WESTPORT, Conn.--(BUSINESS WIRE)--Sept. 4, 2008--Terex Corporation
(NYSE: TEX) today announced that it is updating 2008 full year
guidance and providing quarterly guidance due to changing market
conditions. Full year 2008 earnings per share are expected to be
between $6.35 and $6.65 compared to $5.85 for the full year 2007, a 9%
to 14% increase. Net sales for 2008 are expected to be in the range of
$10.2 to $10.6 billion. This guidance compares to the previously
announced range for 2008 earnings per share of $6.85 to $7.15 and net
sales of $10.5 to $10.9 billion.
Earnings per share are expected to be between $1.26 and $1.38 for
the third quarter of 2008 and between $1.20 and $1.33 in the fourth
quarter of 2008. This outlook reflects an effective tax rate of
approximately 33% and the continued benefit of reduced share count
from the Company's share repurchase program. All per share amounts are
on a fully diluted basis.
"While our Cranes and Materials Processing & Mining segments
continue to perform better than our expectations, continued market
softening and input costs in the Aerial Work Platforms and
Construction segments in Western Europe and the United States are
expected to more than offset those positive factors," commented Ron
DeFeo, Terex Chairman and Chief Executive Officer.
Terex is hosting an investment analyst meeting today, September 4,
2008, at the Stamford Marriott in Stamford, CT, beginning at 9:00 a.m.
and concluding at approximately 4:00 p.m. A live webcast of the
presentation, as well as copies of the presentation materials, will be
available on the Company's website at www.terex.com under the Investor
Relations section.
Safe Harbor Statement
This press release contains forward-looking information based on
the current expectations of Terex Corporation. Because forward-looking
statements involve risks and uncertainties, actual results could
differ materially. Such risks and uncertainties, many of which are
beyond the control of Terex, include among others: Our business is
highly cyclical and weak general economic conditions may affect the
sales of our products and financial results; our business is sensitive
to fluctuations in interest rates and government spending; our
business is very competitive and may be affected by pricing, product
initiatives and other actions taken by competitors; a material
disruption to one of our significant facilities; our retention of key
management personnel; the financial condition of suppliers and
customers, and their continued access to capital; our continued access
to capital and ability to obtain parts and components from suppliers
on a timely basis at competitive prices; our ability to timely
manufacture and deliver products to customers; the need to comply with
restrictive covenants contained in our debt agreements; our business
is global and subject to changes in exchange rates between currencies,
as well as international politics, particularly in developing markets;
the effects of changes in laws and regulations; possible work
stoppages and other labor matters; compliance with applicable
environmental laws and regulations; product liability claims and other
liabilities arising out of our business; investigations by the
Securities and Exchange Commission and the Department of Justice; our
implementation of a global enterprise system and its performance; our
ability to successfully integrate acquired businesses; and other
factors, risks and uncertainties that are more specifically set forth
in our public filings with the SEC. Actual events or the actual future
results of Terex may differ materially from any forward-looking
statement due to these and other risks, uncertainties and significant
factors. The forward-looking statements speak only as of the date of
this presentation. Terex expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statement included in this presentation to reflect any
changes in expectations with regard thereto or any changes in events,
conditions, or circumstances on which any such statement is based.
Terex Corporation is a diversified global manufacturer with 2007
net sales of over $9.1 billion. Terex operates in five business
segments: Terex Aerial Work Platforms, Terex Construction, Terex
Cranes, Terex Materials Processing & Mining, and Terex Roadbuilding,
Utility Products and Other. Terex manufactures a broad range of
equipment for use in various industries, including the construction,
infrastructure, quarrying, surface mining, shipping, transportation,
refining and utility industries. Terex offers a complete line of
financial products and services to assist in the acquisition of Terex
equipment through Terex Financial Services. More information on Terex
can be found at www.terex.com.
CONTACT: Terex Corporation
Laura Kiernan, 203-222-5943
Director, Investor Relations
laura.kiernan@terex.com
or
Kurt Goddard, 203-222-6160
Manager, Investor Relations
kurt.goddard@terex.com
SOURCE: Terex Corporation