That is an excellent observation on the Outlook with the verbage "is as of April 2013" being added. I guess we can take it that they were confident in their 2013 outlook through April but they had a sh1tty May and now no longer confident or they forgot to add it to the previous presentation on May 29th......I sure hope you are wtrong or we are in for it......as for the crane accident, terrible shame hope it was operator error and not mechanical, no need for more people to get hurt or killed from this machine. Thanks again for your input but I am still long TEX.
ya I have been waiting for them to make a statement.
The April line definitely is something I noticed right away while reading their presentation yesterday. I have looked for stuff in their one before to see if there is any indicated that their guidance has changed. To me this statement effectively states it has but they will wait until Q2 to formally address the change. Other comments from DeFeo yesterday essentially re-affirm that opinion. He said "it will be a bumpy road but we will get there" in regards to 2015 earnings. All this indicates that Q2 will be worse than foretasted..
As much as I love DeFeo and I think he is one of the best CEO's of a stock I have ever owned. Clearly he erred heavily on Demag. Buying it is what made me sold. I can take miss guidance because AWP makes $90 instead of $100. What I can't take is AWP making $110 instead of $100 and MHPS losing $50 instead of making $50.
That kind of miss just boggles the mind and puts the discount rate up a lot in terms of acceptable risk of a stock you will invest in.