This document brings together a set
of latest data points and publicly
available information relevant for
Manufacturing Industry. We are very
excited to share this content and
believe that readers will benefit from
this periodic publication immensely.
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November Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................66
3. Rewards and Recognition Updates.................................................................................................................104
4. Customer Success Updates..............................................................................................................................160
5. Partnership Ecosystem Updates......................................................................................................................221
6. Environment & Social Updates.......................................................................................................................272
7. Miscellaneous Updates.....................................................................................................................................276
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Financial, M & A
Updates Manufacturing Industry
6. Financial, M&A Updates
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3M (USA) Reports Third-Quarter 2020 Results
• Third-quarter sales grew 4.5 percent year-on-year to $8.4 billion. Organic local-currency sales grew
0.9 percent, while acquisitions, net of divestitures, increased sales by 3.0 percent. Foreign currency
translation increased sales by 0.6 percent year-on-year.
• Total sales grew 25.5 percent year-on-year in Health Care, 6.9 percent in Safety and Industrial, and 5.6
percent in Consumer, with a decline of 7.4 percent in Transportation and Electronics. Organic
local-currency sales increased 8.1 percent year-on-year in Health Care, 6.9 percent in Safety and Industrial,
and 5.5 percent in Consumer, with a decrease of 7.1 percent in Transportation and Electronics.
• On a geographic basis, total sales grew 7.7 percent year-on-year in the Americas, 4.4 percent in EMEA
(Europe, Middle East, and Africa), with a decline of 0.6 percent in Asia Pacific. Organic local-currency
sales grew 3.4 percent year-on-year in the Americas, and declined 0.3 percent in EMEA and 2.6 percent in
Asia Pacific.
• Both third-quarter GAAP and adjusted earnings were $2.43 per share, resulting in year-on-year
declines of 10.7 percent and 5.8 percent on a GAAP- and adjusted-basis, respectively. Third-quarter
operating income was $1.9 billion with operating margins of 22.9 percent, as referenced in the
“Supplemental Financial Information Non-GAAP Measures” section.
• The company’s operating cash flow was $2.5 billion with adjusted free cash flow of $2.2 billion
contributing to adjusted free cash flow conversion of 153 percent. 3M paid $847 million in cash dividends
to shareholders during the third quarter. The company reduced total debt by $1.2 billion, down 6 percent,
and net debt by $1.3 billion, or 8 percent, sequentially.
Executive Commentary
“Our third-quarter performance demonstrated once again the strength of the 3M model as we executed
well, served customers and continued to fight the pandemic,” said 3M chairman and chief executive
officer. “Though economic uncertainty and challenges due to the COVID-19 pandemic remain, we
returned to positive organic sales growth with sequential improvement across businesses and
geographies. We posted another quarter of robust cash flow, aggressively managed costs and further
strengthened our balance sheet. We continue to take actions to transform 3M and position us to deliver
strong results as our end markets recover. “We will invest where demand is strong, aggressively
manage our cost structure, and create new innovations that address customer needs and global market
trends.”
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abb (Switzerland): Q3 2020 results
• Orders $6.1 billion, -9%; comparable -8%1
• Revenues $6.6 billion, -4%; comparable -4%
• Income from operations $71 million; margin 1.1%
• Power Grids gain of $5.3 billion, pre-tax, recorded in discontinued operations
• Operational EBITA1 $787 million; margin1 12.0%
• Net income $4.5 billion, +780%, including Power Grids gain
• Basic EPS $2.14, +785%2; operational EPS1 $0.21, -36%
• Cash flow from operating activities $408 million, after $273 million negative impact
from pensions; resilient cash delivery expected for the full year
• Cash flow from operating activities
• Cash flow from operating activities was $408 million including a $273 million
negative impact from a cash outflow to facilitate the transfer of certain pension schemes,
compared to $670 million in the third quarter of 2019. Cash flow benefited from
favorable timing of tax payments and net working capital movements, which offset the
effects of a reduction in business activities. As a percent of revenues, net working capital
was 12.5 percent at quarter end.
Executive Commentary
“Third quarter revenues in all business areas were still dampened due to the impact
of COVID-19, although a strong recovery in China and ongoing cost mitigation
efforts supported a strong underlying performance. On the upside, the integration of
GEIS and turnaround of Installation Products in Electrification is starting to bear
fruit and Motion is performing robustly. Robotics and Industrial Automation, on the
other hand, are taking more time to recover,” said CEO of ABB. “We are pushing
ahead with the decentralization of the group and the ongoing review of our portfolio,
while carrying out our share buyback program as planned. We look forward to
presenting further details on our strategic progress at our Capital Markets Day on
November 19.”
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AECOM (USA) reports fourth quarter and full year fiscal 2020 results
• Revenue was $13.2 billion, and net service revenue2 of $6.2 billion declined by 2% compared to the prior year on an
organic basis3.
• Operating income was $381 million and net income decreased by 19% to $170 million; diluted earnings per share was
$1.06 and adjusted1 diluted earnings per share was $2.15.
• Adjusted1 EBITDA5 exceeded the Company’s guidance, increasing by 14% to $746 million, marking a new high for the
Professional Services business;
• The operating income margin decreased by 190 basis points to 1.8% in the fourth quarter and was unchanged with the
prior year at 2.9% for the full year.
• The segment adjusted1 operating margin4 on NSR2 increased by 160 basis points to 12.3%, also a new high for the
Professional Services business and 60 basis points above the Company’s prior guidance.
• Operating cash flow was $330 million and free cash flow6 was $341 million, which exceeded the Company’s guidance
range and included $619 million of free cash flow in fourth quarter.
• The Company expects to a deliver 9% adjusted EBITDA1 growth and 23% adjusted EPS1 growth in fiscal 2021 at the
mid-point of its respective guidance ranges.
• The Company has executed $455 million of stock repurchases since the beginning of September 2020, which reduced the
diluted share count by approximately 6.5% to date.
• Consistent with its plan to return substantially all available cash and free cash flow to shareholders, the Company
announced an increase to the existing remaining Board repurchase authorization from $305 million to $1 billion, positioning
the Company to continue repurchase substantial stock in fiscal 2021.
• In October 2020, the Company continued its transformation to a higher-margin and lower-risk Professional Services
business with the completed disposition of the Power construction business and in January 2020 the completed sale of the
Management Services business.
Executive Commentary
“I am incredibly proud of how our teams responded to the unprecedented challenges of the past year to deliver for our
clients and communities and to position the business for continued success in 2021 and beyond,” said AECOM’s chief
executive officer. “I am grateful to our professionals for their focus on the health safety of their families and clients, and
on the health of our business. We are committed to setting a new standard of excellence in the Professional Services
industry.”
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Key Financial Highlights
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Air Products (USA) Reports Fiscal 2020 Fourth Quarter GAAP EPS#
and Adjusted EPS* of $2.19
Fiscal 2020 (comparisons versus prior year):
• GAAP EPS of $8.55, up eight percent, including an estimated $0.60-$0.65 negative impact from COVID-19;
GAAP net income of $1,931 million, up seven percent; and GAAP net income margin of 21.8 percent, up 150 basis
points
• Adjusted EPS* of $8.38, up two percent, including an estimated $0.60-$0.65 negative impact from COVID-19;
adjusted EBITDA margin* of 40.9 percent, up 200 basis points
Q4 FY20 (comparisons versus prior year):
• GAAP EPS of $2.19, down four percent, including an estimated $0.15-$0.20 negative impact from COVID-19;
GAAP net income of $495 million, down five percent; and GAAP net income margin of 21.3 percent, down 140 basis
points
• Adjusted EPS* of $2.19, down four percent, including an estimated $0.15-$0.20 negative impact from COVID-19;
adjusted EBITDA margin* of 40.4 percent, down 150 basis points
Fiscal 2020 Highlights
• Demonstrated strength, character and compassion during COVID-19: supported the talented, dedicated Air
Products workforce; kept global plants running and supplied critical products; won significant new growth projects
worldwide; supported local communities
• Announced $7 billion NEOM project, which will enable Air Products to supply carbon-free hydrogen to power
buses and trucks around the world by 2025 and eliminate three million tons per year ("TPY") of carbon dioxide ("CO₂")
emissions and eliminate smog-forming emissions and other pollutants from the equivalent of over 700,000 cars
• Signed long-term on-site contract for world-scale coal-to-methanol production facility in Indonesia, supporting
energy independence and enabling the production of nearly two million TPY of methanol
Executive Commentary
Commenting on the results, Air Products' Chairman, President and Chief Executive Officer said, "Despite the
challenging COVID-19 environment, the Air Products team around the world demonstrated its commitment by
keeping our plants running, supplying customers with essential products, and improving our profitability.
Meanwhile, our existing on-site business—which represents more than half of our sales—continued to deliver
stable cash flow. I would like to thank all of our more than 19,000 employees for their unwavering commitment to
keep Air Products operating successfully during these difficult times, which we expect to continue during 2021.
We were proud to announce landmark gasification and hydrogen for mobility megaprojects to meet the world’s
increasing energy needs and move us all towards a better future. With our continued focus on creating shareholder
value, we also increased our dividend for the 38th consecutive year, representing the largest per-share dividend
increase in Air Products’ 80-year history.”
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Airbus (Netherlands) reports Nine-Month (9m) 2020 results
• Net commercial aircraft orders totalled 300 (9m 2019: 127 aircraft) with the order backlog comprising 7,441 commercial aircraft as of 30
September 2020. Airbus Helicopters booked 143 net orders (9m 2019: 173 units), including 8 H160s and 1 H215 during the third quarter. Airbus
Defence and Space’s order intake increased to € 8.2 billion, with the third quarter including an additional A330 MRTT as well as contract wins
in telecommunications satellites.
