Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at Icahn Enterprises (NASDAQ: IEP) and the best and worst performers in the general industrial machinery industry.

Automation that increases efficiency and connected equipment that collects analyzable data have been trending, creating new demand for general industrial machinery companies. Those who innovate and create digitized solutions can spur sales and speed up replacement cycles, but all general industrial machinery companies are still at the whim of economic cycles. Consumer spending and interest rates, for example, can greatly impact the industrial production that drives demand for these companies’ offerings.

The 14 general industrial machinery stocks we track reported a strong Q3. As a group, revenues beat analysts’ consensus estimates by 1.2% while next quarter’s revenue guidance was in line.

While some general industrial machinery stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 4.3% since the latest earnings results.

Best Q3: Icahn Enterprises (NASDAQ: IEP)

Founded in 1987, Icahn Enterprises (NASDAQ: IEP) is a diversified holding company primarily engaged in investment and asset management across various sectors.

Icahn Enterprises reported revenues of $2.51 billion, down 9.9% year on year. This print exceeded analysts’ expectations by 4.3%. Overall, it was an incredible quarter for the company with a beat of analysts’ EPS estimates and a solid beat of analysts’ revenue estimates.

Unsurprisingly, the stock is down 1.5% since reporting and currently trades at $8.00.

Is now the time to buy Icahn Enterprises? Access our full analysis of the earnings results here, it’s free for active Edge members.

Columbus McKinnon (NASDAQ: CMCO)

With 19 different brands across the globe, Columbus McKinnon (NASDAQ: CMCO) offers material handling equipment for the construction, manufacturing, and transportation industries.

Columbus McKinnon reported revenues of $261 million, up 7.7% year on year, outperforming analysts’ expectations by 8.5%. The business had a stunning quarter with an impressive beat of analysts’ EBITDA estimates and a solid beat of analysts’ revenue estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 4% since reporting. It currently trades at $14.46.

Is now the time to buy Columbus McKinnon? Access our full analysis of the earnings results here, it’s free for active Edge members.

Weakest Q3: Albany (NYSE: AIN)

Founded in 1895, Albany (NYSE: AIN) is a global textiles and materials processing company, specializing in machine clothing for paper mills and engineered composite structures for aerospace and other industries.

Albany reported revenues of $261.4 million, down 12.4% year on year, falling short of analysts’ expectations by 12.8%. It was a disappointing quarter as it posted a miss of analysts’ Engineered Composites revenue estimates and a significant miss of analysts’ revenue estimates.

Albany delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 24.1% since the results and currently trades at $41.42.

Read our full analysis of Albany’s results here.

Otis (NYSE: OTIS)

Credited with inventing the first hydraulic passenger elevator, Otis Worldwide (NYSE: OTIS) is an elevator and escalator manufacturing, installation and service company.

Otis reported revenues of $3.69 billion, up 4% year on year. This result topped analysts’ expectations by 1.2%. It was a strong quarter as it also recorded a solid beat of analysts’ adjusted operating income estimates and an impressive beat of analysts’ EBITDA estimates.

The stock is down 3.6% since reporting and currently trades at $88.02.

Read our full, actionable report on Otis here, it’s free for active Edge members.

L.B. Foster (NASDAQ: FSTR)

Founded with a $2,500 loan, L.B. Foster (NASDAQ: FSTR) is a provider of products and services for the transportation and energy infrastructure sectors, including rail products, construction materials, and coating solutions.

L.B. Foster reported revenues of $138.3 million, flat year on year. This number lagged analysts' expectations by 10.4%. It was a softer quarter as it also logged a significant miss of analysts’ revenue estimates and a significant miss of analysts’ EBITDA estimates.

The stock is down 3.2% since reporting and currently trades at $26.52.

Read our full, actionable report on L.B. Foster here, it’s free for active Edge members.

Market Update

Thanks to the Fed’s rate hikes in 2022 and 2023, inflation has been on a steady path downward, easing back toward that 2% sweet spot. Fortunately (miraculously to some), all this tightening didn’t send the economy tumbling into a recession, so here we are, cautiously celebrating a soft landing. The cherry on top? Recent rate cuts (half a point in September 2024, a quarter in November) have propped up markets, especially after Trump’s November win lit a fire under major indices and sent them to all-time highs. However, there’s still plenty to ponder — tariffs, corporate tax cuts, and what 2025 might hold for the economy.

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