REPORTS

ENERGY SERVICES

The following are recent reports published by TRG. Please contact Chris White to request a copy.

June 2016

6/23
EMES – Announces Divestiture of Fuels Business
6/17
Industry Update: Frac Sand Comparative Analysis Highlights Attractive Players; Upgrading Fairmount Santrol

May 2016

5/27
EMES – Cautious Towards Competitive Sand Pressures & Lingering Debt Issues
5/23
FMSA – 2016 Investor Day Review
5/17
HCLP – Uncertainty in 2016 Cost Controls, But Network Optimization Could Aid Outlook
5/13
GTLS – Cautious on 2016 Sales, but E&C Growth Initiatives and D&S Order Activity Provide Upside Potential
5/12
FMSA – Q1’16 EPS Review: Fairmount Delivers an Upside Surprise on Strong Volumes
5/10
EMES – Q1’16 Earnings Snapshot
5/10
FMSA – Q1’16 Earnings Snapshot
5/6
FMSA – Q1’16 EPS Preview: Upside Bias on Contribution Margins

April 2016

4/29
SLCA - Q1’16 EPS Review: SG&A Costs Rise, but Long-Term Leverage Potential & Strategic Prospects Aid Outlook
4/29
HCLP - Q1’16 Earnings Snapshot
4/28
GTLS - Q1’16 Earnings Snapshot
4/26
SLCA - Q1’16 Earnings Snapshot
4/25
SLCA - Q1’16 EPS Preview: Expect Soft O&G Proppant Sales, but Cost Controls May Limit EPS Downside

March 2016

3/31
Oilfield Services: Frac Sand Sector Preparing for Industry M&A
3/17
SLCA - Common Stock Offering Increases Flexibility for Potential M&A
3/11
FMSA - Early 2016 Volumes, Cost Controls to Benefit 2016; Price/Mix Remain Under Pressure
3/7
EMES - Managing Through 2016 Challenges
3/3
HCLP - Sand Prices Drive Lower 2016 Earnings Expectations
3/1
GTLS - Strong Q4 Results; 2016 EPS Guidance Initiated at Achievable Levels

February 2016

2/25
SLCA - Lingering Uncertainty with 2016 Cost Controls; Share Gain Opportunities Remain Attractive
2/25
GTLS - Q4’15 Earnings Snapshot
2/24
SLCA - Q4’15 Earnings Snapshot
2/19
SLCA - Insights from 2016 Upside/Downside Scenario Analysis

January 2016

1/29
TRG Announces First Annual Construction and Industrial Conference – April 5, 2016 – NYC
1/22
HCLP - Energy Fundamentals Deteriorate, but Incremental Cost Reductions in Q4 May Limit 2016 EPU Downside

December 2015

12/16
Top Stock Ideas Going Into 2016
12/4
Initiating Coverage on Oilfield Services: Frac Sand Sector Preparing for an Industry Turnaround

November 2015

11/16
Reminder of TRG Coverage European Exposure
11/10
THR - Q2'16 Conference Call Recap & Estimate Update
11/4
THR - Q2’16 Miss on the Top & Bottom Line; Lowers FY’16 Guidance

October 2015

10/30
GTLS - LNG Equipment Demand Challenges and Ongoing Price Pressure Weigh On 2016 Outlook
10/29
GTLS - Q3'15 Earnings Snapshot
10/2
THR - Upside From Acquisitions & Steady Core Business Trump Weak Energy Market; Estimate Update

August 2015

8/5
THR - Q1'16 Results: Top Line & EPS Miss; Performance In-Line with FY'16 Guidance
8/4
GTLS - Reducing 2015 Estimates on Soft E&C Orders & Gross Margin Mix
8/3
THR - Q1'16 Earnings Preview

July 2015

7/29
GTLS - Q2'15 Earnings Snasphot

June 2015

6/4
THR - Q4'15 Post Conf Call Reap & Estimate Update
6/1
GTLS - Announces Acquisition of Thermax