• Consolidated revenues decreased to € 30.2 billion (9m 2019: € 46.2 billion), driven by the difficult market environment impacting the
commercial aircraft business with around 40% fewer deliveries year-on-year. A total of 341 commercial aircraft were delivered (9m 2019: 571
aircraft), comprising 18 A220s, 282 A320 Family, 9 A330s and 32 A350s. During the third quarter of 2020, a total of 145 commercial aircraft
were delivered including 57 deliveries in September. Airbus Helicopters reported broadly stable revenues, reflecting lower deliveries of 169 units
(9m 2019: 209 units) partially compensated by higher services. Revenues at Airbus Defence and Space mainly reflected lower volumes in Space
Systems and for the A400M as well as the impact of COVID-19 on business phasing. A total of 5 A400M military airlifters were delivered over
the nine month period with Luxembourg becoming a new operator.
• Consolidated EBIT Adjusted – an alternative performance measure and key indicator capturing the underlying business margin by
excluding material charges or profits caused by movements in provisions related to programmes, restructuring or foreign exchange impacts as
well as capital gains/losses from the disposal and acquisition of businesses – totalled € -125 million (9m 2019: € 4,133 million).
• Airbus’ EBIT Adjusted of € -641 million (9m 2019: € 3,593 million(1)) mainly reflected the reduced commercial aircraft deliveries and
lower cost efficiency. It also included € -1.0 billion of COVID-19 related charges. The necessary steps have been taken to adapt the cost structure
to the new levels of production and the benefits are materialising as the plan is executed. At the end of September, the number of commercial
aircraft that could not be delivered due to COVID-19 had reduced to around 135.
• Airbus Helicopters’ EBIT Adjusted increased to € 238 million (9m 2019: € 205 million), reflecting a favourable mix, higher services, a
positive contribution from programme execution as well as lower Research & Development (R&D) expenses. During Q3, the first five-bladed
H145 helicopter was delivered following certification by the European Union Aviation Safety Agency in Q2.
• EBIT Adjusted at Airbus Defence and Space decreased to € 266 million (9m 2019: € 355 million), mainly reflecting the lower volume in
Space Systems, especially in the launcher business due to the impact of COVID-19, partly offset by cost reduction measures. The Division’s
restructuring plan updated in H1 2020 is underway and negotiations with the social partners are progressing. The related provision has been
recorded in Q3 as part of the EBIT Adjustments.
• Consolidated self-financed R&D expenses totalled € 2,032 million (9m 2019: € 2,150 million).
Executive Commentary
“After nine months of 2020 we now see the progress made on adapting our business to the new COVID-19 market environment. Despite
the slower air travel recovery than anticipated, we converged commercial aircraft production and deliveries in the third quarter and we
stopped cash consumption in line with our ambition,” said Airbus Chief Executive Officer. “Furthermore, the restructuring provision
booked shows our discussions with social partners and stakeholders have advanced well. Our ability to stabilise the cash flow in the quarter
gives us confidence to issue a free cash flow guidance for the fourth quarter.”
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AkzoNobel (Netherlands) to strengthen paints business with acquisition of Titan in
Spain
AkzoNobel is to further grow in Europe after agreeing to
acquire the decorative paints business of Spain’s Industrias
Titan S.A.U. Completion is subject to regulatory approvals
and expected before the end of Q1, 2021. Titan – which also
has a relevant presence in Portugal – is one of Spain’s
best-known brands. The business shares AkzoNobel’s
commitment to sustainable product innovation, with much
of its portfolio having received recognition for
environmental performance.
Executive Commentary
“The Spanish market has strong growth potential and this
is an excellent opportunity for us to reinforce our position
in the region,” says AkzoNobel CEO. “The acquisition
will enable us to better serve our customers and provides
added momentum, while also offering further proof of us
being the reference in paints and coatings in Europe. The
fact that a significant part of Titan’s portfolio has been
awarded the European Ecological label also offers
exciting possibilities for combining our technologies and
expertise, which will result in us developing better and
more sustainable products.”
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AkzoNobel (Netherlands) delivers strong Q3 results with 3% growth in
volumes and 18% increase in adjusted operating income
• ROS, excluding unallocated costs, increased to 17.7% (2019: 13.8%) due to strong margin management and cost
savings
• Growth in volumes of 3%, with strong demand trends for most segments and regions
• Total cost savings delivered €49 million, of which €27 million structural savings related to transformation
initiatives
• Net cash from operating activities improved by 46% to €457 million (2019: €312 million); maintained a strong
balance sheet
• On October 19, the acquisition of Titan Paints in Spain was announced, with completion expected before the end
of Q1 2021
• €300 million share buyback announced, to be completed in the first half of 2021
Q3 2020 (compared to Q3 2019)
• Revenue 5% lower, while up 1% in constant currencies. Volumes up 3%, showing strong demand for Decorative
Paints, partly offset by lower volumes of Performance Coatings and unfavorable price/mix of 1%
• Adjusted operating income up 18% at €353 million (2019: €300 million); ROS increased to 15.5% (2019: 12.5%)
• Operating income of €326 million includes €27 million negative impact from identified items, related to
transformation costs (2019: €247 million operating income, including €53 million negative identified items); OPI
margin up at 14.3% (2019: 10.3%)
• Net income attributable to shareholders increased 36% to €220 million (2019: €162 million)
• Adjusted EPS from continuing operations up 34% at €1.30 (2019: €0.97); EPS from total operations at €1.15
(2019: €0.79)
• Interim dividend of €0.43 per share (2019: €0.41)
Executive Commentary
AkzoNobel CEO, commented: We delivered an excellent performance for the third quarter, with revenue growth
in constant currencies, and business return on sales up at 17.7% driven by strong discipline on margins and cost
savings. These results were made possible by the continued commitment of all AkzoNobel colleagues around the
world, adapting to the challenges presented by COVID-19. Although the macro-economic environment remains
uncertain, we’re continuing to build on our solid position as a frontrunner in our industry, committed to serving
our customers with more innovative and sustainable solutions. That's why we're proud to have received a Platinum
rating from EcoVadis for corporate social responsibility and sustainable procurement.”
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Alstom (France) first half 2020/21 results
• During the first half of fiscal year 2020/21 (between 1 April 2020 and 30 September 2020), Alstom
booked €2.7 billion of orders and sales reached €3.5 billion. Book-to-bill ratio stood at 0.8. Adjusted EBIT
reached €263 million leading to an adjusted EBIT margin of 7.5%. Net income (from continued operations,
group share) amounted to €161 million. Free Cash Flow amounted to €(253) million.
• The Group booked €2,652 million in orders in the first half of fiscal year 2020/21. This compares to
€4,618 million in orders over the same period last year. This decrease was expected, as a consequence of
the shift in tendering activity from the first half towards the second half in the Covid-19 context.
• The backlog amounted to €40 billion on 30 September 2020, providing strong visibility on future
sales. The book-to-bill ratio stood at 0.8, reflecting the impact of the Covid-19 crisis.
• In the first half of fiscal year 2020/21, Alstom’s total sales reached €3,518 million, down 13%
organically. This decrease is a consequence of the Covid-19 crisis, in particular during the lockdown period
in Q1 when some of our production units and suppliers had to slow down temporarily operations.
Operations in Q2 were back to a normal level with sales of €2,011 million, up from €1,507 million in Q1.
• In H1 2020/21, rolling stock sales reached €1,713 million (down 8% organic) as sales recognition was
affected during the containment period, particularly in Europe.
• In Q2 2020/21, all product lines experienced positive organic growth compared to Q2 2019/20 except
Systems which is continuing its anticipated ramp down at -35%. Between Q2 2019/20 and Q2 2020/21,
Rolling stock grew at +10% organically with ramp up in large projects, Services at +8% organically and
Signalling at +3% organically.
Executive Commentary
“During the first semester, the Group’s commercial activity was impacted as anticipated by the shift in
tender activity towards H2 in the context of the sanitary crisis. Yet we managed to secure some large
orders notably in Central and East Asia. We are confident that the various stimulus plans together with
the increasing demand for sustainable mobility solutions will lead to a solid market recovery, which
reflects in our strong tender pipeline for the second semester. Production in the second quarter was
back to a normal level. We were proud to deliver some flagship projects such as metro systems in
Dubaï and Mexico. Finally, we achieved major milestones in the Bombardier Transportation
acquisition process in recent months and we are looking forward to closing the transaction in Q1
2021.” said Alstom Chairman and Chief Executive Officer.
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Arkema (France) invests in the start-up Adaptive3D
Arkema leads the Series B investment in Adaptive3D, an innovative company and premium
additive manufacturing photopolymer resin supplier. This investment complements our
expertise in UV liquid resin material design and our commitment to accelerate 3D printing
manufacturing technology development. Adaptive3D, through cutting-edge technologies,
offers solutions enabling soft and elastomer end-products. The start-up sells photopolymer
resins to enable additive manufacturing of tough, strain-tolerant, tear-resistant rubbers.
Adaptive3D printable photo-resins are optimized for high-throughput manufacturing of
functional complex 3-dimensional plastic and rubber parts in a wide range of applications in
the consumer goods, healthcare, industrial, transportation and oil and gas markets. Through
its Sartomer’s activity and its pioneering N3xtDimension® range of advanced UV curable
liquid resins, Arkema and Adaptive3D have already succeeded in many technical and
commercial developments. With this announcement, the companies aim to partner across the
end points of an additive manufacturing ecosystem, from new material development, scaled
specialty resin manufacturing, to functional end-use parts, to deliver market leading
materials solutions at scale. Arkema, specializing in many other material technologies like
photoinitiators and thio-based materials, can further enhance Adaptive3D product offerings
through custom solutions.
