JLG -13.19%: The John ding-a-lings as they’re called on the desk were whacked today after missing 1H earnings expectations. While revenue of $610.6m was above expectations, profit of $23.4m was a ~7% miss impacted by higher costs. The interim dividend of 4.7c was up YoY while they also increased FY24 guidance, now expecting sales revenue of $1.21bn, up from $1.18bn although the market already had high hopes at $1.24bn (EBITDA guidance increased to $136.4m). While a positive, the upgrade is largely driven by their catastrophe unit which is more sporadic and means the business-as-usual segment has slower than expected momentum.
- The market loves this stock, and bid it up to an excessive multiple for the type of business it is, reality set in today.
MM remains neutral on JLG
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