Updated as of 10:30 AM CST on August 6, 2020

Industrial

Earnings pre-release

• Alcoa-Releases Preliminary Second Quarter 2020 Results

Financial Results / Guidance – qualitative, quantitative, time frame, etc.

• GATX-Releases Q2 2020 Financial Results
• Teledyne – Releases Q2 2020 Financial Results
• Dover Corporation – Releases Q2 2020 Financial Results and Reinitiates Full Year Guidance
• Whirlpool Corporation – Whirlpool Corporation Reports Second-Quarter 2020 Results
• Danaher Corporation – Danaher Reports Second Quarter 2020 Results
• Trinity Industries – Trinity Industries, Inc. Announces Second Quarter 2020 Results
• Honeywell – Reports 2Q20 financial results, citing significant impact from COVID-19 and oil volatility
• 3M – Reports Q2 2020 financial results, guidance remains withdrawn, company to continue providing monthly sales updates
• Rockwell Automation – Reports Q3 2020 financial results, provides EPS and sales growth guidance assuming gradual recovery continues
• Wabtec – Reports Q2 2020 financial results, provides annual EPS, sales and CF guidance assuming no escalations in pandemic severity or duration
• Cummins – Reports Q2 2020 financial results, provides qualitative guidance for revenue improvements in 3Q20
• GE – Reports 2Q20 Financial Results, provides qualitative guidance for segment performance, cash management and FCF
• Eaton – Reports Second Quarter Earnings, reaffirms 2020 Full Year FCF Guidance
• Meritor – Reports Third Quarter Earnings, provides comprehensive 4Q20 guidance
• Wabash National – Reports 2Q20 Financial Results, provides qualitative FCF guidance for FY20
• Federal Signal – Reports 2Q20 Financial Results, Reinstates full-year guidance for weekly orders and EPS
• Oshkosh Corporation – Reports 3Q20 Financial Results, Declares Cash Dividend of $0.30 Per Share, No Guidance Issued
• AGCO – Reports 2Q20 Financial Results, Reinstates FY Net Sales, EPS Guidance
• CNH Industrial – Reports 2Q20 Financial Results, Issues FY20 Net Sales, FCF Guidance
• United Rentals – Announces 2Q20 Financial Results, Reinstates Comprehensive FY20 Guidance
• Columbus McKinnon – Reports 1Q21 Financial Results, Issues Q2 Revenue, Operating Income, FCF Guidance
• Terex Corporation – Announces Second Quarter 2020 Results, Anticipates 2H20 results similar to 1H
• Caterpillar – Reports 2Q20 Financial Results, Maintains Suspension of FY20 Guidance, Anticipates Continued GM and End-User Demand Headwinds in Q3
• Astec – Reports Second Quarter 2020 Financial Results, no guidance issued
• Parker Hannifin Corporation – Reports Fiscal 2020 Fourth Quarter and Full Year Results and Issues Guidance for Fiscal 2021
• The Manitowoc Company – Reports Second Quarter 2020 Financial Results, no FY20 guidance issued, announces CEO succession plan
• Shyft Group – Reports Second Quarter 2020 Financial Results, Issues optimistic Q3 guidance, FY20 guidance remains withdrawn

COVID impacts

• 3M-Updates Ongoing Actions to Combat COVID-related Fraud
• Cummins-Releases 2019 Sustainability Progress Report and Special Report on the Impact of COVID-19 in 2020
• Honeywell-Companies Planning to Increase Automation in Factories due to COVID-19
• Deere & Company – Cuts salaried jobs as part of company restructuring

Capital allocation – debt amendments, dividend suspension, etc.

• Oshkosh-Announces Reduction in Salaried Employees
• Eaton Corporation – Eaton Declares Quarterly Dividend Payable August 28, 2020
• Eaton Corporation – Announces Q3 reduction of salaries for CEO and select officers
• Honeywell – CEO says Honeywell open to M&A in 2H20
• Federal Signal – Declares Quarterly Dividend of $0.08 per share
• Wabtec – Declares Quarterly Dividend of $0.12 Per Share
• United Rentals – Announces Full Redemption of 5.50% Senior Notes due 2025
• Honeywell – Announces Quarterly Dividend of $0.90 Per Share
• GATX – Announced Quarterly Dividend of $0.48 Per Share
• Astec Industries – Declares Quarterly Dividend of $0.11 Per Share
• Astec Industries – Acquiring Concrete Equipment Providers CON-E-CO and BMH Systems
• Shyft Group – Declares Quarterly Dividend of $0.025 Per Share
• Dover – Announces Increase in Quarterly Dividend to $0.495 Per Share from $0.49 Per Share

BLM impacts

• Caterpillar-Caterpillar Foundation Announces Commitment to Help Fight Racism and Social Injustice 
• 3M – 3M Open Announces Support for COVID-19 and Social Justice Initiatives

