Snapshot: Slower Growth Is On Tap For U.S. Capital Goods Feb 12

Standard & Poors, February 2012

Abstract
Organic revenue growth (excluding acquisitions and foreign currency fluctuations) slowed for leading U.S. capital goods companies in the fourth quarter. Persistent risks include a European recession, sovereign crisis, decelerating emerging market growth, and slow economic recovery in the U.S. Nonetheless, the major capital goods issuers have been resilient thus far. Standard & Poor's Ratings Services expects growth to continue to slow but remain positive in 2012 for the 10 industry companies we discuss. We use these companies as bellwethers in each of our capital goods snapshots because they are some of the largest, most diversified out of the more than 100 U.S. capital goods companies we rate. All 10 experienced sequential declines in organic revenue growth in the fourth calendar...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- NANA Development Corp.
- Rock Parent LLC
- Exelis Inc.
- Xylem
- AMP Inc.
- Boeing Co.
- Caterpillar Inc.
- Clark Equipment Co.
- Coltec Industries Inc.
- Cooper U.S. Inc.
- Crane Co.
- Cummins Inc.
- Deere & Co.
- Dover Corp.
- Eaton Corp.
- Emerson Electric Co.
- Fluor Corp.
- GenCorp Inc.
- General Dynamics Corp.
- General Electric Co.
- Goodrich Corp.
- Harsco Corp.
- Honeywell Inc.
- Hoover Universal Inc.
- Howmet Corp.
- Interlake Corp.
- Kennametal Inc.
- Litton Industries Inc.
- Lockheed Corp.
- Martin Marietta Technologies Inc.
- The Babcock & Wilcox Company
- 3M Co.
- Moog Inc.
- Northrop Corp.
- Oak Industries Inc.
- PACCAR Inc.
- Parker-Hannifin Corp.
- Raytheon Co.
- Rockwell Automation Inc.
- Snap-on Inc.
- Stanley Black & Decker Inc.
- Sundstrand Corp.
- Northrop Grumman Systems Corp.
- Textron Inc.
- Tracor Inc.
- United Technologies Corp.
- Westinghouse Air Brake Technologies Corp.
- Illinois Tool Works Inc.
- Koch Industries Inc.
- ITT Corp.
- Elgin National Industries Inc.
- BNZ N.A. Inc.
- Milacron Inc.
- Danaher Corp.
- Timken Co.
- Tyco International (US) Inc.
- Honeywell International Inc.
- High Voltage Engineering Corp.
- Trinity Industries Inc.
- Ducommun Inc.
- Amsted Industries Inc.
- Blount International Inc.
- Navistar International Corp.
- Perini Corp.
- Park-Ohio Industries Inc.
- Hexcel Corp.
- Aeroquip-Vickers Inc.
- Joy Technologies Inc.
- Telxon Corp.
- AAR Corp.
- Sequa Corp.
- IMO Industries Inc.
- The Toro Co.
- Reliance Electric Co.
- Essex Group Inc.
- Federal Signal Corp.
- Specialty Equipment Companies Inc.
- National Consumer Cooperative Bank
- Jordan Industries Inc.
- Watts Water Technologies Inc.
- K&F Industries Inc.
- Rexnord LLC
- ESCO Corp.
- ABB Finance Inc.
- Raychem Corp.
- Thomas & Betts Corp.
- Wolverine Tube Inc.
- IDEX Corp.
- Orbital Sciences Corp.
- BE Aerospace Inc.
- Sabreliner Corp.
- AGCO Corp.
- TriMas Corp.
- CNH America LLC
- Carbide/Graphite Group Inc. (The)
- Titan International Inc.
- AMETEK Inc.
- GrafTech International Ltd.
- SPX Corp.
- ShoLodge Inc.
- Hubbell Inc.
- Alliant Techsystems Inc.
- Terex Corp.
- Lockheed Martin Corp.
- Northrop Grumman Corp.
- Day International Group Inc.
- International Wire Group Inc.
- Foster Wheeler AG
- Transportation Technologies Industries Inc.
- Sheraton Holding Corp.
- Mercury Air Group, Inc.
- Packaging Resources Inc.
- Cordant Technologies Inc.
- International Knife & Saw Inc.
- Pall Corp.
- AMTROL Inc.
- Kinetek Holdings Corp.
- Clark Material Handling Co.
- Hawk Corp.
- Carlisle Cos. Inc.
- DynCorp
- Continental Global Group Inc.
- American Residential Services Inc.
- Briggs & Stratton Corp.
- L-3 Communications Corp.
- Falcon Building Products Inc.
- DT Industries Inc.
- Bucyrus International Inc.
- CII Technologies Inc.
- Argo-Tech Corp.
- United Defense Industries Inc.
- Science Applications International Corp.
- The GSI Group LLC
- HEICO Corp.
- Hussmann International Inc.
- Stanadyne Corp.
- Precision Castparts Corp.
- Kellstrom Industries, Inc.
- Tyco International Ltd.
- Accuride Corp.
- ATC Group Services, Inc.
- MasTec Inc.
- Elgar Holdings Inc.
- EaglePicher Corp.
- Eagle Picher Inc.
- Oshkosh Corp.
- EMCOR Group Inc.
- Numatics Inc.
- Columbus McKinnon Corp.