May 2015

5/27
THR - Q4'15 Results; Q4'15 Top Line Beat & EPS Miss; Initiates FY'16 Guidance
5/12
GTLS - Reiterate Buy; Well Positioned for Long-Term Energy Infrastructure Build
5/12
GTLS - Q1'15 Earnings Miss on Lower Sales; FY'15 Guidance Reiterated

April 2015

4/8
THR - Acquisition of Sumac Fabrication; Enables a Wider Offering of Essential Products

March 2015

3/9
GTLS - Q4'14 Conf Call Recap & Estimate Update

February 2015

2/24
GTLS - Q4'14 Earnings Beat, FY'15 EPS Guidance Below Street Expectations
2/13
THR - Q3'15 Conf Call Recap & Estimate Update
2/3
THR - Q3'15 Results: Strong Top Line & EPS Beat; Upside to FY'15 Guidance

January 2015

1/14
GTLS - Adjusting Estimates Going Into Q4'14 Earnings

November 2014

11/11/14
GTLS - Q3'14 Conf Call Recap & Estimate Update
11/6/14
THR - Q2'15 Conf Call Recap & Estimate Update
11/4/14
THR - Q2'15 (Sept) Results: Q2'15 Top Line & EPS Beat; Upside to FY'15 Guidance

October 2014

10/31/14
LECO - Q3'14 Conf Call Recap & Estimate Update
10/30/14
LECO - Q3'14 Earnings Snapshot; Margins & Top Line Drive Strong Results
10/30/14
GTLS - Q3'14 Earnings Another Miss; E&C Margins Recover
10/20/14
Q3'14 Manufacturing & Fabrication Survey

September 2014

9/10/14
GTLS - West Coast Marketing Focuses on Market Disconnect

August 2014

8/11/14
THR - Q1'15 Conf Call Recap & Updated Estimates
8/7/14
THR - Q1'15 Results; EPS In-Line With Consensus; Backlogs Continue to Build
8/1/14
GTLS - Q2'14 Conf Call Recap & Updated Estimates

July 2014

7/31/14
GTLS - Q2'14 Conf Call Recap & Updated Estimates
7/31/14
GTLS - Q2'14 Earnings Misses Consensus
7/30/14
IPGP - Q2'14 Conf Call Recap & Updated Estimates
7/29/14
LECO - Q2'14 Conf Call Recap & Updated Estimates
7/29/14
IPGP - Q2'14 Earnings Snapshot; Top Line Beat & Margin Expansion Drives EPS Beat
7/27/14
LECO - Q2'14 Earnings Snapshot; Margins Again Drive Strong Results
7/16/14
Q2'14 Manufacturing & Fabrication Survey

June 2014

6/17/14
Natural Gas Vehicle Conference - GTLS Benefits From Continued NGV Adoption; Cost, Infrastructure Build-Out Focus
6/6/14
THR - Q4'14 Conf Call Recap & Estimate Update

May 2014

5/29/14
THR - Q4'14 Results' Top & Bottom Line Miss, FY'15 Guidance Calls For Mid-Single Digit Revenue Growth
5/22/14
GTLS - Northeast Marketing Focuses on Energy Growth Opportunities, BioMedical Future; Reiterate Buy Rating
5/20/14
LECO - Northeast Marketing Focuses on Margins, Top Line Growth Opportunities

April 2014

4/30/14
GTLS - Q1'14 Conf Call Recap
4/30/14
IPGP - Q1'14 Conf Call Recap
4/29/14
IPGP - Q1'14 Earnings Snapshot; Top Line Beat Offset By Margins, EPS Meets Street & TRG
4/29/14
GTLS - Q1'14 Earnings Miss Driven By Softer D&S, Biomedical Top Line & Margins
4/25/14
LECO - Q1'14 Conf Call Recap & Updated Estimates
4/23/14
LECO - Q1'14 Earnings Snapshot; EPS Beat Despite Revenue Miss on Strong Margins
4/17/14
Q1'14 Manufacturing & Fabrication Survey
4/15/14
GTLS - Q1'14 Earnings Preview

