Deere & Company reported net income of $910.3 million for the third quarter ended July 29, 2018, or $2.78 per share, compared with net income of $641.8 million, or $1.97 per share, for the quarter ended July 30, 2017. For the first nine months of the year, net income attributable to Deere & Company was $1.584 billion, or $4.82 per share, compared with $1.649 billion, or $5.11 per share, for the same period last year.
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Terex Corporation announced that John L. Garrison, Terex's President and Chief Executive, will also assume the position of Chairman of the Board. Mr. Garrison succeeds David Sachs who has been Non-Executive Chairman since January 2016 and was previously Lead Director since May 2013. With the appointment of Mr. Garrison as Chairman, Mr. Sachs will again assume the role of Lead Director.
Finning International Inc. announced that Juan Carlos Villegas, President of Finning Canada and Chief Operating Officer of Finning International, will retire on December 31, 2018 following a distinguished career with the company. Kevin Parkes, currently Managing Director of Finning UK and Ireland, will assume the role of President of Finning Canada. Assuming the role of Managing Director of Finning UK and Ireland will be David Primrose, currently Finning Canada's Executive Vice President of Core Industries. Kevin and David will assume their positions on January 1, 2019 and will report to Finning International's President and Chief Executive Officer, Scott Thomson.
Hyundai Construction Equipment Americas recently sold 20 wheel loaders as a result from its participation in the Snow Ice Management Association (SIMA) Symposium that took place in Cleveland, Ohio, from June 26–29. SIMA brings the top snow and ice equipment manufacturers and suppliers together to showcase the best products, technology, and services in the industry.
If construction machines are the moving hands and feet of a contractor's operation, then its elaborate distribution network of spare parts is its backbone. For any construction equipment owner, machine uptime is at the core of keeping their business running smoothly. So when a helping hand is needed, Volvo CE steps up to complete the seemingly impossible task of providing all the right parts at the right place at the right time.
Continental Commercial Specialty Tires has appointed Pavel Prouza the head of sales and marketing for the Americas. In this role, he will oversee all material handling, earthmoving and agriculture tire business in North America, Central America and South America. The appointment is effective immediately.
The Canadian Coalition for Construction Steel (CCCS) is urging the federal government to make an evidence-based decision on any new action on imported steel products, warning changes could create steel shortages for the Canadian construction industry, impact major building projects, and put over 60,000 jobs at risk in the construction sector alone.
Hyundai Construction Equipment Americas has expanded its North American authorized dealer network with the addition of Farm Depot Ltd. Farm Depot is a full-line agricultural equipment dealer that provides products and services to the agricultural lifestyle communities with three locations across the southern-lower peninsula of Michigan. The owners of Farm Depot, Mark and Mike Laethem, are the third generation of a family that has been dedicated to the service of the agricultural industry.
Stanley Black & Decker has entered into a definitive agreement to acquire International Equipment Solutions Attachments Group (IES Attachments) for $690 million in cash. Separately, the Company completed a $300 million share repurchase in July, bringing total share repurchases in 2018 to $500 million.
Matt White has joined the Bomag Americas team as manager, milling & reclamation. In this newly developed role, White will work with North American territory managers, distributors and end-users to develop programs designed to achieve growth objectives and improve customer support for Bomag cold milling machines, recyclers and stabilizers.
Ritchie Bros. Auctioneers Incorporated reported the following results for the three months ended June 30, 2018 (All figures are presented in U.S. dollars): Net income attributable to stockholders of $45.7 million improved 159% compared to $17.6 million for the same quarter in 2017. Diluted earnings per share ("EPS") attributable to stockholders increased 163% to $0.42 versus $0.16 in the second quarter of 2017, while diluted adjusted EPS attributable to stockholders1 (non-GAAP measure) increased 27% to $0.42 from $0.33 in the same respective period.
The Wacker Neuson Group reported a marked rise in revenue and earnings during the first six months of 2018. Revenue for the first half of 2018 rose 8 percent to a new record high of EUR 825 million (H1/17: EUR 764 million). Adjusted for currency effects, this corresponds to an increase of 12 percent. Revenue growth was driven primarily by continued high levels of demand in the construction market and strong performance in the European agricultural sector. Bottlenecks among some suppliers prevented machines from being completed for customer orders and this had a dampening effect. Furthermore, unfavorable currency developments, in particular the US dollar's weakness against the euro, resulted in negative translation effects.
If you dump a pile of toy bricks in front of a kid, not much time passes before they figure out how to assemble something fun. The pieces may come in different colours and sizes, but as long as they know how the bricks snap together, children will make miniature versions of just about anything they can imagine – from castles and skyscrapers to spaceships and unicorns.