Additional Announcements

• Meritor – Meritor, Inc. Announces Conversion Option for 7.875 Percent Convertible Senior Notes Due 2026
• CNH Industrial – Closing of $600 million notes of CNH Industrial Capital LLC
• Alcoa – Announces Proposed Debt Offering
• Astec Industries – Reports annual 401(k) retirement plan financial statements and supplemental schedule
• CNH Industrial – Confirmed that a number of offices in Europe have been searched by German prosecutors in relation to an emissions fraud investigation
• Oshkosh Corporation – Commits to a series of restructuring activities within its Commercial segment
• 3M – 3M and Alabama finalize new interim consent order regarding chemical discharges
• Meritor – Filed for realignment of operations into two new reportable segments
• Whirlpool – Emission reduction targets approved by Science Based Targets Initiative
• United Rentals – Announces Full Redemption of 5.50% Senior Notes Due 2025
• United Rentals – Announces Proposed Offering of $1.1 Billion of Senior Notes Due 2031
• United Rentals – Announces Full Redemption of 6.500% Senior Notes due 2026
• 3M – Announces new leadership appointment in Consumer Business Group
• Cummins – Adds Fuel Cell Leadership, Receives Two US Department of Energy Awards from the Office of Energy Efficiency and Renewable Energy
• Navistar International Corporation – Completes tax-exempt bond financing agreement with Illinois Finance Authority for $225 million in development costs

A&D Industry Updates

Earnings Results

• Lockheed Martin: Reports Second Quarter 2020 Results, saw increased revenues and earnings, provided 2020 guidance for net sales, business segment operating profit, net FAS / CAS pension adjustment, diluted EPS, cash from operations
• AAR: Reports Fourth Quarter & Fiscal Year 2020 Results, reported quarterly sales and EPS loss, did not provide guidance for fiscal year 2021
• Hexcel: Reports 2020 Second Quarter Results, reported losses in EPS, sales, and free cash flow, highlights strong liquidity, withheld guidance
• Raytheon Technologies: Reports Second Quarter 2020 Results, reported better than expected earnings, provided outlook on sales, EPS, free cash flow
• Barnes Group Inc.: Reports Second Quarter 2020 Financial Results, reported loss in sales, operating income, operating margin, and EPS, outlook remains suspended 
• Boeing: Reports Second-Quarter results, losses in revenue and operating cash flow, no guidance
• General Dynamics: Reports Second-Quarter 2020 Results, positive net earnings, provided guidance around revenue, operating earnings for various businesses
• Airbus: Reports Half-Year (H1) 2020 results, positive revenue, negative EBITA and free cash flow, strong liquidity, no guidance issued
• Textron: Reports Second Quarter 2020 Results, Positive Cash Flow, Increased revenue and operating margin from prior year, Provided guidance relating to revenues, EPS, and cash flow, revenues of $14 billion for 2020
• Northrop Grumman: Reports Second Quarter 2020 Financial Results, Increases in Sales, EPS, and cash flow; 2020 guidance raised, provided guidance around sales, EPS, and cash flow 
• Arconic: Reports Second Quarter 2020 Results, sales and adjusted EBITA down year over year, increased cash conservation actions, no guidance provided
• Spirit AeroSystems: Reports Second Quarter 2020 Results, lower revenues, and CPS, outlook given around production and liquidity
• TransDigm: Reports fiscal 2020 third quarter results, net sales, EBITA, and EPS down year over year, strong operating cash flow, guidance suspended
• Triumph Group: Reports first quarter Fiscal 2021 results, net sales and revenue declined, provided guidance on revenue and free cash flow
• Embraer: Reports second quarter 2020 results, reported earnings loss and net loss attributable to shareholders, 2Q20 revenues represented a 61% decline compared to 2Q19, guidance remains suspended
• Huntington Ingalls Industries: Reports Second Quarter 2020 Results with solid revenue, operating margin, and EPS; Provides COVID-19 Update and Updates 2020 Outlook with revenues and free cash flow
• Woodward: Reports Third Quarter Fiscal Year 2020 Results, lower net sales and EPS, no guidance provided

Capital allocation – debt amendments, dividend suspension, etc.

• Barnes Group: Announces Restructuring Actions, Declares Quarterly Dividend
• Airbus: Plans to further adapt to COVID-19 environment
• Spirit AeroSystems: Announces Quarterly Cash Dividend, Makes Further Workforce Adjustments to Align with Lower Market Demand, Secures key covenant waivers on some of its credit agreements
• Textron: Declares Quarterly Dividend
• Woodward: Announces declaration of a dividend of $0.08 per share
• AAR: Enters into payroll support program agreement
• Huntington Ingalls Industries: Declares Quarterly Dividend
• General Dynamics: Board Declares Dividend of $1.10 per share

COVID-19

• AAR: expects to receive $57.2 million from U.S. Treasury under Air Carrier Worker Support portion of CARES Act
• Airbus: takes final step to end long-standing WTO dispute and U.S. tariffs

Additional Announcements

• Boeing: Boeing and Etihad Broaden Sustainability Alliance by Testing Innovations on ecoDemonstrator 787, Advances Environmental Leadership
• Huntington Ingalls Industries: Invests in Sea Machines
• Textron: Airbone Tactical Advantage Company (ATAC) to deliver $240 million in contracted air services to the U.S. Air Force, issued and sold $500,000,000 principal amount of its 2.450% notes
• AAR: Awarded three-year MRO contract with Royal Netherlands Air Force to service the F-16 jet fuel starter
• Embraer: Delivers Four Commercial and 13 Executive Jets in 2Q20
• Lockheed Martin: Technology Protects NASA’s Mars 2020 Mission
• Spirit AeroSystems: Announces Leadership Changes
• Raytheon Technologies: Sells Collins Aerospace Military Global Positioning System (GPS) business to BAE Systems
• Triumph Group: Announces The Sale Of Its Composites Business To Arlington Capital Partners, Prices Offering of Senior Secured Notes
• AAR: Airinmar selected by Air Methods for warranty and value engineering services