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General Industrial Machinery Stocks Q1 Teardown: Icahn Enterprises (NASDAQ:IEP) Vs The Rest


Anthony Lee /
2024/07/08 3:45 am EDT

The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how general industrial machinery stocks fared in Q1, starting with Icahn Enterprises (NASDAQ:IEP).

Automation that increases efficiency and connected equipment that collects analyzable data have been trending, creating new demand for general industrial machinery companies. Those who innovate and create digitized solutions can spur sales and speed up replacement cycles, but all general industrial machinery companies are still at the whim of economic cycles. Consumer spending and interest rates, for example, can greatly impact the industrial production that drives demand for these companies’ offerings.

The 13 general industrial machinery stocks we track reported a mixed Q1; on average, revenues missed analyst consensus estimates by 2.5%. Stocks--especially those trading at higher multiples--had a strong end of 2023, but 2024 has seen periods of volatility. Mixed signals about inflation have led to uncertainty around rate cuts, and while some of the general industrial machinery stocks have fared somewhat better than others, they collectively declined, with share prices falling 1% on average since the previous earnings results.

Slowest Q1: Icahn Enterprises (NASDAQ:IEP)

Founded and mainly owned by renowned investor Carl Icahn, Icahn (NYSE:IEP) is a holding company that has investments in the energy, automotive, food packaging, and metal industries.

Icahn Enterprises reported revenues of $2.47 billion, down 7.7% year on year, falling short of analysts' expectations by 11.6%. It was a weak quarter for the company, with a miss of analysts' revenue and earnings estimates.

Icahn Enterprises Total Revenue

The stock is down 1.5% since the results and currently trades at $16.91.

Read our full report on Icahn Enterprises here, it's free.

Best Q1: General Electric (NYSE:GE)

Tracing its roots back to the work of Thomas Edison, General Electric (NYSE:GE) is a provider of components and solutions for the aerospace, renewable energy, and power sectors.

General Electric reported revenues of $16.05 billion, up 17.2% year on year, outperforming analysts' expectations by 2.2%. It was an impressive quarter for the company, with revenue and EPS exceeding analysts' estimates.

General Electric Total Revenue

General Electric scored the fastest revenue growth among its peers. The stock is up 8.4% since the results and currently trades at $162.57.

Is now the time to buy General Electric? Access our full analysis of the earnings results here, it's free.

Columbus McKinnon (NASDAQ:CMCO)

With 19 different brands across the globe, Columbus McKinnon (NASDAQGS:CMCO) offers material handling equipment for the construction, manufacturing, and transportation industries.

Columbus McKinnon reported revenues of $265.5 million, up 4.6% year on year, falling short of analysts' expectations by 0.7%. It was a weak quarter for the company, with a miss of analysts' earnings estimates.

The stock is down 25.3% since the results and currently trades at $32.82.

Read our full analysis of Columbus McKinnon's results here.

Crane Company (NYSE:CR)

Playing a significant role in the construction of the Hoover Dam and Golden Gate Bridge, Crane Company (NYSE:CR) manufactures engineered components and specialized equipment for numerous industries.

Crane Company reported revenues of $565.3 million, up 10% year on year, surpassing analysts' expectations by 3.5%. It was a very strong quarter for the company, with an impressive beat of analysts' organic revenue estimates and a decent beat of analysts' earnings estimates.

Crane Company achieved the biggest analyst estimates beat among its peers. The stock is up 9.3% since the results and currently trades at $142.84.

Read our full, actionable report on Crane Company here, it's free.

John Bean (NYSE:JBT)

Tracing back to its invention of the mechanical milk bottle filler in 1884, John Bean (NYSE:JBT) designs, manufactures, and sells equipment used for food processing and aviation.

John Bean reported revenues of $392.3 million, flat year on year, falling short of analysts' expectations by 0.8%. It was a slower quarter for the company, with a miss of analysts' organic revenue estimates.

The stock is up 1.9% since the results and currently trades at $90.55.

Read our full, actionable report on John Bean here, it's free.

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