Terex is lowering its full-year 2013 earnings per share to be between $1.90 and $2.10, as adjusted for certain nonrecurring items. Previous full-year 2013 estimates were between $2.40 and $2.70.
“The level of sales growth has softened overall for Terex when compared with the increases we originally anticipated for 2013,” said Ron DeFeo, chairman/CEO. “More specifically, we are experiencing a softer marketplace for our Construction, Material Handling & Port Solutions (“MHPS”), and, to a lesser degree, our Cranes operations. We do continue to experience positive replacement demand for Aerial Work Platform products and solid performance for Materials Processing. However, strength from these businesses will not offset the revenue variances of the balance of our business.”
“Fundamentally, North America continues to improve, but now at a slower pace, while Europe remains challenging overall, and the markets in the rest of the world are mixed. We remain generally on track with the operating changes underway, including the cost reduction initiatives in our MHPS and Cranes businesses, as well as the divestiture of underperforming businesses in our Construction segment. We continue to expect that the second half of 2013 will show improved results when compared with 2012.”
“We expect to provide a segment specific outlook for the remainder of 2013 when we report second quarter results in late July. We do not view this near term softening as evidence of a protracted slowdown.”