JLG -11.93%: the builder was out with a downgrade that read like an upgrade today. The construction company now expects an extra 10% in both revenue to $1.25b and EBITDA to $133m. Despite it being an upgrade, it was considered of poor quality as the bulk of the improvement came from the catastrophe activity, usually a very lumpy earner for the company. The company also excluded higher losses from commercial construction and a $2.3m EBITDA write-off for debts with the now liquidated Porter Davis business which, when added back, would see the company miss consensus by ~5% at the EBITDA line. Shares fell to a ~12-month low on the news.
MM has no interest in JLG
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