This post is part of a series of posts called “Company Notes.” These posts contain quotes and exhibits from earnings calls, conference presentations, analyst days and SEC filings.
“These results were below our expectations, as weaker industrial demand continued.”
“We are continuing to experience weakness in our top line sales into October, including certain industry segments like mining, machinery and pulp and paper. We do expect improvements beginning in calendar 2014, which coincides with traditional seasonality in the second half of our fiscal year.”
“So I don’t know a stumbling block but as you know, right, we’ve closed no acquisitions in calendar 2013 to date. We are busy. The M&A team, me personally as well. I’d say we’ve got a strong pipeline. We want to be as active every year as we were in calendar 2012. And so that was 8 acquisitions and $150 million. We’re working around our clear priorities. We continue to raise our sights on kind of the prospect size. We’ve got the financial capability, the operating know-how to move in this. So we do not expect that we will close this fiscal year with no transactions.”
“So I think it’s different. And so in our international markets, a lot of mining exposures. We think about Australia, as we think about Mexico and even Western Canada, potash and the oil sands. So that exposure on that side. It’s a weak environment that people are looking to improve maybe as we move throughout this fiscal year.”
“I think U.S., in particular, I think it’s steady and stable. People are looking to continue to operate. They will serve their customers. They will make modest investments, if it’s got productivity attached to it and most are still doing pretty well from their own cash standpoint. But I don’t think they’re looking to make the most significant investments right now. And perhaps that turns with the calendar year and they see some greater pickup in some of their businesses. I think most are mindful of the broader economic indices but I think many would say, right, some of those ISM manufacturing statistics aren’t necessarily translating into day-to-day business results. I think there’s some belief. There’s some optimism with the typical lag that’s going to happen. But I don’t think they’re moving forward with the most significant side. Now in our Fluid Power side, I’d say more of our segments on the industrial, even some of the ag customers, they’re making some investments. On their product platforms, they’re looking at technology and content and then they’re looking at what new platforms that they can be developing. But I think in ag, right, they’re going to have a mindful eye on — of the markets turnout and what subsidies may look like going forward”