

    Estimates have been trending upward for the stock and the magnitude of these revisions looks promising. Notably, CMI has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.


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    Zacks Investment Research]]>
    http://www.so-l.ru/news/y/2018_03_08_cummins_cmi_down_7_8_since_earnings_r Thu, 08 Mar 2018 18:51:00 +0300
    <![CDATA[Why Investors Should Fear Trump’s “Really Dumb Idea”]]> http://www.so-l.ru/news/y/2018_03_06_why_investors_should_fear_trump_s_reall Tue, 06 Mar 2018 19:30:30 +0300 <![CDATA[Cummins started at equal weight with $173 stock price target at Morgan Stanley]]> ]]> http://www.so-l.ru/news/y/2018_03_02_cummins_started_at_equal_weight_with_17 Fri, 02 Mar 2018 17:18:03 +0300 <![CDATA[WSJ Editors: "This Is The Biggest Policy Blunder Of Trump's Presidency"]]> With Peter Navarro egging him on, and a handful of US steel and aluminum producer CEOs patting him on the back, President Trump's decision to impose tariffs has prompted worldwide outrage from the establishment as a sign of impending trade wars and the end of the world as we know it.

    While many are purely political kneejerk reactions - just as anything Trump does is a negative (think "crumbs") to those on the 'other' side - The Editorial Board at  The Wall Street Journal,  believe that Donald Trump made the biggest policy blunder of his Presidency Thursday by announcing that next week he’ll impose tariffs of 25% on imported steel and 10% on aluminum.

    This tax increase will punish American workers, invite retaliation that will harm U.S. exports, divide his political coalition at home, anger allies abroad, and undermine his tax and regulatory reforms.

    The Dow Jones Industrial Average fell 1.7% on the news, as investors absorbed the self-inflicted folly.

    Mr. Trump has spent a year trying to lift the economy from its Obama doldrums, with considerable success. Annual GDP growth has averaged 3% in the past nine months if you adjust for temporary factors, and on Tuesday the ISM manufacturing index for February came in at a gaudy 60.8. American factories are humming, and consumer and business confidence are soaring.

    Apparently Mr. Trump can’t stand all this winning. His tariffs will benefit a handful of companies, at least for a while, but they will harm many more. “We have with us the biggest steel companies in the United States. They used to be a lot bigger, but they’re going to be a lot bigger again,” Mr. Trump declared in a meeting Thursday at the White House with steel and aluminum executives.

    No, they won’t. The immediate impact will be to make the U.S. an island of high-priced steel and aluminum. The U.S. companies will raise their prices to nearly match the tariffs while snatching some market share. The additional profits will flow to executives in higher bonuses and shareholders, at least until the higher prices hurt their steel- and aluminum-using customers. Then U.S. steel and aluminum makers will be hurt as well.

    Mr. Trump seems not to understand that steel-using industries in the U.S. employ some 6.5 million Americans, while steel makers employ about 140,000. Transportation industries, including aircraft and autos, account for about 40% of domestic steel consumption, followed by packaging with 20% and building construction with 15%. All will have to pay higher prices, making them less competitive globally and in the U.S.

    Instead of importing steel to make goods in America, many companies will simply import the finished product made from cheaper steel or aluminum abroad. Mr. Trump fancies himself the savior of the U.S. auto industry, but he might note that Ford Motor shares fell 3% Thursday and GM’s fell 4%. U.S. Steel gained 5.8%. Mr. Trump has handed a giant gift to foreign car makers, which will now have a cost advantage over Detroit. How do you think that will play in Michigan in 2020?

    The National Retail Federation called the tariffs a “tax on American families,” who will pay higher prices for canned goods and even beer in aluminum cans. Another name for this is the Trump voter tax.

    The economic damage will quickly compound because other countries can and will retaliate against U.S. exports. Not steel, but against farm goods, Harley-Davidsonmotorcycles, Cummins engines, John Deere tractors, and much more.

    Foreign countries are canny enough to know how to impose maximum political pain on Republican Senators and Congressmen in an election year by targeting exports from their states and districts. Has anyone at the White House political shop thought this through?

    Then there’s the diplomatic damage, made worse by Mr. Trump’s use of Section 232 to claim a threat to national security. In the process Mr. Trump is declaring a unilateral exception to U.S. trade agreements that other countries won’t forget and will surely emulate.

    The national security threat from foreign steel is preposterous because China supplies only 2.2% of U.S. imports and Russia 8.7%. But the tariffs will whack that menace to world peace known as Canada, which supplies 16%. South Korea, which Mr. Trump needs for his strategy against North Korea, supplies 10%, Brazil 13% and Mexico 9%.

    Oh, and Canada buys more American steel than any other country, accounting for 50% of U.S. steel exports. Mr. Trump is punishing our most important trading partner in the middle of a Nafta renegotiation that he claims will result in a much better deal. Instead he is taking a machete to America’s trade credibility. Why should Canada believe a word he says?

    * * *

    Mr. Trump announced his intentions Thursday, so there’s still time to reconsider. GOP Senators Orrin Hatch (Utah) and Ben Sasse (Nebraska) spoke up loudly against the tariffs, but a larger business and labor chorus is required. Mr. Trump is a bona fide protectionist so he won’t be dissuaded by arguments about comparative advantage. But perhaps he will heed the message from the falling stock market, and from the harm he will do to the economy, his voters, and his Presidency.

    ]]>
    http://www.so-l.ru/news/y/2018_03_02_wsj_editors_this_is_the_biggest_policy Fri, 02 Mar 2018 17:01:29 +0300
    <![CDATA[На Филиппинах стартовали продажи микроавтобусов "ГАЗель NEXT"]]> http://www.so-l.ru/news/y/2018_03_02_na_filippinah_startovali_prodazhi_mikroav Fri, 02 Mar 2018 13:57:10 +0300