Miscellaneous Earnings Call Notes 2.11.16

Ingersoll-Rand Plc (IR) Michael W. Lamach on Q4 2015 Results

It was a year of volatility

“2015, it was a year that I can characterize best by one word and that word is volatility; volatility in energy markets, in foreign exchange rates, in industrial markets, in emerging markets and, of course, in the stock market.”

North American HVAC positive while global industrial markets weak

“North American Commercial HVAC and Residential HVAC as well as transport and Commercial HVAC markets in Europe are generally positive while global industrial markets remain weak. Transport markets in the Americas will be flat to down as lower trailer volumes will be largely offset by higher auxiliary power units, small truck refrigeration and other products.’

Douglas Emmett’s (DEI) CEO Jordan Kaplan on Q4 2015 Results

We are not seeing what’s going on in the stock market affect the underlying fundamentals of our operating properties

“That’s a great question and believe me, we are watching for it. But the answer is no. I mean, it’s funny if you turned off, if you didn’t turned off the stock market; and you go these are great days around here. I mean, other than watching what’s gone off the stock market in all areas tenant demand, tenant attitude deal flow, we have movement in the economics of leases, rental rates etcetera up, up and up all good. So you kind of see what’s going off the stock market and you wonder whether the stock market is vibrating to some different type of thing that’s going on out there, it’s just hard to know, but no we are not. What we are seeing in the stock market, we are not seeing in any of our underlying fundamentals of operating our properties.”

Our office space is leveraged to media not energy or banks or technology

“we’ve got a very, very diversified tenant base. And so, when you look at sectors that might be potentially backing up in the economy be it energy or banks or technology there is no overweight to anyone of those particular sectors within our market and thus far the media companies which is the tech has been fuelling our media companies the Hulu’s and Netflix etcetera that our production companies are very, very busy providing content and that flows through to the caterers and the accountants and the other people within our portfolio.”

Cisco Systems (CSCO) Charles H. Robbins on Q2 2016 Results

Starting in the third week of January, we saw people pause a bit

“what I will tell you is that after week 10 through those three weeks, we saw customers as they were trying to just digest what was going on, they just paused a bit. And you see customers say I want to just wait and see what’s going on. Let me take a look at this, we want to understand this a little better.

General Cable (BGC) Michael T. McDonnell on Q4 2015

Utility seems to be bouncing back

“The last three months we saw some pullback related, I think to end-of-year. I think a lot of fourth quarter was related to end-of-year tightening of the supply chain, reduction of inventories, and so forth but we’re pretty encouraged by what we’re seeing right now in utility sort of bouncing back a bit and getting back into line with where it had been in the last year maybe even a bit more in North America. ‘