Construction equipment maker Terex Corp. (TEX) has revised down its full-year 2013 guidance as well as provided outlook for the second quarter.
For 2013, earnings per share is now expected to be between $1.90 and $2.10, as adjusted for certain non-recurring items, compared with its prior guidance of $2.40 - $2.70. On average, 19 analysts polled by Thomson Reuters estimate earnings per share of $2.55 for the year 2013. Analysts' estimates typically exclude one-time items. Due to the timing of this announcement, the firm is also issuing its second-quarter 2013 earnings per share guidance of $0.50 - $0.60 per share, excluding certain non-recurring items.
Ron DeFeo, Terex Chairman and Chief Executive, stated: "The level of sales growth has softened overall for Terex when compared with the increases we originally anticipated for 2013." DeFeo continued, "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."
The company said it still expects second half 2013 to show improved results when compared with 2012. Terex noted, "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."
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