Industrials Weekly Review: Caterpillar, Corning, Honeywell
During the past week, Corning (NYSE: GLW) announced that Gionee will be using the Gorilla Glass 3 for its latest smartphone. Honeywell (NYSE: HON) announced that it had been awarded its third project in Vietnam, while Caterpillar (NYSE: CAT) announced that it had entered an agreement with a Chicago-based company to jointly develop a tool to assess equipment health. Below we give a quick rundown on the most notable events in the last week related to the companies.
Corning
On March 3, Corning announced that Gionee Communication Equipment Co. has chosen Corning’s Gorilla Glass 3 with Native Damage Resistance for its latest smartphone, the Elife S7. [1] The Gorilla Glass 3 will be used on both the front and back glass panels of the smartphone. Gionee chose the cover glass due its strength and slim characteristics.
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Corning’s stock gained 0.9% over the week through Thursday. We currently have a price estimate of $23 for Corning. For the year 2015, we estimate revenues of $10.5 billion, in line with consensus estimates, and EPS of $1.53, compared to consensus estimates of $1.55.
Click here to see our complete analysis of 3M
Honeywell International
On March 5, Honeywell announced that it had been awarded its third project from the Hoang Long Joint Operating Co. (HLJOC). [2] The project involves handling critical project management and engineering for an oil and natural gas platform off the coast of Vietnam. Honeywell Process Solutions will install an integrated control and safety solution that will improve automation, security and efficiency.
Honeywell’s stock gained 0.4% over the week through Thursday. We currently have a price estimate of $109 for Honeywell. For the year 2015, we estimate revenues of $40.9 billion and EPS of $6.11, in line with consensus estimates.
Click here to see our complete analysis of Honeywell
Caterpillar
On March 4, Caterpillar announced that it has entered an agreement with Uptake, a provider of a dynamic analytics and insight platform to jointly develop a platform for predictive diagnostics to help customers monitor and optimize their fleets more effectively. [3] Caterpillar has also made a minority investment in Uptake, which has been developing locomotive-related predictive diagnostics and fleet optimization solutions for one of Caterpillar’s subsidiaries since 2014.
Caterpillar’s stock declined 1.7% over the week through Thursday. We currently have a price estimate of $85 for Caterpillar. For the year 2015, we estimate revenues of $50 billion and EPS of $4.74, in line with consensus estimates.
Click here to see our complete analysis of Caterpillar
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- Corning® Gorilla® Glass Helps Take Gionee Slim Smartphones to Next Level, March 3, 2015, www.corning.com [↩]
- Honeywell Technology, Engineering and Project Management Selected for Third Vietnamese Offshore Platform, March 5, 2015, www.honeywell.com [↩]
- Caterpillar And Uptake To Create Analytics Solutions, March 5, 2015, www.caterpillar.com [↩]