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TWST: Would you give us an overview of your coverage in the industrial
manufacturing space?
Mr. Lustgarten: I am the industrial manufacturing and technology analyst
for Longbow and I cover most of the major manufacturing and technology
companies. TWST: What has gone on so far this year from a business perspective?
Mr. Lustgarten: 2006 is the third year of a significant upturn for the
industrial sector that began in 2004. Two years ago, many investors were
questioning whether industrial manufacturing would ever recover. It was
our position that we were going to see a very strong recovery, which we
did in 2004 and 2005. That said, the market recovery in 2004 and 2005
was a typical rebound of recession-affected markets from depressed
levels, and it can be characterized by virtually all sectors showing
very strong, double-digit, top-line growth or more. While that recovery
continued into 2006, we believe we are entering a transition period
where the industrial sector transitions into mid-cycle which is
characterized by top-line growth of about mid-single digit, perhaps
3%-5% rather than double-digit growth.
Tickers included in this excerpt: CAT, DE, ETN, IR, ITW, KMT, TKR
For more information call (212) 952 7433. The
Wall Street Transcript does not endorse any of the comments made by interviewees, and does
not make stock recommendations.
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