February 2014

2/27/14
LECO - Q4'13 Conf Call Recap
2/26/14
GTLS - Q4'13 Post Conf Call Recap
2/25/14
GTLS - Q4'13 Earnings Miss Driven By Softer Top Line
2/18/14
IPGP - Q4'13 Conf Call Recap & Updated Estimates
2/18/14
TRMB - Q4'13 Conf Call Recap & Updated Estimates
2/14/14
IPGP - Q4'13 Earnings Snapshot; Top Line Beat Offset By Adjustments For Inventory, FX
2/14/14
LECO - Q4'13 Earnings Snapshot; Margins Again Drive Strong Results
2/11/14
Q4'13 Conventional & Laser Welding Survey
2/7/14
THR - Q3'14 Conf Call Recap & Estimate Update
2/6/14
THR - Q3'14 (Dec) Results; EPS Meets Expectations Despite a Top-Line Miss

January 2014

1/23/14
Profiting From Pipelines as Pressure Mounts to Shift Oil/Gas Transport Reliance From Trains in 2014
1/17/14
FAST - Pathway to Profit Taking Some Detours as Macro Headwinds Persist; Maintain Hold
1/13/14
FAST - Expense Growth Outpacing Top-Line Expansion - Moving Estimates Lower, Maintain Hold Rating
1/13/14
MG - Secular Theme & Internal Execution Provide Powerful Growth Combination - Raising PT & Estimates
1/4/14
MG - Management Increases FY'14 Guidance Driven By Strong Q2'14 Results & Renewed End Market Momentum

December 2013

12/17/13
TRMB - Farmers' Eye on Costs Provides Key Catalyst for Connected Farm Solutions Spending in FY'14
12/13/13
MRC - Acquisitions Extend MRC's Reach From Land to Sea
12/4/13
GTLS - Widened Panama Canal a Catalyst to Global LNG Growth

November 2013

11/25/13
Diversified Industrials - Fabtech 2013 Highlights: Secular Themes Accelerating Into 2014; Favor IPGP & LECO
11/18/13
LECO - Two Acquisitions Bolster Automation and Geographic Offerings, Adding ~$40MM of Accretive Revenue
11/8/13
THR - Secular Theme Delivering Strong Results - Macro Headwinds Easing; More EPS Leverage Ahead
11/7/13
MRC - Top Holder Exiting Position in MRC Does Not Change Our Outlook
11/7/13
THR - Q2'14 Results - Top Line & Margins Surpass Our Expectations, Confirming Our Thesis & Buy Rating
11/6/13
MRC - Q3'13 Conf Call - Value Proposition From Integrated Offering Beginning to Take Hold
11/5/13
FAST - October Sales Show No Impact From Government Shutdown
11/4/13
IPGP - Q3'13 Conf Call - Sell-off Creates Buying Opportunity & 40+% Upside to Our PT of $85
11/4/13
TRMB - Q3'13 Results - Growing Recognition of Value Proposition Accelerating Adoption of Integrated Solutions & Earnings
11/1/13
PRLB - Q3'13 Conf Call - Consistent Growth Trajectory, High Margins & Lack of Competition Drive Upside
11/1/13
IPGP - Q3'13 Results - Q3'13 Results Disappoint & Q4 Outlook Unexciting; Considerable Competitive Advantage Still Point to Strong Future
11/1/13
GTLS - Q3'13 Conf Call - Steep Sell-Off Over Temporary Issues Provides Buying Opportunity
11/1/13
LECO - Q3'13 Conf Call - Strong Operational Performance Negating Macro Headwinds; Poised for EPS Leverage Upon Recovery

