WESTPORT, Conn.--(BUSINESS WIRE)--Jun. 17, 2013--
Terex Corporation (NYSE: TEX) today announced that it is lowering its
full year 2013 guidance and providing second quarter guidance. Full year
2013 earnings per share is now expected to be between $1.90 and $2.10,
as adjusted for certain non-recurring items. Previous full year 2013
guidance was an earnings per share of between $2.40 and $2.70. Due to
the timing of this announcement the Company is also providing second
quarter 2013 earnings per share guidance of $0.50 - $0.60 per share,
excluding certain non-recurring items.
“The level of sales growth has softened overall for Terex when compared
with the increases we originally anticipated for 2013,” commented Ron
DeFeo, Terex Chairman and 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.”
Forward Looking Statements
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 those factors that are more specifically set
forth in the public filings of Terex with the Securities and Exchange
Commission. Actual events or the actual future results of Terex may
differ materially from any forward looking statement due to those and
other risks, uncertainties and significant factors. The forward-looking
statements speak only as of the date of this press release. Terex
expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any forward-looking statement included in
this press release 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 reporting in five
business segments: Aerial Work Platforms, Construction, Cranes, Material
Handling & Port Solutions and Materials Processing. Terex manufactures a
broad range of equipment for use in various industries, including the
construction, infrastructure, quarrying, manufacturing, mining,
shipping, transportation, refining, energy and utility industries. Terex
offers financial products and services to assist in the acquisition of
Terex equipment through Terex Financial Services. Terex uses its website
(www.terex.com)
and its Facebook page (www.facebook.com/TerexCorporation)
to make information available to its investors and the market.
Source: Terex Corporation
Terex Corporation
Tom Gelston
Vice President, Investor
Relations
203-222-5943
Email: thomas.gelston@terex.com