Executive Commentary
"Arkema is a global leader in supplying specialty materials to enable sustainable,
innovative solutions to manufacturing technologies. Adaptive3D photo-resins, based on
Arkema materials and now validated in the market, further our customer-focused
mission to reach into new application spaces. Adaptive3D delivers compelling materials
properties with an ease of printing and post processing—a great step forward for the
whole additive manufacturing field." Senior Director of 3D Printing Worldwide at
Arkema
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ASSAABLOY´s (Sweden) divestiture of CEDES in Switzerland to capiton AG
completed
ASSAABLOY has closed the sale of its sensor technology business CEDES in Switzerland to capiton AG. CEDES is
a leading sensor technology company in the elevator and door industry. CEDES was established in 1986 and has some
320 employees. The company is headquartered in Landquart, Switzerland. Sales in 2019 amounted to about 51
MEUR. The transaction will have a neutral effect on ASSA ABLOY´s operating margin. The divestiture will be
de-consolidated from ASSAABLOY as of November 2020. The ASSAABLOY Group is the global leader in access
solutions. The Group operates worldwide with 49,000 employees and sales of SEK 94 billion. The Group has leading
positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY's
innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of
people experience a more open world.
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Avery Dennison (USA) Announces Third Quarter 2020 Results
• Net sales were $1.73 billion, down 1.8%. Sales were down 1.3% ex. currency, and
down 3.6% on an organic basis.
• Reported operating margin increased 100 basis points to 12.3%. Adjusted EBITDA
margin increased 190 basis points to 16.1%, while adjusted operating margin increased
140 basis points to 13.1%.
• Reported net income was $1.79 per share, up 5%, and adjusted net income was $1.91
per share, up 15%, both of which were above the company’s expectations, reflecting a
sales decline below the low end of its outlook range in July.
• The company’s third quarter effective tax rate was 23.4%. Its adjusted tax rate
(non-GAAP) for the quarter was 23.2%, reflecting the company’s expectation for a full
year adjusted tax rate which is currently estimated to be approximately 24%.
• Year-to-date free cash flow was $342 million, up 4.4% compared to the same period
last year.
Executive Commentary
“Revenue came in significantly better than we anticipated at the start of the quarter,
which, combined with our cost reduction actions, enabled us to deliver strong
earnings growth and free cash flow,” said chairman, president and CEO. “The
extraordinary agility demonstrated by our team this year is driving solid
performance on all fronts, ensuring the health and well-being of our employees,
delivering for our customers, supporting our communities, and minimizing the
impact of the recession for our shareholders. All three of our operating segments
expanded their adjusted operating margins compared to last year, despite lower
sales, as demand improved sequentially. In particular, LGM delivered sequential
improvement in sales across all regions except Europe, with fasterthan-expected
improvement in high value categories, such as graphics. RBIS likewise improved
faster-than-expected, reflecting strong growth in both RFID and external
embellishments, as well as a quicker rebound in the base. Once again, we are
proving our resilience across business cycles. “I want to thank our entire team for
their ongoing efforts to keep one another safe while delivering for our customers
during this challenging period.”
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BASF Group (Germany) increases EBIT before special items compared with second
quarter of 2020, mainly driven by good business development in September
• BASF Group sales of €13.8 billion were down slightly by €745 million compared with the third quarter of 2019. This was mainly driven by negative currency effects in all
segments, but especially in the Agricultural Solutions and Surface Technologies segments.
• EBIT before special items declined considerably year on year, by €475 million to €581 million. This was mainly attributable to a considerably lower contribution from the
Chemicals segment. EBIT before special items also declined considerably in the Nutrition & Care segment, Other, and in the Materials and Agricultural Solutions segments. The
Industrial Solutions and Surface Technologies segments posted slight decreases.
• Special items in EBIT amounted to minus €3.2 billion in the third quarter of 2020. These primarily related to impairments totaling €2.8 billion in all segments due to the economic
effects of the coronavirus pandemic and to restructuring measures. In addition, provisions of €313 million were recognized for the realignment of the Global Business Services unit.
EBIT amounted to minus €2.6 billion, considerably below the prior-year quarter (€1.3 billion).
• Compared with the third quarter of 2019, income from operations before depreciation, amortization and special items (EBITDA before special items) decreased by €438 million
to €1.5 billion. EBITDA declined by €1.2 billion to €1 billion.
• Net income decreased to minus €2.1 billion, compared with €911 million in the prior-year quarter. Earnings per share amounted to minus €2.31 in the third quarter of 2020 (Q3
2019: €1.00). Earnings per share adjusted for special items and amortization of intangible assets amounted to €0.60 (Q3 2019: €0.89).
• Cash flows from operating activities amounted to €2.1 billion in the third quarter of 2020, €102 million above the figure for the prior-year quarter despite the €3 billion decline
in net income. The decrease in net income was largely attributable to the non-cash-effective impairments. Free cash flow rose from €1.1 billion in the prior-year quarter to €1.4 billion
as a result of higher cash flows from operating activities in conjunction with lower payments made for property, plant and equipment and intangible assets.
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Bayer (Germany) acquires Asklepios BioPharmaceutical to broaden innovation
base in cell and gene therapy
Bayer AG announced the acquisition of Asklepios BioPharmaceutical, Inc. (AskBio), a
US-headquartered biopharmaceutical company specialized in the research, development and
manufacturing of gene therapies across different therapeutic areas. AskBio’s development
portfolio includes investigational pre-clinical and clinical stage candidates for the treatment
of neuromuscular, central nervous system, cardiovascular and metabolic diseases. Bayer will
own full rights to AskBio’s gene therapy platform, including a broad intellectual property
portfolio and an established contract development and manufacturing organization (CDMO)
laying the foundation for future partnerships in the area of adeno-associated virus (AAV)
therapies. The addition of AskBio to Bayer’s emerging cell and gene therapy (CGT) business
strengthens Bayer’s commitment to the field. It complements the 2019 acquisition of
BlueRock Therapeutics and consolidates Bayer’s ambition to create platforms with the
potential to have an impact in multiple therapeutic areas. Under the terms of the agreement,
Bayer will pay an upfront consideration of USD 2 billion and potential success-based
milestone payments of up to USD 2 billion. Some 75 percent of the potential success-based
milestone payments are expected to be due during the course of the next five years and the
remaining amount late thereafter.
Executive Commentary
“In line with our purpose ‘science for a better life’, we are committed to bringing
significant improvements for patients through innovation,” said Chairman of the Board
of Management (CEO) of Bayer AG. “With this acquisition, Bayer significantly
advances the establishment of a cell and gene therapy platform that can be at the
forefront of breakthrough science, contributing to preventing or even curing diseases
caused by gene defects and further driving company growth in the future.”
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Metagenomi closes USD 65 million Series A financing led by Leaps by Bayer and
Humboldt Fund
Metagenomi, a next generation gene editing company launched by UC Berkeley scientists in
2018, successfully completed a USD 65 million Series A financing round and emerged from
stealth mode. The Series A round was led by Leaps by Bayer and Humboldt Fund. Other investors
included Sozo Ventures, Agent Capital, InCube Ventures and HOF Capital. CRISPR-based gene
editing is one of the most important discoveries in recent years, and a critical technology for next
generation therapeutic development. With the ability to edit DNA, scientists can address a whole
range of diseases – but there are still hurdles to overcome such as delivery, immunogenicity,
selectivity, and genomic accessibility with current technologies. To enable efficient technological
solutions, Metagenomi is building a proprietary suite of CRISPR-based gene editing systems by
applying computational algorithms to screen thousands of genomes from microorganisms around
the world. The approach leverages big data and the science of metagenomics to quickly identify
novel gene editing systems with properties that leapfrog first generation technologies. These
include the capability to precisely edit genomes via single base changes, knockouts, or
integrations, with lower potential for off-target effects. While in stealth mode, Metagenomi has
developed a vast portfolio of these innovative gene editing systems, and it is Metagenomi’s goal
to improve patient access to gene editing technologies by providing safe, accurate modalities for
use in therapeutic development.
Executive Commentary
“Gene editing is a paradigm shifting technology which will continue to move the needle from
treatment to cure in many genetically inherited diseases and significantly improve the world
around us for the better,” said Head of Leaps by Bayer. “Leaps by Bayer is committed to
advancing new breakthroughs in gene editing and is thrilled to partner with Metagenomi in
its mission to discover tomorrow’s gene editing technologies.”
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Bayer (Germany) Acquires Majority Stake in Care/of
Bayer, announced the closing of its investment in Care/of,
giving it a majority ownership in the privately owned,
personalized direct-to-consumer nutrition company. Care/of
helps consumers build a daily routine of taking nutritional
supplements specially tailored to their needs. The four-year-old
company is simplifying the vitamin category through
personalization, technology, and a delightful experience. The
acquisition furthers Bayer’s strategic business objectives by
strengthening the company’s presence in the high-growth area
of personalized nutritionals. The partnership supports Bayer’s
commitment to self-care and accelerates its understanding of
personalized nutrition and advanced digital capabilities.
Executive Commentary
“As a global leader in health and nutrition, Bayer’s
acquisition of Care/of bolsters our digital capabilities in the
key market of personalized supplements,” said President,
Bayer U.S & Consumer Health NA. “We’re excited to
partner with the talented Care/of team to bring their expertise
in wellness to more people during a time when self-care is
top-of-mind. Care/of exists to help people feel better, and
this acquisition executes on Bayer’s commitment to making
health solutions accessible to all.”
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Boeing (USA) Reports Third-Quarter Results
• Cash and investments in marketable securities decreased to $27.1 billion, compared
to $32.4 billion at the beginning of the quarter, primarily driven by operating cash
outflows (Table 3). Debt was $61.0 billion, down from $61.4 billion at the beginning of
the quarter due to the repayment of maturing debt.
• Total company backlog at quarter-end was $393 billion.