October 2013

10/31/13
LECO - Q3'13 Results; Margin Gains Drive EPS Growth Despite Flat Revenue Performance
10/31/13
GTLS - Q3'13 Results; Qtr Negatively Impacted By Scheduling & Mix - Outlook Remains Strong on Record Level of Backlog & Global LNG Demand
10/30/13
CGNX - Q3'13 Conf Call Recap; Execution & ID Adoption Drive Solid Qtr; Outlook Improving For Logistics Market
10/28/13
CFX - Q3'13 Conf Call Recap; Strong Order Activity Across Energy Markets Offset Weakness in Fabrication
10/24/13
ARG - Q2'14 Conf Call Recap; Persistent Macro Headwinds Limit Earnings Leverage From Airgas Model
10/23/13
ARG - Q2'14 Results In-Line - But Focus Likely to be on Reduced Outlook
10/22/13
September Global Steel Production Continues to Accelerate - Positive Leading Indicator for LECO, IPGP, FAST, ARG, CFX
10/22/13
TRMB - Discussions With Dealers Highlights Strong Share Position & Further Traction Gains With Connected Farm Solution
10/22/13
CGNX - Benefitting From Secular Theme of Tech & Manufacturing; Remain at Hold Due to Valuation
10/11/13
FAST - Lowering Estimates as Internal Initiatives Unlikely to Offset Weak Macro Outlook
10/10/13
MG - Realignment Taking Hold as Q1'14 Results Provide Solid Start to FY'14 Following a Challenging FY'13
10/9/13
MG - Q1'14 Results Top Estimates on Stronger Revenue Performance, Affirms Full Year Guidance
10/9/13
FAST - Q3'13 Results Fall Shy of Expectations on Slower Top-Line Growth
10/7/13
ARG - Acquisition of Encompass Gas Group Adds ~$55MM of Sales
10/7/13
GTLS - Raising Estimates & Price Target Following Visit to China & Changzhou Facility
10/4/13
Congress Passes Act to Stabilize Helium Market Through 2019

September 2013

9/24/13
Q3'13 Laser Survey: Demand Remains Positive; Outlook for Q4'13 Remains Solid
9/23/13
August Global Steel Production Shows Best Growth in 19 Months; European Union Turns Positive for the Month
9/5/13
FAST - Surprising Up-Tick in Non-Res Activity Supports Modest Improvement in August

August 2013

8/26/13
GTLS - A Case for Rail Conversion to Natural Gas Adding 15% to EPS Growth
8/23/13
Diversified Industrials - Expect the Strong to Get Stronger as Secular Themes Offset Macro Headwinds; Favor IPGP, GTLS, LECO
8/22/13
July Global Steel Production Continues to Show Positive Growth, Albeit Slow Growth
8/13/13
IPGP - Recommending Investors & IPGP Buy IPG Stock - Upside to FY'14 Estimates on a Share Buyback
8/9/13
THR - Attractive Value Proposition & Strong Recurring Revenue Opportunity Support Positive Outlook
8/9/13
MG - Q4'13 Recap; FY'13 Was a Transition Year, Secular Theme Remains on Track; Reiterate Buy
8/8/13
THR - Q1'14 Results; Revenue Slightly Down & Adjusted EPS Flat as Macro Headwinds Persist
8/8/13
MG - Q4'13 Results In Line With Pre-Announcement - Strong Top Line, Weak Bottom Line is the Continuing Theme
8/6/13
MRC - Q2'13 Conference Call Recap; Stagnant Energy (Upstream & Midstream) Spending Limits Lift to Top Line
8/6/13
PRLB - Q2'13 Results; Market Share Opportunity Remains as Execution Drives Near-Term EPS Growth; Raising PT to $75
8/5/13
FAST - Sequestration & Timing of Holiday Impacts Overall Growth; Moving Estimates Modestly Lower
8/2/13
MRC - Q2'13 Results; EPS Beat Despite Top Line Miss; Headwinds Persist
8/1/13
GTLS - Q2'13 Conference Call Recap; Results Spark a 15% Jump in the Stock - We See More Upside
8/1/13
TRMB - Q2'13 Results; Modest EPS Beat on STrong Margin Performance; Guidance Reflects Ongoing Macro Headwinds

