Announces Conference Call on 2008 Results
WESTPORT, Conn.--(BUSINESS WIRE)--
Terex Corporation (NYSE:TEX) announced that it expects its earnings for
2008 to be approximately 5% below the low end of its previous full year
guidance of between $5.69 and $5.79 per fully diluted share. This
revised guidance excludes charges associated with the reduction of our
production levels, asset impairments and certain other items. Comparable
earnings for the full year 2007 were $5.85 per fully diluted share.
Although not yet finalized, the Company expects to record a non-cash
impairment charge of certain of the Company’s goodwill, identifiable
intangibles and other non current assets principally related to its
Construction, Roadbuilding and Utilities businesses. This impairment
charge is estimated to be approximately $600 million, only a portion of
which will be tax affected. We are currently in compliance with all of
the financial covenants under our bank credit facilities and indentures
and this impairment charge will not affect our compliance.
Commenting on the new guidance, Terex Chairman and Chief Executive
Officer Ron DeFeo said, “Our fourth quarter 2008 results were affected
by the rapid change in global economic conditions more than we
anticipated, as well as continued input cost pressure. We continue to
feel the negative effect that credit availability has on customer
sentiment and demand for our products, particularly in our Construction,
Materials Processing and Aerial Work Platforms businesses, as well as
our smaller crane and tower crane product lines.”
Mr. DeFeo continued, “In response to the present economic environment,
we are taking and will continue to take aggressive actions to reduce
costs and inventories in all of our businesses. We feel we have
responded appropriately with significant actions already in progress,
many of which we began late last summer and fall. Our actions include
reductions in force, significantly curtailed production schedules in
affected businesses, including temporary and permanent factory
shutdowns, facility consolidations, the rescheduling of incoming raw
materials and reducing executive compensation costs.”
JP Morgan Global Conference
Presentation
Terex is participating in the J.P. Morgan Global High Yield & Leveraged
Finance Conference in Miami, Florida today. A presentation will be given
by Phil Widman, Terex Senior Vice President and Chief Financial Officer,
at 11:15 a.m. EST. The presentation will be webcast, with accompanying
slides, on the Terex Corporation website, www.terex.com,
under the Investor Relations section.
Conference Call February 12, 2009 at
8:30 a.m. EST
Terex will release its fourth quarter and year-end 2008 financial
results on Wednesday, February 11, 2009 after market close. The Company
will host a conference call to review the financial results on Thursday,
February 12, 2009 at 8:30 a.m. EST. Mr. DeFeo will host the call along
with other members of senior management.
To access the call, dial 1-877-726-6603 on February 12, 2009 at least 10
minutes before the call is scheduled to begin. International
participants should dial 1-706-634-5517. A simultaneous webcast of this
conference call will also be available at www.terex.com
in the Investor Relations section of the website.
A replay will be available shortly after the live call and can be
accessed until Thursday, February 19, 2009 at 5:00 p.m. EST. To access
the telephone replay, please dial 1-800-642-1687 (International
1-706-645-9291) and enter conference id #81993582. To access the web
replay of the call, go to the Investor Relations section of the
Company’s website at www.terex.com.
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. 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 more than $9.1 billion. Terex operates in four business
segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes,
and Terex Materials Processing & Mining. 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.
Source: Terex Corporation
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
or
Mike
Bazinet, 203-222-6113
Director, Corporate Communications
michael.bazinet@terex.com