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Focused

Herc Rentals: Slow, Steady Progress

Earnings Note: 12 Nov 2018, 9:08 AM ET - HRI posts a strong quarter and revises EBITDA upward as one of the weakest margin players starts to make progress after starting out well behind the pack at its spin-off date.
Focused

Herc: HTZ Separation Final/Utilizes 103 Call

Earnings Note: 08 Aug 2018, 5:40 PM ET - Herc delivered solid numbers on revenue and pricing although margins were down due to cost increases.  In July, the separation from Hertz was made final and the company utilized the special 103 call to redeem 2nd lien bonds.  

US Industrials: Macro Data Points

Sector Analysis: 12 Jun 2018, 1:59 AM ET - In this report, we tied the positive tone from Industrial management teams to select economic data points.
Focused

Herc Rentals: Waiting for the Refi

Earnings Note: 09 May 2018, 1:07 PM ET - The equipment rental sector is a good proxy for many pockets of capex and Herc putting up strong numbers is a good macro sign also. The secular positives of the industry and the shift toward rental from ownership remains in evidence.  

Parker: 3Q18 | Shifting to Market perform

Earnings Note: 26 Apr 2018, 9:13 PM ET - PH’s earnings were strong, but with the equity now under pressure and debt reduction plans nearing completion we anticipate a capital allocation change soon. We take our Outperform on the credit to a Market perform.

US Cap Goods: Event Risk = Sector Underperformance

IG Note: 21 Mar 2018, 5:23 AM ET - The Capital Goods Index has been the worst performing sector on an excess return basis year-to-date. Sector returns severely lagged the Index in January with GE and UTX being notable underperformers to date.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.
Focused

Herc Rentals: Capex Going Up

Earnings Note: 28 Feb 2018, 3:36 PM ET - Herc results were solid in 2017 riding favorable tailwinds of end market demand while Oil & Gas markets stabilized. Adj. EBITDA is guided to +6% to +12% in FY18 while net capex will move markedly higher. 

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

CNHI 4Q17: Supportive Positive Trends

Earnings Note: 31 Jan 2018, 9:11 AM ET - CNHI reported results highlighting positive trends in end-market demand which contributed to better operating performance. Credit metrics continue to strengthen at the Capital Goods bellwether and we maintain our O/P on CNHI bonds.

US Industrial 2018 Outlook: Conglomerate Conundrum

Sector Analysis: 21 Jan 2018, 9:58 PM ET - Against the backdrop of a generally favorable global demand environment, event risk is the key 2018 credit concern for the conglomerate peer group. We focus on this topic and revisit our credit recommendations for more than two dozen firms.

CNH Industrial: Issuing New 10Y US$ Bonds

Worth Watching: 09 Nov 2017, 1:23 PM ET - CNH Industrial is issuing new 10-year US dollar bonds out of the CNH Industrial N.V. (parent) entity. CNH Industrial has one other US$ bond outstanding at the parent level, the 4.5% 8/2023 bond (Ba2/BBB -/BBB-), which trades at a spread of G+12 ..
Focused

Herc Rentals 3Q17: Steady Capex Buzz

Earnings Note: 08 Nov 2017, 10:50 PM ET - Herc posts up a solid quarter, edges up low end of EBITDA guidance while holding the high end stable, moves capex higher, and keeps pushing to get its house in order to try to close the gap in margins with its more efficient peers.

Caterpillar: 3Q17 | Knocks the Cover off the Ball

Earnings Note: 24 Oct 2017, 8:11 PM ET - Caterpillar’s earning trajectory has been on a favorable trend line in 2017 and the trend continued into the third quarter with a set of strong results. The quarter did not change our view of the credit and we remain at a Market perform.

August 2017 US Company Recommendation Changes

US Company Recommendation Changes: 01 Sep 2017, 8:11 AM ET - Our monthly report provides executive summaries for the thirty-five company recommendation changes made on US companies during the month of August.

Multi-Industrials: 2Q Review, Event Risk & More

Sector Analysis: 21 Aug 2017, 10:17 PM ET - In this report we broadly review earnings trends for nearly two dozen industrial credits, discuss companies with elevated event risk and also highlight new issuance candidates.

Rental Cases: URI M&A Stays Hot, H&E Misses

Sector Analysis: 17 Aug 2017, 12:01 PM ET - Rentals activity stays hot as favorable secular trends, consolidation of a fragmented industry, and a waiting game for tax reform and infrastructure details remains the order of the day. URI stays true to its history of M&A focus.
Focused

Herc Rentals 2Q17: Upstream Stabilizing?

Earnings Note: 08 Aug 2017, 10:47 PM ET - Herc bonds have had a very good run since the spin-off even in the face of upstream oil and gas weakness as an extended equipment cycle and tax reform hopes drive optimism for volumes and pricing. We move to Market Perform on valuation.

CAT: 2Q17 | Starting to Fly; Moving to M/P

Earnings Note: 25 Jul 2017, 9:19 PM ET - Caterpillar delivered another round of strong results. With end-markets starting to turn, results gaining traction, and balance sheet options on the mend, we move from an Underperform to a Market perform on the credit.
Focused

Herc Rentals 1Q17: E&P Weighs on Results

Earnings Note: 09 May 2017, 1:28 PM ET - HRI continues to be negatively affected by their ~15% exposure to the upstream Oil & Gas industry but continues to realign its fleet mix to concentrate on key markets outside upstream energy. 

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