July 2013

7/31/13
CGNX - Q2'13 Conference Call Recap; Solid Execution & Adoption Drive Solid Qtr; Outlook Improving for Logistics Market
7/31/13
IPGP - Q2'13 Conference Call Recap; Technology & Cost Leadership Remain Key Catalysts for Share Gain & Market Growth
7/30/13
LECO - Achieving Peak Margins Despite Macro Headwinds Speaks to Strong Operational Performance
7/30/13
IPGP - Q2'13 Solid Results Reflect Continued Strong Interest in Fiber Laser Technology & Secular Thesis
7/30/13
GTLS - Q2'13; FY'13 Guidance Reaffirmed on Record Level of Backlog & Strong LNG Outlook
7/29/13
LECO - Q2'13 Results; Strong Operational Performance Drives Continued Margin Performance & EPS Growth
7/26/13
LECO - Repurchase of ~20% of Outstanding Shares Could Provide ~23% Upside to Our FY'14 Estimates
7/26/13
ARG - Q1'14 Conference Call Recap; Refrigerants Makes Dent in Earnings; Slow Macro Conditions Persist
7/25/13
ARG - Q1'14 Results; Stifled Economic Conditions & Refrigerants Business Handcuff Growth; Adjusted EPS In-Line
7/23/13
Q2'13 Laser Survey; Despite Near-Term Headwinds, Secular Theme Driving Fiber Laser Adoption Remains Intact - Favor IPGP
7/22/13
Q2'13 Manufacturing/Fabrication Survey - Outlook Positive Despite Near-Term Headwinds
7/11/13
Fastenal (FAST) - Strong Execution & Service Offering Currently Being Offset by Weak Macro Outlook - Initiating at Hold
7/9/13
MRC Global (MRC) - Aging Infrastructure and Oil & Gas Key Catalysts to Leveraging Distribution Platform - Initiating at Hold
7/9/13
Trimble Navigation (TRMB) - Initiating With Buy - Outlook for Increased Machine & Technology Integration Remains Strong
7/9/13
Thermon Group Holdings (THR) - Market for Heat-Tracing Products Shows No Signs of Cooling - Initiating With Buy

June 2013

6/26/13
MG - FY'13 Pre-Release: Margin Compression to Drive Q4 Miss, Long-Term Secular Theme Remains Intact
6/14/13
ARG - Discussions with HVAC Dealers Show Available and Pricing Flat to Up Modestly for R-22, Positive for ARG
6/4/13
ARG - Manufacturing Slowdown Idles ARG; Downgrading to Hold

May 2013

5/28/13
Auto Industry Continues to Act as Growth Driver for Diversified Industrials
5/24/13
PRLB - No Change in Our View of the Differences Between PRLB and 3D Printers - Thoughts Following SSYS Analyst Day
5/20/13
GTLS - Pres. Obama: The U.S. "Will Likely be a Nat Gas Exporter as Soon as 2020"; Raising GTLS PT
5/16/13
PRLB - Recent Volatility Driven by Close Association to 3D Printing, Overshadowing Strong Margin & Outlook
5/13/13
Private Cryogenic Tank Supplier Points to Continued Strong Demand; Positive for GTLS
5/7/13
CFX - Q1'13 Conference Call Recap; Positive Benefits From CBS Programs Being Overshadowed by Weak Macro Outlook
5/6/13
IPGP - Q1'13 Conference Call Recap; Order Book Remains Strong For Industry Leader
5/6/13
ARG - Q4'13 Conference Call Recap; Economic Slowing Impacts Q4 Results & Is the Reason for Guarded Outlook
5/6/13
CGNX - Q1'13 Conference Call Recap; Increasing R&D/SG&A Spend to Accelerate Product Rollout & Adoption
5/2/13
ARG - Q4'13 Results; As Pre-Release Indicates, Slower Environment Challenges Results
5/1/13
IPGP - Q1'13 Miss Driven by Soft Top Line; Q2'13 Guidance Within Street Expectations

