Industrials Week In Review: 3M, Corning And Caterpillar

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The past week was marked with new product launches by 3M (NYSE:MMM) and Caterpillar (NYSE:CAT). 3M introduced new Slim Lock Closures to help protect connection points from weather related damage. Caterpillar launched an engine platform for the marine industry that will provides more power while consuming less fuel. Though Corning (NYSE:GLW) may not have been involved directly with a launch of its own product, an interview given by the company’s CEO did somewhat suggest its association with the launch of Apple’s iPhone 6.

3M introduces new slim lock closures for small RF connections

3M announced two new Slim Lock Closures, Mini and Nano, which help protect against any environmental damage at the point of antenna connections at cell sites of carriers. [1] At cell sites, a large number of connectors are inserted into antennas leading to congestion which makes it difficult to apply any kind of weather protection.  At present, technicians wrap PVC tape at the point of connection. 3M’s new Slim Lock Closures easily protect smaller RF connections being used nowadays by wireless carriers at their cell sites and can be installed in less than a minute, using just one hand.

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We currently have a price estimate of $142 for 3M, 2% lower than its current market price. We estimate revenues of $32.34 billion and EPS of $7.39 for this fiscal year.

Caterpillar introduces new engine platform that offers significant cost savings

Caterpillar’s division that offers products for the marine industry, Caterpillar Marine, recently announced the launch of its MaK™ M 25 E engine platform. [2] The M 25 E can save up to 40 tons of fuel per year when operating vessels at variable engine speed.  The new engine platform also delivers 5% higher power than its predecessor, the M 25 C.

We currently have a price estimate of $109 for Caterpillar, approximately 3% higher than its current market price. We estimate revenues of $55.93 billion and EPS of $6.15 for this fiscal year.

Corning’s CEO talks about the advantages of Gorilla Glass over sapphire

Corning’s CEO, Wendell Weeks, in his interview on CNBC, reiterated Corning’s claims of Gorilla Glass as a better choice for cover glass on smartphones as compared to sapphire. [3] The interview aired a few hours before the launch of Apple’s iPhone 6, which was earlier rumored to sport sapphire as it cover glass instead of Gorilla. However, at the launch, Apple announced that the iPhone 6 has an ion-strengthened cover glass, which most analysts be to be Gorilla Glass. Corning reiterates its view that Gorilla Glass is superior to sapphire in terms of cost and strength.

We currently have a price estimate of $19.80 for Corning, approximately 5% lower than its current market price. We estimate revenues of $10.14 billion and EPS of $1.53 for this fiscal year.

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Notes:
  1. 3M Releases New Slim Lock Closures to Fit Smaller RF Connections, September 8, 2014, www.3m.com []
  2. Caterpillar Debuts MaK M 25 E Engine Platform, September 9, 2014, www.marinelink.com []
  3. Corning CEO: We keep our secrets, September 9, 2014, www.cnbc.com []