• Defense, Space & Security third-quarter revenue decreased to $6.8 billion, primarily
due to derivative aircraft award timing, partially offset by higher fighter volume (Table
5). Third-quarter operating margin decreased to 9.2 percent reflecting less favorable
performance, including a $67 million KC-46A Tanker charge.
• Global Services third-quarter revenue decreased to $3.7 billion, driven by lower
commercial services volume due to COVID-19, partially offset by higher government
services volume (Table 6). Third-quarter operating margin decreased to 7.3 percent
primarily due to lower commercial services volume and additional severance costs.
• At quarter-end, Boeing Capital's net portfolio balance was $2.0 billion. The change
in revenue and earnings from other unallocated items and eliminations was primarily
due to the timing of cost allocations.
Executive Commentary
"The global pandemic continued to add pressure to our business this quarter, and
we're aligning to this new reality by closely managing our liquidity and transforming
our enterprise to be sharper, more resilient and more sustainable for the long term,"
said Boeing President and Chief Executive Officer. "Our diverse portfolio, including
our government services, defense and space programs, continues to provide some
stability for us as we adapt and rebuild for the other side of the pandemic. We remain
focused on the health and safety of our employees and their communities. I'm proud
of the dedication and commitment our teams have demonstrated as they continued to
deliver for our customers in this challenging environment. Despite the near-term
headwinds, we remain confident in our long term future and are focused on
sustaining critical investments in our business and the meaningful actions we are
taking to strengthen our safety culture, improve transparency and rebuild trust."
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Bombardier (Canada) Reports Third Quarter 2020 Financial Results, Provides
Update on Transition to a Pure-Play Business Aircraft Company
• Total revenues of $3.5 billion, lower by 5% year-over-year due to
pandemic-related disruptions and divestitures; Business Aircraft revenues
reached $1.2 billion on 24 deliveries, growing 10% year-over-year, driven by
accelerating Global 7500 deliveries
• Total adjusted EBITDA of $176 million; $15 million of reported total
EBIT(1)(2)
• Free cash flow usage of $0.7 billion, continuing to target breakeven for the
second half of the year; operating cash flow usage of $0.6 billion
• Pro-forma liquidity of ~ $3.0 billion, including $1.9 billion of cash on hand
and
• $275 million from the recently closed sale of aerostructures business
• Sale of Bombardier Transportation to Alstom still expected to close in the first
quarter of 2021
• Transitioning to a pure-play business aircraft company; addressing cost
structure to drive stronger profitability at current market conditions
Executive Commentary
“While the ongoing pandemic continues to present unprecedented challenges,
Bombardier remains focused on advancing its key priorities, which includes
taking great care of our people and customers; ensuring sufficient liquidity to
weather the storm; and continuing to move forward with our strategic
repositioning of Bombardier as a leaner, focused business aviation company,”
said President and Chief Executive Officer, Bombardier Inc. “In the third
quarter, we made solid progress on each of these priorities. We secured
additional liquidity with a new billion dollar senior secured credit facility, we
kept our divestitures moving forward as planned, and with deliveries ramping
up across the businesses, we are still targeting break-even free-cash-flow for
the second half of the year, assuming operations remain uninterrupted by the
pandemic.”
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Brenntag (Germany) To Acquire Italian Activated Carbon Specialist Comelt
Brenntag, the global market leader in chemical and ingredients distribution,
has signed an agreement to acquire Comelt S.p.A. and its subsidiary
Aquadepur S.R.L., both located in Northern Italy. The businesses focus on
the processing, marketing, and distribution of activated and re-activated
carbon for different applications such as water filtration and purification of
air and flue gas. Warehouses and a laboratory in Northern Italy are included
in the transaction. Comelt is a full-service provider for activated carbon
including the collection and reactivation of exhausted activated carbon. The
company maintains warehouses and a laboratory in Northern Italy that are
included in the transaction. The acquired business generated sales of
approximately EUR 31 million in the financial year 2019. Closing of the
transaction is subject to certain contractual closing conditions and
regulatory approvals and is expected to occur in Q4 2020.
Executive Commentary
Managing Director Mergers & Acquisitions at Brenntag Group: “We
expect an increasing demand for activated carbon for years to come due
to the stricter purity standards for air and water quality. The acquisition
of Comelt will strengthen our ability to assist our customers with
meeting their sustainability objectives. The company has a competitive
advantage through its full service offering regarding activated and
re-activated carbon. This is an opportunity for Brenntag to increase our
market share in these important high growth and significant market
segments in Italy as well as in other European countries.”
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Caterpillar (USA) Reports Third-Quarter 2020 Results
• Caterpillar Inc. announced third-quarter 2020 sales and revenues of $9.9
billion, a 23% decrease compared with $12.8 billion in the third quarter of
2019. The decline was primarily due to lower sales volume driven by lower
end-user demand for equipment and services.
• Third-quarter 2020 profit per share was $1.22, compared with $2.66 profit
per share in the third quarter of 2019. Profit per share in the third quarter of
2020 included pre-tax remeasurement losses of $77 million, or $0.12 per
share, resulting from the settlements of pension obligations. Profit per share
benefited from lower than expected taxes in the quarter.
• Operating profit margin was 10.0% for the third quarter of 2020, compared
with 15.8% for the third quarter of 2019.
• For the nine months ended September 30, 2020, enterprise operating cash
flow was $4.3 billion. Caterpillar ended the third quarter with $9.3 billion of
enterprise cash and more than $14 billion of available liquidity sources.
Executive Commentary
“I’m proud of our global team’s performance as we continue to safely
navigate the pandemic while remaining firmly committed to serving our
customers,” said Caterpillar Chairman and CEO. “Our third-quarter results
largely aligned with our expectations, and we’re encouraged by positive
signs in certain industries and geographies. We’re executing our strategy
and are ready to respond quickly to changing market conditions.”
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Cat (USA) Financial Announces Third-Quarter 2020 Results
• Cat Financial reported third-quarter 2020 revenues of $598 million, a decrease of $150
million, or 20%, compared with the third quarter of 2019. Third-quarter 2020 profit was $48
million, an $81 million, or 63%, decrease from the third quarter of 2019.
• The decrease in revenues was primarily due to a $76 million unfavorable impact from lower
average financing rates and a $40 million unfavorable impact from lower average earning assets.
• Third-quarter 2020 profit before income taxes was $96 million, an $88 million, or 48%,
decrease from the third quarter of 2019. The decrease was primarily due to a $50 million increase
in provision for credit losses, a $29 million decrease in net yield on average earning assets and
an $18 million unfavorable impact from lower average earning assets.
• The provision for income taxes reflected an estimated annual tax rate of 33% in the third
quarter of 2020 compared with 28% in the third quarter of 2019. The increase in the estimated
annual tax rate was primarily due to changes in the geographic mix of profits.
• During the third quarter of 2020, retail new business volume was $2.60 billion, a decrease of
$329 million, or 11%, from the third quarter of 2019. The decrease was driven by lower volume
across all segments with the exception of a slight increase in Asia/Pacific.
• At the end of the third quarter of 2020, past dues were 3.81%, compared with 3.19% at the
end of the third quarter of 2019.
Executive Commentary
"The Cat Financial team delivered solid results in the third quarter while managing customer
challenges from COVID-19 and the remaining Caterpillar Power Finance portfolio," said
president of Cat Financial and vice president with responsibility for the Financial Products
Division of Caterpillar Inc. "We saw modest improvement versus second quarter 2020 for
most key business drivers, and Cat Financial remains well-positioned to serve Caterpillar
customers and dealers worldwide through financial services solutions."
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Celanese Corporation (USA) Reports Third Quarter 2020 Earnings;
• Celanese Corporation, a global chemical and specialty materials company, reported third quarter GAAP diluted earnings
per share of $1.76 and adjusted earnings per share of $1.95. The Company recorded net sales of $1.4 billion driven by 20
percent volume recovery over the prior quarter.
• Third quarter operating profit was $184 million and adjusted EBIT was $290 million, sequential increases of $101 million
and $91 million, respectively. Engineered Materials leveraged its customer project model, and the Acetyl Chain exercised the
flexibility of its global network to maximize sequential growth on demand recovery.
• Celanese generated operating cash flow of $431 million and free cash flow of $351 million in the quarter. Cash returned
to shareholders in the third quarter totaled $184 million, consisting of $111 million in share repurchases and $73 million in
dividends. The recently closed Polyplastics transaction unlocked cash proceeds of approximately $1.6 billion and further
improves the Company's ability to opportunistically invest in organic growth, acquisitions, and share repurchases.
Third Quarter 2020 Highlights:
• Completed in early October the previously announced sale of the 45 percent equity investment in the Polyplastics joint
venture to Daicel for approximately $1.6 billion. Proceeds are expected to be redeployed to higher return investments.
• Repurchased $111 million in shares in the third quarter in anticipation of the completion of the Polyplastics transaction.
An additional approximately $400 million in share repurchases in connection with the Polyplastics transaction are expected to
be completed during the fourth quarter of 2020, for a total of approximately $500 million.
• Announced a project to expand GUR® UHMW-PE capacity by approximately 15 kt at the Bishop, Texas facility to meet
growing demand including Celanese lithium-ion battery solutions. After completion in early 2022, total capacity will exceed
50 kt per year.
• Launched BlueRidge™ cellulosic pellets, produced using cellulose from sustainably forested trees and acetic acid, as an
alternative for conventional plastics in single-use consumer applications.
Executive Commentary
"Our financial results are again a reflection of the commitment of our employees to the success of Celanese in any
environment. They have taken decisive actions throughout this year to respond to the difficult realities of COVID-19 and
continue to navigate persistent challenges to better serve and support our customers each day. With the recovery we have
seen to date, I am pleased to share that all of our production facilities across the globe are again fully staffed and operating
to meet demand. We continue to closely monitor business conditions and will remain nimble and purposeful in preparing
ourselves for continued recovery and growth in the future. We are encouraged by robust demand recovery for our
products across all regions in the third quarter," said chairman and chief executive officer.