April 2013

4/29/13
PRLB - Q1'13 Conference Call Recap; Long-term Growth Outlook Remains Impressive, Expansion Costs to Impact EPS in Near-term
4/29/13
GTLS - Q1'13 Conference Call Recap
4/25/13
PRLB - Q1'13 Reults; Impressive Top & Bottom-Line Growth
4/25/13
GTLS - Q1'13 Results; Earnings Far Below Estimates, Yet Management Reaffirms FY'13 Guidance
4/24/13
LECO - Q1'13 Conference Call; Well Positioned for Further Earnings Growth Heading Into Peak Quarter - Raising Est. & PT
4/23/13
LECO - Q1'13 Results; Once Again, Strong Margins Provide Solid EPS Growth, Even with Revenue Slowdown
4/22/13
Marketing with Private Laser Welding/Service Company Points to IPGP Dominance & Significanct Long-Term Fiber Opportunities
4/12/13
MG - Q3'13 Recap: Secular Theme Impact; Margin Compression Temporary; Outlook Remains Positive
4/12/13
Q1'13 Manufacturing/Fabrication Survey Shows Improving Optimism on Outlook & Manufacturing Sector as FY'13 Kicks Off
4/9/13
MG - Q3'13 Results; Strong Top-Line, Weak Bottom Line is the Theme of Both Results & Guidance

March 2013

3/22/13
LECO - Reamains Top Idea Following Meetings With Management
3/21/13
ARG - Q4'13 Pre-Announcement Highlights Fragile Nature of U.S. Manufacturing Recovery; Lowering Estimates and PT
3/11/13
LECO - Discussions with Independent Welding Distributors Point to Lincoln & Miller Welding Machine Unit Growth as ESAB Lags
3/1/13
GTLS - Q4'12 Conference Call Recap; Charting Continued Growth in FY'13 After Strong Results

February 2013

2/27/13
IPGP - Remains Top Idea Following Marketing Meetings with CFO in Chicago
2/19/13
LECO - Impressive Product Depth & Execution Position LECO for Further Gains in FY'13
2/19/13
IPGP - Q4'12 Results; New Products & Markets Highlight Opportunities for Market Share Leader in FY'13
2/15/13
LECO - Q4'12 Results; Strong Margins Provide Solid EPS Growth, Even with Revenue Slowdown
2/15/13
IPGP - Unexpected Margin Contraction Offsets Strong Revenue Growth, Q1'13 Guidance Within Expected Range
2/14/13
PRLB - Q4'12 Recap; Further Earnings Growth Ahead as Secular Story Expands & Cyclical Improvements Occur
2/13/13
CFX - Q4'12 Conference Call Recap; Maintaining Hold as End Markets Remain Sluggish
2/12/13
CGNX - Near-Term Modestly Less Pessimistic as Long-Term Catalysts for Integration of Tech & Mfg Remains Intact
2/6/13
CFX - Q4'12 Results; One-Time Tax Benefit Allows for EPS Beat, Operational Improvements Still in Motion & Guidance for 2013 Below Consensus
2/1/13
Q4'12 Laser Survey; Demand Trends Stay Positive, Cautious Outlook in the Near-Term

January 2013

1/25/13
GTLS - Serving Local Needs Drives Growth in CNG Filling Stations
1/25/13
ARG - Q3'13 Conference Call Recap
1/24/13
ARG - Q3'13 Results; Revenues & Earnings In-Line with Expectations; Lowers Estimates for Q4 on Continued End Market Weakness
1/22/13
Q4'12 Diversified Industrials Preview; Expecting Turbulent Results as Headwinds Disrupted Drive to the Finish
1/18/13
Q4'12 Manufacturing/Fabrication Survey; Buckle Up for Near-Term Turbulence - Investment for Automation Seen Growing in FY'13
1/15/13
GTLS - Key Takeaways Following Meeting with Management
1/11/13
MG - Q2'13 Conference Call Recap: Selloff Provides Opportunity as Long-Term Growth Catalysts Remain Intact
1/8/13
MG - Q2'13 Results In-Line; Strong Revenue in the Service Segment Offsets Small Decline in the Products Segment
1/4/13
ARG & GTLS - Legislative Action Could Provide Relief to Global
1/3/13
ARG & LECO - Supplementing Organic Growth Through Acquisition
1/2/13
Things Really Are Bigger in Texas

December 2012

12/17/12
MG - Draft Report Highlights the Lack of Uniformity and Technology Associated with Pipeline Leak Detection
12/7/12
ARG - Analyst Day Focuses on Realizing Transition to Integrated Distribution Platform; Reiterate Buy Rating

