though DeFeo is a pretty amazing CEO someone has to answer for the Demag crane acquisition! Its why I am no longer a proud TEX shareholder or a TEX shareholder.
This company earns $3.5 this year without Demag and likely has close to $0 of debt. They have $2B of debt right now they issued $600M of debt to pay for Demag and used $700M cash. No Demag and $1.4B of debt and use the cash so $700M of debt. And Demag has lost like $100M since they bought it. So $600M of debt. So you can increase earnings by $84M annually on just debt savings.
I mean $3.5 in earnings this year excluding Demag with no debt. You likely have some nice dividends and stock repurchases in the works.
Instead the company has to turn Demag back to profitability and can't pay dividends or repurchase stocks.
While I would not replace DeFeo since he only made 1 huge mistake. He deserves to get in some trouble for it.
"His best move was the 2002 acquisition of Genie Holdings for $75 million. Genie makes aerial work platforms,"
Though AWP made $100M from operations last quarter which is basically all Genie. So that 1 amazing investment cancels out the horrid Demag one. Keep DeFeo but tighten his leash