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CF Industries Holdings, Inc. (USA) Reports Nine Month 2020
• Nine month net earnings of $230 million(1), or $1.07 per diluted
share; EBITDA(2) of $982 million; adjusted EBITDA(2) of $1,012
million
• Third quarter net loss of $28 million, or $0.13 per diluted share;
EBITDA of $196 million; adjusted EBITDA of $204 million
• Trailing twelve month net cash from operating activities of
$1,243 million, free cash flow(3) of $756 million
• Lowest 12-month rolling average recordable incident rate in
Company history
• Company operations have not experienced pandemic-related
disruptions to date
• Company record nine month total sales volumes
Executive Commentary
“The CF team continues to deliver outstanding operational
performance, achieving company-record sales volumes through
nine months while establishing a new company-best safety rate,”
said president and chief executive officer, CF Industries
Holdings, Inc. “Our focus remains protecting the health and
well-being of employees while operating safely and efficiently.
We are committed to decarbonizing our global production
network and positioning CF at the forefront of clean hydrogen
supply, which will provide a growth platform to drive long-term
shareholder value.”
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The Chemours Company (USA) Reports Third Quarter 2020 Results
• Net Sales of $1.2 billion
• Net Income of $76 million, with EPS of $0.46
• Adjusted Net Income of $78 million, with Adjusted EPS of $0.47
• Adjusted EBITDA of $210 million
• Free Cash Flow of $252 million, a $92 million improvement from prior year
• Repaid the $300 million outstanding revolving credit facility balance
• On October 28, 2020, the company's Board of Directors approved a Q4 dividend of $0.25 per
share, consistent with the prior quarter
• Advanced our Corporate Responsibility Commitments (CRC) with publication of our third CRC
report
Update on COVID-19 Response Plan
• All Chemours sites remain operational
• Maintaining health and safety measures across our sites
• On target to reduce FY 2020 costs by $160 million
• On target to reduce FY 2020 CAPEX by approx. $125 million, from approx. $400 million to
approx. $275 million
• Preserving strong balance sheet, ample liquidity of $1.7 billion with no near-term senior debt
maturities
Executive Commentary
"Our results in the third quarter demonstrate the progress we have made in executing our business
plan and the steady recovery of the auto, architectural coatings and construction markets", said
Chemours President and CEO. "Despite the COVID-19 headwinds, we continue to deliver on our
cash generation strategy which supports our strong balance sheet and liquidity position. We also
released our third annual CRC Report – renewing our commitment to leading the industry and
our peers on a broad spectrum of ESG targets. This document remains foundational for the
company, and a key component of our long-term strategy."
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CK Hutchison agrees to sell interests in European tower assets and businesses to
Cellnex for €10 billion
CK Hutchison Holdings (“CKHH”) announced an agreement for CK Hutchison Group Telecom
(“CKHGT”), an indirect wholly-owned subsidiary of CKHH, to sell CK Hutchison Networks (“CKH
Networks”) indirect interests in tower assets and businesses to Cellnex Telecom (“Cellnex”). Cellnex
is Europe’s leading operator of wireless telecommunications and broadcasting infrastructures. CKH
Networks holds CKHGT’s interests in the European telecom tower assets and businesses in Austria,
Denmark, Ireland, Italy, Sweden and the United Kingdom. The total consideration for the sale is €10
billion, consisting of €1.4 billion in new shares equating to approximately 5%1 stake in Cellnex on an
enlarged share capital basis and the balance in cash. CKHGT’s partner in Denmark and Sweden is
expected to receive 5% of the total consideration as and when it is received by CKHGT. The
transaction unlocks the underlying value of the European telecommunication tower assets and
businesses portfolio for CKHGT and CKHH while accelerating the rollout of 5G across CKHGT’s
networks. This helps partially unlock the value of CKHH’s telecommunications division, which has
not been fully reflected in its share price in recent years, in addition to realising significant capital
gains and net cash proceeds, which will materially reduce CKHH’s net financial indebtedness and
strengthen its financial profile. Adjusted for this transaction, CKHH’s reported net debt to net total
capital ratio2 as of 30 June 2020 would reduce from 25.1% to 14.9%3, further strengthening the
financial capacity of CKHH and CKHGT to support future growth and potential M&A opportunities.
Executive Commentary
"We are pleased to gain a long-term partner in Cellnex while unlocking value in our telecom
assets for our shareholders,” said CKHH’s Group Co-managing Director. “This will improve our
operational efficiency and accelerate 5G rollout, put us in a very good position if the right
opportunities arise, and provide us an opportunity to enhance our shareholders’ returns."
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CNH Industrial (UK) Acquires A Minority Stake In Zasso Group Ag
CNH Industrial N.V. announced that it has completed its acquisition of a minority stake in Zasso Group AG, a global specialist in non-chemical
weed and invasive plant management solutions using electrical power. With this transaction, CNH Industrial is further strengthening the product
portfolio of AGXTEND, the Company’s accelerator for tech startups, and reaffirms its commitment to providing the world’s farmers with easy
access to the latest innovative technologies. This equity participation will further enhance synergies to facilitate the launch of disruptive new
products. Zasso’s patented and innovative Electroherb™ solutions enable targeted, chemical-free weed control using an electrical current. This
technology can also be employed in urban weed management situations. Electroherb™ is as effective and efficient as standard chemical
herbicides, does not have to contend with growing developed plant chemical resistance and delivers social and environmental benefits. Zasso
Group, headquartered in Zug, Switzerland, was founded in 2016 and joined the AGXTEND platform in January 2019, providing exclusive
distribution to its XPower™ electronic herbicide technology. This innovative technology was recognized with a bronze innovation award at the
2019 SIMA agricultural trade show in France. This acquisition is further testament to AGXTEND’s core philosophy of facilitating and expediting
broad and open access to new technologies which help farmers improve their overall productivity, efficiency and sustainability.
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Cummins (USA) Reports Third Quarter 2020 Results
• Net Sales of $1.2 billion
• Net Income of $76 million, with EPS of $0.46
• Adjusted Net Income of $78 million, with Adjusted EPS of $0.47
• Adjusted EBITDA of $210 million
• Free Cash Flow of $252 million, a $92 million improvement from prior year
• Repaid the $300 million outstanding revolving credit facility balance
• On October 28, 2020, the company's Board of Directors approved a Q4 dividend of $0.25 per
share, consistent with the prior quarter
• Advanced our Corporate Responsibility Commitments (CRC) with publication of our third CRC
report
Update on COVID-19 Response Plan
• All Chemours sites remain operational
• Maintaining health and safety measures across our sites
• On target to reduce FY 2020 costs by $160 million
• On target to reduce FY 2020 CAPEX by approx. $125 million, from approx. $400 million to
approx. $275 million
• Preserving strong balance sheet, ample liquidity of $1.7 billion with no near-term senior debt
maturities
Executive Commentary
“Cummins successfully translated increased sales into strong profits and produced record
operating cash flow during the third quarter” said Chairman and CEO. “I want to thank our
employees all over the globe once again for their dedication to our company and to our
customers. Over the last six months we have faced both the most severe decline in quarterly sales
in our history as well as the largest sequential increase. We continue to work safely and
effectively through an incredibly challenging period, meeting our commitments to customers
who provide products critical to the functioning of the global economy.”
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Danaher (USA) Reports Third Quarter 2020 Results
• For the third quarter 2020, net earnings were $883.5 million, or $1.16
per diluted common share which represents a 38.0% year-over-year
increase from the comparable 2019 period.
• Non-GAAP adjusted diluted net earnings per common share were $1.72
which represents a 62.0% increase over the comparable 2019 period.
Revenues increased 34.5% year-over-year to $5.9 billion, with 14.0%
non-GAAP core revenue growth including Cytiva.
• Operating cash flow for the third quarter 2020 was $1.7 billion,
representing a 93.0% increase year-over-year, and non-GAAP free cash
flow was $1.5 billion, representing a 110.0% increase year-over-year.
• For the fourth quarter 2020 the Company anticipates that non-GAAP
core revenue growth including Cytiva will be in the low-double digit range.
Executive Commentary
President and Chief Executive Officer, stated, "We delivered
outstanding third quarter results, achieving double-digit revenue
growth, over 60% adjusted EPS growth, and we more than doubled our
free cash flow year-over-year. Since the onset of the COVID-19
pandemic, our team has turned unprecedented challenges into impactful
opportunities to support our customers and the global community, and
we're proud to play a pivotal role in tackling COVID-19 head-on. Our
performance is a testament to our associates' dedication, as they stay
focused on executing for our customers during the pandemic. With the
Danaher Business System as our driving force and the powerful
combination of our innovative team, strong portfolio of businesses, and
solid balance sheet, we believe Danaher will continue to outperform
well into the future."
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DuPont (USA) Reports Third Quarter 2020 Results
• 3Q20 GAAP EPS from continuing operations of $(0.11); adjusted EPS of $0.88
• 3Q20 Net Sales of $5.1 billion, down 6 percent; organic sales down 6 percent
• 3Q20 GAAP Loss from continuing operations of $(72) million and Operating
EBITDA of $1.3 billion
• $150 million in non-manufacturing costs savings in the quarter; approximately
two-thirds structural
• Increased 2020 cost savings from current year actions from $180 million to $280
million
• Operating cash flow of $1.3 billion; $1.1 billion free cash flow in the quarter
• Significant progress on divestitures of Non-Core businesses with sale of
Trichlorosilane business and equity stake in Hemlock Semiconductor JV announced in
September for $725 million; agreement to sell Biomaterials signed in October 2020 for
$240 million
• Intended merger of Nutrition & Biosciences business with IFF received shareholder
approval; transaction continues to be on-track for a 1Q 2021 closing
Executive Commentary
“Our team remains committed to emphasizing the safety and well-being of our
employees, prioritizing the needs of our customers, and executing on a playbook that
enables us to quickly respond to the changing environment” said DuPont Executive
Chairman and Chief Executive Officer. “This commitment is evident in the results
we announced. We delivered strong performance demonstrating the value our
market-leading innovation and technology provides in key end-markets such as
semiconductors, smartphones, water filtration, probiotics, and personal protective
equipment. The actions we have taken to right-size our cost structure and generate
significant cash flow are delivering results and we intend to maintain this
momentum as we move forward.”