November 2012

11/30/12
Marketing with Private Welding Distributor Points to Continued Strength in Domestic Manufacturing
11/27/12
Diversified Industrials - German Car Manufacturers Increasing Capital Spending Bodes Well for IPGP, LECO, and CGNX
11/26/12
GTLS - Strong Domestic LNG Usage Drives Growth as DOE's Long Overdue Report on LNG Export is Now Expected by Year-End
11/16/12
CFX - Progress in CBS and Other Initiatives Offset by Near-Term Macro Headwinds - Maintain Hold
11/16/12
Diversified Industrials; Domestic Activity Remains Central to Investment Thesis Following Supplier & End User Meetings
11/8/12
Q3'12 Recap - Diversified Industrials; Our Favorite Secular Themes Remain Intact Following Q3 Earnings
11/5/12
CGNX - Q3'12 Conf. Call; Slowdown in Industrial Spending/Investment Unlikely to Derail Long-Term Technology Adoption
11/2/12
GTLS - Q3'12 Conf. Call; Growth Pace Moderates, Yet Backlogs & Capacity Expansion is On-Course to Meet Growing LNG Demand
11/1/12
GTLS - Q3'12 Results; Closing of AirSep Acquisition Skews Otherwise Good Results; Management Lowers FY12 Guidance
11/1/12
IPGP - Q3'12 Conf. Call; Secular Theme Intact as Fiber Lights' the Way During Global Slowdown
11/1/12
LECO - Q3'12 Conf. Call; Revenues Flat, but Substantial Margin Improvement Drives Earnings Beat

October 2012

10/31/12
LECO - Q3'12 Results; Revenue Flat But Substantial Margin Improvement Drives Earnings Beat
10/31/12
IPGP - Strong Q3'12 Results Likely to be Dismissed By Q4'12 Guidance Set Below Expectations
10/31/12
CGNX - Q3'12 Results; Better Than Expected Expense Levels Drive EPS Beat; Q4'12 Revenue Guidance Points to YOY Decline
10/29/12
CFX - Q3'12 Conference Call Recap; Near-Term Macro Headwinds Negate Long-Term End Markets Potential - Maintain Hold
10/26/12
Diversified Industrials - LME Show in Chicago Recap; LECO & IPGP Best Positioned to Benefit
10/26/12
PRLB - Q3'12 Conference Call; "Real Parts, Really Fast" Resulting in Real Growth, Really Fast
10/25/12
PRLB - Q3'12 Results; Impressive Top & Bottom-Line Growth in a Challenging Environment
10/25/12
ARG - Buy - Remains Best Play for U.S. Manufacturing Exposure Despite Moderating End Markets
10/23/12
ARG - Q2'13 Results; Earnings In-Line With Expectations & A Large Share Buyback is Announced
10/11/12
MG - Good Momentum for Q1'13 Alongside Secular Trends Provide Conviction for Our Buy Rating
10/9/12
MG - Q1'13 Top Line Beat-Strong Revenue Growth Plus Significant Acquisition Adds to Upwardly Revised Guidance for FY'13
10/8/12
Diversified Industrials - Q3'12 Preview; Favor IPGP, GTLS, & ARG Heading Into Earnings Season
10/3/12
CGNX - Channel Checks Indicate Q3'12 Outlook Remains In-line & Potential for Better than Expected Finish for Q4'12

September 2012

9/24/12
Diversified Industrials Recap
9/24/12
LNG Imports Beginning to Flex Muscle on Pricing-Read Through for Chart Industries
9/10/12
Q3'12 Manufacturing/Fabrication Survey; 12 Month Outlook Remains Positive Despite Near-Term Turbulence
9/10/12
Q3'12 Laser Survey; Demand Trends Stay Positive, Cautious Outlook from Respondents
9/10/12
CFX - Charter Acquisition Balances Portfolio; Implementation Key to Success - Initiating at Hold
9/10/12
CGNX - Secular Shift Plays to Cognex' Strength in Adding Vision Solutions to the Production Line - Initiating at Hold
9/10/12
PRLB - Leveraging Proprietary Technology to Reshape the Prototyping Market - Initiating at Buy

