By Mark Pender
NEW YORK (MNI) – Strong company guidance gave a nearly two-point
lift to MNI’s capital goods index which at 62.0 points to solid rates of
year-on-year growth through year end, according to the results of Market
News International’s weekly survey released Monday.
Yet readings are off a late summer peak pointing to slowing rates
growth. The 12-week average, at 66.0, has slipped from a mid-September
cycle high of 68.1.
Sales, at a year-on-year sales +17.4% in the Oct. 15 period, have
been swinging from the high single digits to the high teens. Income is
at +12%. Sample size is 79 companies.
Allegheny Technologies (ATI) said new orders are improving citing
increasing demand tied to commercial aircraft and the potential of
significant upside in refining.
Johnson Controls (JCI) sees a jump ahead for its building controls
unit where, citing orders and backlogs, it sees sales moving from flat
to as much as +10% in the coming year. The unit is expanding its sales
force.
Office furniture maker Knoll (KNL) reported increased volumes
across all products and regions during the third quarter.
Fleet operators are booking orders at industrial battery maker
Valence Technology (VLNC). The company, which had been stumbling badly,
raised sales guidance.
On the negative side, Manitowoc (MTW) sees further declines for its
crane manufacturing business, while Valmont Industries (VMI) reports
global contraction for utility and wireless structures.
Editor’s Note: MNI compiles its capital goods index based on a
weekly sample of company news and data.
** Market News International New York Newsroom: 212-669-6430 **
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