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D.R. Horton, Inc., (South Korea) America’s Builder, Reports Fourth Quarter And
Fiscal 2020 Earnings And Increases Quarterly Dividend To $0.20 Per Share
Fiscal 2020 Fourth Quarter Highlights - comparisons to the prior year quarter
• Net income attributable to D.R. Horton increased 64% to $829.0 million or $2.24 per diluted
share
• Consolidated revenues increased 27% to $6.4 billion
• Consolidated pre-tax income increased 60% to $1.1 billion, with a pre-tax profit margin of 16.5%
• Homes closed increased 26% to 20,248 homes and 28% in value to $6.1 billion
• Net sales orders increased 81% to 23,726 homes and 84% in value to $7.3 billion
Fiscal 2020 Highlights - comparisons to the prior year
• Net income attributable to D.R. Horton increased 47% to $2.4 billion or $6.41 per diluted share
• Consolidated revenues increased 15% to $20.3 billion
• Consolidated pre-tax income increased 40% to $3.0 billion, with a pre-tax profit margin of 14.7%
• Homes closed increased 15% to 65,388 homes and 16% in value to $19.6 billion
• Net sales orders increased 39% to 78,458 homes and 40% in value to $23.6 billion
• Return on equity was 22.1% and homebuilding return on inventory was 24.6%
• Book value per common share increased 20% to $32.53
• Cash provided by homebuilding operations totaled $1.9 billion
Executive Commentary
Chairman of the Board, said, “The D.R. Horton team finished the year strong, highlighted by an
81% increase in net sales orders in the fourth quarter to 23,726 homes, a 60% increase in
consolidated pre-tax income to $1.1 billion and a 27% increase in revenues to $6.4 billion. With
a record 65,388 homes closed in fiscal 2020, D.R. Horton completed its 19th consecutive year as
the largest homebuilder in the United States. Over the last five years, we have grown our
consolidated revenues by 88% and our earnings per share by 216%, while also generating $5.2
billion of cash flows from homebuilding operations, more than doubling our book value per
share, reducing our homebuilding leverage to 17.5% and significantly increasing our returns on
inventory and equity to greater than 20%. These results reflect the strength of our experienced
teams, industry-leading market share, broad geographic footprint and affordable product
offerings across multiple brands. We appreciate the continued efforts of our homebuilding and
financial services teams who are providing new homes to families across the United States during
the ongoing pandemic, and our priority continues to be the health and safety of our employees,
customers, trade partners and the communities we serve. We plan to continue to maintain our
flexible operational and financial position by generating strong cash flows from our
homebuilding operations and managing our product offerings, incentives, home pricing, sales
pace and inventory levels to optimize the return on our inventory investments in each of our
communities based on local housing market conditions.”
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Eaton (Ireland) Reports Third Quarter Earnings Per Share of $1.11
• Power management company Eaton Corporation plc announced that earnings per share were $1.11 for the third
quarter of 2020. Excluding charges of $0.05 per share related to acquisitions and divestitures and $0.02 per share related
to a multi-year restructuring program, adjusted earnings per share were $1.18.
• Sales in the third quarter of 2020 were $4.5 billion. Organic sales were down 9 percent, and the divestitures of the
Lighting and Automotive Fluid Conveyance businesses reduced sales by 8 percent, partially offset by 2 percent growth
from acquisitions.
• Sales for the Electrical Americas segment were $1.7 billion, down 17 percent from the third quarter of 2019, driven
by a 20 percent reduction from the divestiture of the Lighting business. Organic sales were up 3 percent and the
acquisitions of Innovative Switchgear and Power Distribution, Inc. added 1 percent, while negative currency translation
reduced sales by 1 percent. Operating profits were $377 million. Excluding the divested Lighting business, operating
profits were up 9 percent over the third quarter of 2019.
• Sales for the Electrical Global segment were $1.2 billion, down 8 percent from the third quarter of 2019. Organic
sales were down 10 percent, partially offset by positive currency translation of 2 percent. Operating profits were $198
million, down 21 percent from the third quarter of 2019.
• Hydraulics segment sales were $439 million, down 15 percent from the third quarter of 2019, driven entirely by a
decline in organic sales. Organic revenue declined due to continued weakness at both OEMs and distributors. Operating
profits were $43 million, down 16 percent from the third quarter of 2019.
• Aerospace segment sales were $540 million, down 13 percent from the third quarter of 2019, driven by the
continued downturn in commercial aviation partially offset by growth in military sales. Organic sales were down 26
percent, partially offset by a 12 percent increase from the acquisition of Souriau-Sunbank and 1 percent from the impact
of positive currency translation. Operating profits were $100 million, down 35 percent from the third quarter of 2019.
Executive Commentary
Eaton chairman and chief executive officer, said, “Our third quarter was stronger than expected, with organic sales
down 9 percent, 6 percent better than the midpoint of our guidance range and up 16 percent over the second
quarter. We are pleased with our solid results despite the impact of the COVID-19 pandemic. Third quarter
segment margins were 17.6 percent, a decremental margin of 25 percent. “Our decremental margin performance
was at the low end of our guidance range. This is a result of strong execution and continued focus on cost controls
to offset pandemic-driven volume declines. Operating cash flow in the third quarter was $921 million, and free
cash flow was $832 million. “Our operating cash flow over the last nine months has totaled $2.0 billion, and free
cash flow has totaled $1.7 billion. We remain on track to achieve the midpoint of our guidance for 2020 full year
free cash flow, which we are narrowing to between $2.4 billion and $2.6 billion.”
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Eaton (Ireland) Reports Third Quarter Earnings Per Share of $1.11
• Power management company Eaton Corporation plc announced that earnings per share were $1.11 for the third
quarter of 2020. Excluding charges of $0.05 per share related to acquisitions and divestitures and $0.02 per share related
to a multi-year restructuring program, adjusted earnings per share were $1.18.
• Sales in the third quarter of 2020 were $4.5 billion. Organic sales were down 9 percent, and the divestitures of the
Lighting and Automotive Fluid Conveyance businesses reduced sales by 8 percent, partially offset by 2 percent growth
from acquisitions.
• Sales for the Electrical Americas segment were $1.7 billion, down 17 percent from the third quarter of 2019, driven
by a 20 percent reduction from the divestiture of the Lighting business. Organic sales were up 3 percent and the
acquisitions of Innovative Switchgear and Power Distribution, Inc. added 1 percent, while negative currency translation
reduced sales by 1 percent. Operating profits were $377 million. Excluding the divested Lighting business, operating
profits were up 9 percent over the third quarter of 2019.
• Sales for the Electrical Global segment were $1.2 billion, down 8 percent from the third quarter of 2019. Organic
sales were down 10 percent, partially offset by positive currency translation of 2 percent. Operating profits were $198
million, down 21 percent from the third quarter of 2019.
• Hydraulics segment sales were $439 million, down 15 percent from the third quarter of 2019, driven entirely by a
decline in organic sales. Organic revenue declined due to continued weakness at both OEMs and distributors. Operating
profits were $43 million, down 16 percent from the third quarter of 2019.
• Aerospace segment sales were $540 million, down 13 percent from the third quarter of 2019, driven by the
continued downturn in commercial aviation partially offset by growth in military sales. Organic sales were down 26
percent, partially offset by a 12 percent increase from the acquisition of Souriau-Sunbank and 1 percent from the impact
of positive currency translation. Operating profits were $100 million, down 35 percent from the third quarter of 2019.
Executive Commentary
Eaton chairman and chief executive officer, said, “Our third quarter was stronger than expected, with organic sales
down 9 percent, 6 percent better than the midpoint of our guidance range and up 16 percent over the second
quarter. We are pleased with our solid results despite the impact of the COVID-19 pandemic. Third quarter
segment margins were 17.6 percent, a decremental margin of 25 percent. “Our decremental margin performance
was at the low end of our guidance range. This is a result of strong execution and continued focus on cost controls
to offset pandemic-driven volume declines. Operating cash flow in the third quarter was $921 million, and free
cash flow was $832 million. “Our operating cash flow over the last nine months has totaled $2.0 billion, and free
cash flow has totaled $1.7 billion. We remain on track to achieve the midpoint of our guidance for 2020 full year
free cash flow, which we are narrowing to between $2.4 billion and $2.6 billion.”
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Fluor (USA) Reports First Quarter 2020 Results
• Revenue for the quarter was $4.1 billion and the net loss from continuing
operations was $171 million or $1.22 per diluted share.
• Consolidated segment profit for the quarter was $52 million, up from $39
million a year ago. Consolidated continuing operations for the first quarter of
2020 included non-cash impairments and charges of approximately $353 million
to reflect the impact of weak commodity prices and COVID-19.
• New awards for the first quarter were $4.2 billion and ending backlog was
$31.4 billion. Corporate G&A for the quarter was a benefit of $14 million due to
a $44 million foreign currency gain in the quarter.
Outlook
• While Fluor has suspended its guidance for 2020, the company expects to
report second quarter results in approximately four weeks and third quarter
results four weeks after that. The company will hold its next call with the
investment community in conjunction with the release of its third quarter results.
