I have not posted anything since January, quite frankly because my reports and comments on some of the major players in the industry started to sound repetitive. The sheetfed market leader Heidelberg every year seems to work its way through three meager quarters and manages a strong fourth to report results that are far away from sound profitability. "Kurzarbeit" (short work hours) appears to have become a normal capacity management tool for the German part of the industry, instead of the originally intention to use taxpayer money as an exceptional measure to help companies weather a temporary low cycle.
Order announcements for the web offset equipment makers are conspicuously rare and offer an indication that their customers are still more focused on consolidating the industry than upgrading their equipment.
And the promised land - digital printing - is maybe not as promising as originally hoped for. Kodak's share price development since the beginning of its new lease on life may be an indication that the market is questioning the potential of the commercial printing perspective. (Tomorrow's earnings' call will hopefully provide new insights.)