Construction Company Earnings Summary 2Q 2021

Key Takeaways: Most companies are reporting strong demand trends and a positive outlook for the rest of 2021, with the US infrastructure bill expected to provide continued support for several years. Rising input costs like steel and copper are increasing manufacturing expenses. Supply chains are strained, but larger manufacturers like Caterpillar indicate that they are manageable. Equipment rental companies are seeing a recovery in fleet demand. Global construction demand remains robust, driven by the post-pandemic recovery. Most manufacturers believe the cycle has tailwinds for the next several years due to fiscal stimulus and infrastructure spending. Higher input costs are a concern, and supply chain challenges persist. Caterpillar stated that supply challenges exist but are not jeopardizing inventories. Caterpillar dealer inventories are at the lower end of historical trends. Company Outlooks: Titan Machinery - Positive outlook as of 8/26/2021 John Deere - Positive outlook as of 8/20/2021 Linamar - Positive outlook as of 8/11/2021 Manitowoc - Positive outlook as of 8/5/2021 Manitex - Positive outlook as of 8/3/2021 Caterpillar - Positive outlook as of 7/30/2021 CNHI - Positive outlook as of 7/30/2021 Hitachi - Positive outlook as of 7/30/2021 Komatsu - Positive outlook as of 7/30/2021 Terex - Positive outlook as of 7/29/2021 Oshkosh - Positive outlook as of 7/29/2021 Volvo Construction - Positive outlook as of 7/20/2021 Atlas Copco - Positive outlook as of 7/16/2021 Titan Machinery: Equipment demand momentum continued into the second fiscal quarter with equipment revenues increasing 35% year-over-year. Healthy inventory positions, robust demand, and strong parts and service business are supporting the current environment. Inventory turns are trending upward and shipments are allowing them to surpass revenue targets despite supply chain tightness. John Deere: Strong results across all product categories are attributed to employee and dealer efforts amid significant supply-chain pressures. North American construction equipment sales are forecasted to increase 15-20%, with compact equipment expected to rise 20-25%. Forestry equipment is predicted to grow 15% due to strong lumber demand. Linamar (Skyjack): Market demand is strong, driving an excellent recovery. Market pressures from supply chain shortages are challenges but are being managed while growing market share and generating cash. Confidence remains in sustained market demand once supply chain issues resolve. Equipment utilization levels are positive, with utilization between 93-98% of 2019 levels. Manitowoc: Demand for products exceeded expectations, capitalizing on a steadily improving market. Challenges include rising inflation, supply chain shortages, and skilled labor constraints. Market strength continues across all regions, though European mobile crane recovery lags. Any infrastructure bill will provide tailwind for future years. Manitex: Revenue and gross margins improved, along with EBITDA. Distributors and partners show more confidence in order patterns. Backlog reflects demand recovery, though supply chain challenges persist. Strong finish to the year is expected. Caterpillar: Sales and revenues increased across all regions and segments, reflecting improved end markets. All primary segments gained, with machines rising 20%. Dealer inventory remains near the low end of the normal range. Supply chain challenges are being mitigated through contingency plans. CNH Industrial (Case): Record second quarter earnings despite supply chain challenges and inflationary pressures. Persistent growth in both light and heavy construction equipment segments. South America sees particularly high demand. Hitachi: Solid order intakes in recovering markets. Komatsu: Construction, mining, and utility equipment demand remains steady. European construction demand is recovering. Global mining demand is very strong year-over-year. Terex: AWP and MP segments perform well. Multi-year replacement cycle for access equipment is underway. Strong demand for crushing and screening equipment globally. Monetary and fiscal stimulus programs support demand. Oshkosh (JLG): Supply chain disruptions impact sales by approximately $100 million. Strong demand led by North America fuels growth. Multi-year opportunity for robust replacement demand exists. Orders remain strong, leading to a record backlog. Volvo Construction Equipment: Despite production stoppages, achieved an adjusted operating margin of 10.7%. Price increases are being introduced to compensate for raw material inflation. Atlas Copco: Customers' business activity level is expected to remain high. Order intake increased 45% to a record level. Find Similar Articles By Topic: #Earnings Summary #construction #Caterpillar #Case Construction #Genie #Terex #JLG #Volvo Construction #John Deere #Manitowoc #Hitachi #Komatsu

Curing Agent

Curing agents, also known as hardeners, are essential components of many polymer systems, including Epoxy Resins. Curing agents react with the epoxy resin to form a three-dimensional crosslinked network, resulting in a cured polymer with improved mechanical properties, chemical resistance, and thermal stability.

There are several types of curing agents, each with its own unique properties and applications. The most common type is amine-based curing agents, which react with the epoxy functional group to form a secondary amine and an alcohol. This reaction is exothermic and can be accelerated by heat, making it ideal for high-temperature applications.

Another type of curing agent is anhydride-based, which react with the epoxy group to form a cyclic acid anhydride and a hydroxyl group. These curing agents are typically used in applications where water resistance is critical, such as marine coatings and adhesives.

Other types of curing agents include phenolic, acid, and catalytic curing agents. Phenolic curing agents are used in high-temperature applications, while acid curing agents are used in low-temperature applications. Catalytic curing agents are used to accelerate the curing process and are typically used in combination with other curing agents.

The choice of curing agent depends on the specific application requirements, such as cure time, cure temperature, and final properties of the cured polymer. It is important to choose the correct curing agent to ensure that the final product meets the desired specifications.

In summary, curing agents are essential components of many polymer systems, including epoxy resins, and play a critical role in improving the mechanical, chemical, and thermal properties of the cured polymer. The choice of curing agent depends on the specific application requirements and must be carefully considered to ensure the final product meets the desired specifications.

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