Executive Commentary
“As we previously disclosed, these impairments reflect the unprecedented
impact of COVID-19 and related pressure on commodity prices,” said Fluor
chief executive officer. “Project adjustments during the quarter were
primarily related to COVID-19. We continue to have the necessary liquidity
to meet all of our obligations and operate our business.”
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Hexagon (Sweden) enhances its Smart Manufacturing solutions portfolio with the
acquisition of D.P. Technology Corp
Hexagon AB, a global leader in sensor, software and autonomous solutions,
announced the signing of an agreement to acquire D.P. Technology Corp.
("D.P. Technology), a leading developer and supplier of computer-aided
manufacturing (CAM) technology. The ESPRIT CAM System, its flagship
solution, is the smart manufacturing solution for any machining application.
Supporting any class of CNC machine via a common interface and workflow,
it provides high-performance CNC machine programming, optimisation, and
simulation for a broad range of precision manufacturing applications. Well
known for its machine-optimised, edit-free G-code (toolpath), ESPRIT
leverages a digital twin simulation platform to model the finished part, tools,
and CNC machine. AI-based algorithms eliminate manual data input and
provide machine operators with greater assurance of what will happen on the
shop floor. The result - simplified programming, increased tool life and
utilisation, reduced cycle times and improved productivity.
Executive Commentary
"D.P. Technology is an innovator with a strong focus on building smarter,
data-driven manufacturing solutions. When combined with our production
software portfolio, it cements our market-leading position in CAM,
particularly around CNC manufacturing processes, and accelerates the
development of our Smart Manufacturing portfolio," says Hexagon
President and CEO Ola Rollén. "Additionally, the D.P. Technology team
has built excellent working relationships with leading machine tool
providers and other manufacturing technology experts, which will prove
invaluable in our open and interoperable manufacturing ecosystem
approach."
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Hexagon (Sweden) strengthens its industrial lifecycle management capabilities
with PAS Global acquisition
Hexagon AB, a global leader in sensor, software, and autonomous solutions, announced
the signing of an agreement to acquire PAS Global, LLC (PAS). PAS is a leading
provider of Operational Technology (OT) integrity solutions used to prevent, detect, &
remediate cyber threats, reduce process safety risks and enable trusted data for
decision-making in asset-intensive industries like manufacturing, oil & gas, utilities and
more. OT computing systems are critical to managing the performance of physical
devices, machines and essential processes - from controlling temperatures to triggering
emergency shut-offs. These historically stand-alone, closed systems are becoming
increasingly connected in the face of IoT and digitalisation and therefore, more
vulnerable to cyber manipulation and attacks. Building upon its commitment to helping
industrial organisations improve production safety and reliability since its founding in
1993, PAS has, in recent years, expanded its expertise to helping customers identify and
reduce OT cybersecurity risks, ensuring OT integrity from the sensor to the cloud.
Headquartered in Houston, Texas, USA, PAS will operate as part of Hexagon's PPM
division. Completion of the transaction (closing) is subject to regulatory approvals. 2020
revenues are forecast to be around 34 MEUR.
Executive Commentary
"Combining PAS' OT expertise with our PPM division's digital twin and data
integrity capabilities creates a powerful combination for industrial lifecycle
management. Our customers can now manage the lifecycle from plant design and
maintenance, to real-time situation awareness in the control room, cybersecurity risk
management, and industrial digital transformation," says Hexagon President and
CEO Ola Rollén. "PAS' highly skilled and experienced staff serve more than 500
customers across more than 1,450 sites and 70 countries, significantly expanding our
owner operator footprint across the oil & gas, chemicals, power generation, mining
and metals, and pulp and paper industries. Their highly complementary solutions
provide expansion opportunities into verticals such as agricultural processing, water
treatment, and renewables, as well as synergies with our Manufacturing Intelligence
and Mining divisions."
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Huntington Ingalls Industries (USA) Reports Third Quarter 2020
Results
• Huntington Ingalls Industries reported third quarter 2020 revenues of $2.3 billion, up 4.3%
from the third quarter of 2019. The increase was driven by growth at both HII's Newport News
and Ingalls Shipbuilding divisions.
• Operating income in the quarter was $222 million and operating margin was 9.6%,
compared to $214 million and 9.6%, respectively, in the third quarter of 2019. The increase in
operating income was mainly the result of a higher operating FAS/CAS adjustment, partially
offset by lower segment operating income, compared to the prior year.
• Net earnings in the quarter were $222 million, compared to $154 million in the third quarter
of 2019. The increase in net earnings was the result of lower federal income taxes due to a claim
for higher research and development tax credits for prior years and a favorable change in the
non-operating portion of retirement benefits, as well as higher operating income, partially offset
by higher interest expense. Diluted earnings per share in the quarter was $5.45, compared to
$3.74 in the same period of 2019.
• Third quarter cash from operations was $222 million and free cash flow1 was $160 million,
compared to $363 million and $250 million, respectively, in the third quarter of 2019.
• New contract awards in the quarter were approximately $1.6 billion, bringing total backlog
to approximately $45.3 billion as of Sept. 30, 2020.
Executive Commentary
“We are very pleased with shipbuilding program execution in the quarter, particularly as we
continue to navigate our way through the challenges posed by COVID-19,” said HII’s
president and CEO. “In addition to achieving a number of key shipbuilding program
milestones during the quarter, we also broke ground on our Unmanned Systems Center of
Excellence, a facility purpose-built for unmanned systems prototyping, production and
testing as we continue to invest in and expand our unmanned capabilities."
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Huntsman (USA) Announces the Sale of its India Based DIY Consumer
Adhesives Business
Huntsman Corporation announced that it has entered into a
definitive agreement to sell its India based Do-It-Yourself (DIY)
consumer adhesives business, part of the Advanced Materials
division, to Pidilite Industries Ltd. in an all-cash transaction valued
at up to $285 million, excluding customary working capital and
other adjustments. The transaction value represents a 2019 adjusted
EBITDA multiple of approximately 15 times. Under the terms of
the agreement Huntsman will receive approximately $257 million
in cash at closing and up to approximately $28 million of additional
cash under an earnout within 18 months if the business achieves
sales revenue in-line with 2019. The transaction is expected to
close within the coming week.
Executive Commentary
Chairman, President and CEO commented: "We have taken this
business and built it from almost nothing to be a market leader in
India. To take it to the next level of size and value, we simply do
not have the footprint in India to do so. Pidilite is a respected
leader in consumer adhesives within India and is in a better
position to invest in and more aggressively grow this consumer
DIY business over the coming years. We anticipate within the
coming months that we will be able to deploy the proceeds from
this asset and replace the lost EBITDA with other growth assets
that fit even better within our core Advanced Materials specialty
business."
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Ingersoll Rand (Ireland) Reports Third-Quarter 2020 Results
• Reported revenues of $1.3 billion
• Reported net income attributable to Ingersoll Rand Inc. of $30 million, or earnings of $0.07 per
share, including $177 million of pre-tax amortization, restructuring and related business
transformation costs, acquisition-related expenses and other adjustments
• Adjusted Net Income of $168 million, or $0.40 per share
• Adjusted EBITDA of $284 million with a margin of 21.3%
• Reported operating cash flow of $187 million and free cash flow of $179 million, both including
Transaction-related outflows of $26 million
• Liquidity of $2.3 billion as of September 30, 2020, including $1.3 billion of cash on hand and
undrawn capacity of $1.0 billion under available credit facilities
• Strong margin improvement fueled by the Ingersoll Rand Execution Excellence Process (IRX) to
drive daily management execution of synergy and productivity initiatives; executed a total of
approximately $150 million of annualized cost synergies, including approximately $100 million of
in-year savings, and on track to deliver total cost synergies of $250 million by the end of year three
after the completion of the Transaction
• Awarded $150 million equity grant to global workforce with value equal to 20% of an employee’s
annual base cash compensation; bolsters our ownership culture where employees can benefit from
creating value as they contribute to net working capital improvement across the enterprise
Executive Commentary
“Our third-quarter performance demonstrates the strength of our employees to drive the
integration with rigor around IRX, resulting in accelerated growth and margin expansion,” said
Chief Executive Officer. “I am pleased with our continued sequential improvement across all of
our segments, especially given the challenging macro-environment. We continue to deliver
strong free cash flow and improve our liquidity position which will support our investments in
future organic and inorganic growth activities. With all our employees recently becoming owners
of the company, we now have approximately 16,000 people driving in a common direction to
deliver value as shareholders. Looking ahead, I am very excited for the future of Ingersoll Rand
as we embark on a multi-year transformation to help make life better for our employees,
customers and communities.”
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Keppel Land China unlocks value with divestment of Hill Crest Villas in Chengdu
Keppel Land China Limited (Keppel Land China), through its subsidiary, Hillwest
Pte Ltd (Hillwest), is divesting 100% of the equity interest in Chengdu Hilltop
Development Co Ltd (CHD) to (Chengdu Longfor Development Co Ltd), for an
aggregate amount of RMB1,260 million (approximately S$250.4 million).
Approximately RMB845.2 million (approximately S$168 million) will be paid as
consideration for the divestment, which is subject to completion adjustments, while
the remaining amount of about RMB414.8 million (approximately S$82.4 million) is
for repayment of loans owed by CHD to a subsidiary of Hillwest. Keppel Land China
expects to recognise a divestment gain of approximately S$43 million. The
divestment is in line with Keppel’s Vision 2030 and plans to monetise assets which
can be channelled towards new growth opportunities. CHD was incorporated to
acquire the land for the development of Hill Crest Villas in Chengdu, Sichuan
Province, China. Situated in an established low-density residential enclave in
Mumashan, southwest of Chengdu, Hill Crest Villas has completed Phase 1 of the
development, which comprises 53 villas and a clubhouse.