- The Heico Cos. LLC
- Compass Aerospace Corp.
- Alliance Laundry Systems LLC
- Alliance Laundry Holdings Inc.
- Gardner Denver Inc.
- Hadco Corp.
- Key Components LLC
- Schuff International Inc.
- Pacific Aerospace & Electronics Inc.
- Axia Inc.
- DeCrane Aerospace Inc.
- Insilco Holding Co.
- Great Lakes Dredge & Dock Corp.
- TransDigm Inc.
- Integrated Electrical Services Inc.
- Actuant Corp.
- RailWorks Corp.
- Cherokee International LLC
- Woods Equipment Co.
- Mueller Group LLC
- Veridian Corp.
- Pentair Inc.
- United Dominion Industries Inc.
- CNH Global N.V.
- Encompass Services Corp.
- Flowserve Corp.
- FastenTech Inc.
- Lincoln Electric Holdings Inc.
- Valmont Industries Inc.
- Meritor Inc.
- Vought Aircraft Industries Inc.
- Integrated Defense Technologies Inc.
- EnerSys
- EnerSys Capital Inc.
- L-3 Communications Holdings Inc.
- JLG Industries Inc.
- Belden Inc.
- Manitowoc Co. Inc.
- Rockwell Collins Inc.
- DRS Technologies Inc.
- Joy Global Inc.
- Wastequip LLC
- Quanta Services Inc.
- Acuity Brands Inc.
- Aviall Inc.
- Kinetek Industries Inc.
- NMHG Holding Co.
- Ingersoll-Rand Co. Ltd.
- InfraSource Services Inc.
- Colfax Corp.
- Esterline Technologies Corp.
- Armor Holdings Inc.
- General Cable Corp.
- Koch Resources LLC
- Roper Industries Inc.
- Sensus U.S.A. Inc.
- Superior Essex Inc.
- ERICO International Corp.
- The Hillman Group Inc.
- Douglas Dynamics LLC
- Mueller Water Products Inc.
- Alion Science and Technology Corp.
- Ceradyne Inc.
- American Railcar Industries Inc.
- Coleman Cable Inc.
- Polypore International Inc.
- Altra Industrial Motion Inc.
- Pro Mach Inc.
- Wyle Services Corp.
- DynCorp International LLC
- K&F Parent Inc.
- Xerium Technologies Inc.
- WireCo WorldGroup Inc.
- The Greenbrier Cos. Inc.
- Commercial Vehicle Group Inc.
- Spirit AeroSystems Inc.
- GeoEye Inc.
- EPCO Holdings Inc.
- Dycom Industries Inc.
- Babcock & Wilcox Power Generation Group Inc.
- RathGibson Inc.
- HRP Myrtle Beach Holdings LLC
- Electrical Components International Inc.
- Standard Steel LLC
- Acument Global Technologies Inc.
- Brock Holdings II Inc.
- Brock Holdings III Inc.
- Stolle Machinery Co. LLC
- Generac Power Systems Inc.
- Hudson Products Holdings Inc.
- Brand Energy & Infrastructure Services
- Wesco Aircraft Holdings Inc.
- Lincoln Holdings Enterprises Inc.
- AmerCable Inc.
- DAE Aviation Holdings Inc.
- Hunter Defense Technologies Inc.
- Colt Defense LLC
- Elyria Foundry Co. LLC
- Aquilex Holdings LLC
- DigitalGlobe Inc.
- Ingersoll-Rand PLC
- Triumph Group Inc.
- TASC Inc.
- Summit Materials Cos. I LLC
- Cleaver-Brooks Inc.
- Kratos Defense & Security Solutions Inc.
- United States Infrastructure Corp.
- DynCorp International Inc.
- Global Brass and Copper Inc.
- Tutor Perini Corp.
- SI Organization Inc.
- HDT Worldwide LLC
- Intelligrated Inc.
- Huntington Ingalls Industries Inc.
- Precision Engineered Products LLC
- Sotera Defense Solutions Inc.
- Milacron Holdings Inc.
- API Technologies Corp.
- Boart Longyear Ltd.
- McDonnell Douglas Corp.
- Victor Technologies Group Inc.
- Kenetech Corp.
- Fairfield Manufacturing Co. Inc.
- Generac Portable Products, Inc.
- ABB Holdings Inc.
- URS Corp.
- The Shaw Group Inc.
- Kaydon Corp.
- Penn Engineering & Manufacturing Corp.
- ORBIMAGE Inc.
- Chart Industries Inc.
- Baldor Electric Co.
- Hawker Beechcraft Inc.
- CPM Holdings Inc.
- Douglas Dynamics Inc.
- Clopay Ames True Temper Holding Corp.
- Allied Specialty Vehicles
- Constellation Enterprises LLC

Customers who bought this item also bought

• eLEARNING - Global Strategic Business Report
• Charter Schools - Global Outlook
• Aerospace and Defense Industry - Global Strategic Business Report
• Education Services - Global Strategic Business Report
• Commercial And Military Flight Simulation - Global Strategic Business Report
• Sports and Fitness Nutrition - Global Strategic Business Report
• North America – Smart Weapons Markets and Technologies Outlook – 2013-2020
• Private Tutoring - Global Strategic Business Report
• Defense Robotics - Global Strategic Business Report
• The Worldwide Industry & Market Opportunities and forecasts to 2014 for Microwaves Global Military & Space-Related Systems