August 2012

8/21/12
Update on the ABI; A Useful Metric Only When Paired with Primary Research
8/9/12
MG - Demand for Products & Services Remains Strong as Global Infastructure Continues to Age
8/8/12
MG - Q4'12 Top Line Beat - But EPS Shortfall Driven by Unexpected Margin Compression
8/7/12
GTLS - Q2'12 Conference Call Recap; Strength of Global LNG Demand Reflected in Solid Order Activity & Backlog
8/3/12
LECO - Boston Marketing Takeaways; Pricing Discipline & Outlook Remain Key
8/2/12
GTLS - Q2'12 Results; Long Term Trends Positive, Even as Q2 Misses Modestly
8/1/12
IPGP - Q2'12 Post Conference Call Recap; Pace of Laser Adoption Shows No Signs of Slowing

July 2012

7/31/12
Q2'12 LECO - Strength of North American Market & Positive Pricing Actions Provide Catalysts for 2H'12
7/31/12
Q2'12 IPGP - Q2'12 Results Detail Continuing demand for IPG's Fiber Lasers
7/30/12
Q2'12 LECO - Results Fall Short on Volume Drop-off; Margin Performance Remains Strong
7/26/12
Q1'13 ARG Conference Call Recap - Resilience in Model Reflected in Solid Performance Amid End Market Slowing
7/25/12
Q1'13 ARG Results - Results Reflect Modest Slowing, Outlook Becoming More Cautious
7/24/12
Q2'12 Earnings Preview; Early Reports Show Impact from Europe & Currency, Favor Domestically Focused Names
7/24/12
GTLS - AirSep Acquisition Bolsters Overall Operating Platform
7/24/12
GTLS - Department of Energy Funding Likely to Add Spark to LNG Vehicle Fueling Activity
7/18/12
Q2'12 Inaugural Industrial Laser Survey; Outlook Remanins Strong
7/2/12
GTLS - Priming the Pump - What fueling station growth could mean to Chart's earnings outlook

June 2012

6/22/12
Pulse of Manufacturing Sector Remains Just Fine
6/7/12
GTLS - Shell Announcement Could Add Fuel to Chart's Growth
6/6/12
Update - European Exposure & What This Means for TRG Stocks
6/1/12
LECO - Adjusting Estimates Upward Following Q2'12 Fabrication Survey
6/1/12
ARG - Moving to Buy on Strength of Domestic Market Following Q2'12 Fabrication Survey
6/1/12
Q2'12 Manufacturing/Fabrication Survey; Demand Trends Show Surprising Strength to the Upside

May 2012

5/3/12
IPGP - Q1'12 Conference Call Recap; Pace of Fiber Laser Adoption Remains Strong
5/1/12
IPGP - Q1'12 Earnings Snapshot
5/1/12
GTLS - Q1'12 Conf. Call Recap; Global LNG Growth Drives Positive Outlook

April 2012

4/26/12
GTLS - Q1'12 Earnings Snapshot; FY'12 Off To Solid Start On Stronger Than Expected Order Levels
4/25/12
LECO - Machine Upgrade Cycle, Energy Related Spending & Pricing Growth Lay Groundwork For Strong Outlook
4/24/12
LECO - Q1'12 Margin Recovery Thesis Accelerating
4/23/12
Industry Update - Fracking Positioned to be Key Catalyst Despite Political Headwinds in 2012 Election Year
4/23/12
Industry Update - Fracking Positioned to be Key Catalyst Despite Political Headwinds in 2012 Election Year
4/9/12
ARG - Initation of Coverage: Fairly Valued As Recognition of Growth Potential Becomes Evident
4/9/12
IPGP - Initation of Coverage: Delivering Increased Efficiency at Lower Prices Drives Continued Market Share Gains
4/9/12
MG - Initation of Coverage: Crumbling Infrastructure & Need For New Drives Increased Demand
4/9/12
LECO - Initation of Coverage: Critical Supplier to Global Industrial & Energy Build-Out
4/9/12
GTLS - Initiation of Coverage: Growing Demand for LNG Provides Growth Catalyst