Executive Commentary
President of Keppel Land China, said, “Keppel Land China regularly reviews our
portfolio of assets to seek higher returns. We remain committed to deepening our
presence in China, a key market of Keppel Land, as well as Chengdu metropolis,
which is one of our focus regions in China."
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L3harris Technologies (USA) Helps Public Safety Agencies Access Grants
To Acquire Critical Radio Technology
L3Harris Technologies has partnered with PoliceGrantsHelp.com and FireGrantsHelp.com to provide grant support to public safety agencies
seeking funding to purchase the newest radio solutions. PoliceGrantsHelp.com and FireGrantsHelp.com, part of Police1.com and
Firerescue1.com respectively, provide first responders access to a national database of available grants. Under this partnership, experts guide
public safety customers through the grant process, including identifying available funds, applying for and helping to secure funding for the
products they need. To date, the organization has secured more than $250 million in agency grant funding. The solutions include the L3Harris
XL-150P, XL-185P and XL-200P handheld portable radios, and the XL-185M and XL-200M mobile radios. L3Harris Public Safety and
Professional Communications is a leading supplier of communications systems and equipment for public safety, federal, utility, commercial and
transportation markets. The business has more than 80 years of experience in public safety and professional communications and supports more
than 500 systems around the world. L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end
solutions that meet customers’mission-critical needs. The company provides advanced defense and commercial technologies across air, land, sea,
space and cyber domains.
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L3harris (USA) Reports Strong Third Quarter 2020 Results And Raises
Outlook
• Revenue for the quarter increased 0.7% versus prior-year GAAP as 3.3% growth in core U.S. and international businesses
was offset by the divestiture of the airport security and automation business and COVID-19-related impacts, mainly for
commercial-related sales. Organic revenue increased 4.4% for the quarter as 7.4% growth in core U.S. and international
businesses, excluding commercial aviation and Public Safety, more than offset the anticipated decline from the pandemic.
• GAAP EPS for the quarter increased 4.7% versus prior year driven by operational excellence, integration benefits, a
decrease in integration costs and lower share count, partially offset by impacts from the pandemic, higher investments and
amortization of merger-related intangibles, as well as the absence of a prior-year benefit from the gain on the sale of the Harris
Night Vision business.
• Third quarter revenue increased 6.2% from strong growth in Maritime from a ramp in manned and classified platforms,
and in ISR driven by aircraft missionization demand, partially offset by a moderate decline in Electro Optical due to program
timing. Third quarter operating income increased 21% to $213 million, and operating margin expanded 190 bps to 15.5%
versus prior year, driven by operational excellence and integration benefits, partially offset by higher investments.
• Segment funded book-to-bill was 1.08 for the quarter and 1.22 year-to-date.
• Orders strength in ISR continued with several international awards totaling $123 million, including an award to provide
ISR capabilities on three King Air 350ER aircraft for the Canadian Department of National Defence (DND) and an order to
deliver a missionized Gulfstream G550 aircraft to the Royal Australian Air Force (RAAF).
• In Electro Optical, sensor demand remained strong with a $37 million sole-source IDIQ award for thermal sight systems
and equipment in support of the U.S. Marine Corps Assault Amphibious Vehicle. The company also reinforced its international
position with a $54 million order for WESCAM airborne turrets from a European customer.
• In Maritime, the company's investment in unmanned capabilities led to a $35 million award from the U.S. Navy as the
prime system integrator for the Medium Unmanned Surface Vehicle (MUSV) program, which with options could reach $281
million. The company was also awarded a multi-million-dollar contract by Fincantieri Marinette Marine to provide subsystems
and system integration for the U.S. Navy's FFG(X) program, with a total potential that could exceed $300 million.
Executive Commentary
“The L3Harris team delivered a strong quarter that demonstrated integration progress, portfolio resiliency and the
perseverance of our employees,” said Chairman and Chief Executive Officer. “Our on-going execution puts us in a
position to deliver on an improved outlook for the year, which we'll build on over the medium term."
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LG Display (South Korea) Reports Third Quarter 2020 Results
• Revenues in the third quarter of 2020 increased by 27% to KRW 6,738 billion from KRW 5,307 billion in the second quarter of 2020 and increased by 16% from KRW
5,822 billion in the third quarter of 2019.
• Operating profit in the third quarter of 2020 recorded KRW 164 billion. This compares with the operating loss of KRW 517 billion in the second quarter of 2020 and the
operating loss of KRW 436 billion in the third quarter of 2019.
• EBITDA in the third quarter of 2020 was KRW 1,288 billion, compared with EBITDA of KRW 413 billion in the second quarter of 2020 and with EBITDA of KRW 613
billion in the third quarter of 2019.
• Net income in the third quarter of 2020 was KRW 11 billion, compared with the net loss of KRW 504 billion in the second quarter of 2020 and the net loss of KRW 442
billion in the third quarter of 2019.
• LG Display registered KRW 6,738 billion in revenues and KRW 164 billion in operating profit in the third quarter of 2020.
• The revenue increase of 27% quarter-on-quarter was driven by a continuous rise in panel shipments for IT products thanks to the growing trends of working from home
and online schooling, as well as an increased supply of panels for new mobile products from strategic customers, strong global TV sales, and the start of full-scale
mass-production at the company’s OLED panel production plant in Guangzhou, China.
• LG Display returned to the black for the first time in seven quarters, with an operating profit of KRW 164 billion, due to an improved overall performance across its
business sectors. It recorded KRW 11 billion in net income and KRW 1,288 billion in EBITDA along with an EBITDA margin of 19% in the quarter.
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LyondellBasell (Netherlands) Reports Third Quarter 2020 Earnings
• LyondellBasell Industries announced net income for the third quarter 2020 of $114
million, or $0.33 per share. The company recognized a $582 million non-cash impairment
charge during the quarter to reflect reduced expectations for profitability from the Houston
refinery. Third quarter results include a $160 million non-cash, lower of cost or market
(LCM) inventory valuation benefit. The combination of the impairment and inventory
valuation benefit reduced net income by $313 million or $0.94 per share.
• Third quarter 2020 EBITDA was $466 million, or $888 million excluding LCM and
impairment. The third quarter 2020 also included $9 million of integration and restructuring
costs, net of tax, that impacted earnings by $0.02 per share and EBITDA by $15 million.
• EBITDA increased $194 million versus the second quarter 2020, excluding a favorable
variance of $32 million due to LCM inventory benefits. Third quarter 2020 results were
negatively impacted by last-in, first out (LIFO) inventory charges of approximately $60
million.
• EBITDA decreased $249 million versus the third quarter 2019, excluding a favorable
variance of $70 million due to a third quarter 2020 LCM inventory benefit. Third quarter
2020 results were negatively impacted by LIFO inventory charges of approximately $60
million.
Executive Commentary
"In the third quarter, demand for LyondellBasell products improved with increasing
global economic activity. Our year over year results reflect strong global volumes while
margins are still recovering. Sequentially, third quarter volumes and margins rebounded
for most of our businesses. Strong demand for polyethylene in North America and Asia
and hurricane-related production constraints on the U.S. Gulf Coast led to tight markets
that drove $420 per ton of North American polyethylene contract pricing improvement
since June. Volumes improved in our Propylene Oxide & Derivatives business and our
Advanced Polymer Solutions segment as demand increased for polymers utilized in
automotive manufacturing and other durable goods markets. As expected, reduced
demand for transportation fuels continued to pressure our Refining and Oxyfuels &
Related Products businesses during the quarter," said LyondellBasell CEO.
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Mohawk Industries (USA) Reports Q3 Results
• Mohawk Industries, Inc. announced a 2020 third quarter net profit of $205 million and
diluted earnings per share (EPS) of $2.87. Adjusted net earnings were $233 million, and EPS
was $3.26, excluding restructuring, acquisition and other charges.
• Net sales for the third quarter of 2020 were $2.6 billion, an increase of 2% as reported
and on a constant currency basis. For the third quarter of 2019, net sales were $2.5 billion,
net earnings were $156 million and EPS was $2.15, adjusted net earnings were $199 million,
and EPS was $2.75, excluding restructuring, acquisition and other charges.
• For the nine months ending September 26, 2020, net earnings and EPS were $267
million and $3.75, respectively. Net earnings excluding restructuring, acquisition and other
charges were $379 million and EPS was $5.31.
• For the 2020 nine-month period, net sales were $6.9 billion, a decrease of 8% versus
prior year as reported or 7% on a constant currency and days basis. For the nine-month
period ending September 28, 2019, net sales were $7.5 billion, net earnings were $480
million and EPS was $6.61; excluding restructuring, acquisition and other charges, net
earnings and EPS were $564 million and $7.77.
• As previously disclosed, Mohawk received subpoenas from the U.S. Department of
Justice and the Securities and Exchange Commission relating to allegations in a class action
suit against Mohawk.
Executive Commentary
Commenting on Mohawk Industries’ third quarter performance, Chairman and CEO,
stated, “Our results in the period significantly exceeded our expectations, with sales
recovering and operating income substantially increasing above last year’s levels. Under
continued pandemic conditions, people all over the world are spending more time in
their homes and working remotely. Globally, this trend is increasing investments in
home remodeling as well as driving new home purchases. All of our businesses and
geographies were stronger due to higher demand and customers increasing inventory in
our distribution channels. Flooring Rest of the World delivered the strongest results in
the quarter as our northern European, Russian and Australian businesses were less
impacted by the pandemic. Our Global Ceramic and Flooring North America segments
also improved substantially while being more affected by COVID and postponed
commercial projects. Our laminate, LVT and sheet vinyl outperformed our other
categories, and our new plants improved their output and efficiencies. Fluctuations in
worldwide exchange rates negatively impacted our EBIT by about $7 million, with
declines in most currencies offsetting the strengthening Euro.”
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