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Terex Q2 Profit Rises, Lifts FY EPS Outlook

Terex Corporation (TEX) Tuesday reported second-quarter profit of $74.1 million or $1.07 per share, up from $73.9 million or $1.04 per share last year.

Income from continuing operations were $74.1 million or $1.07 per share, compared to income from continuing operations of $72.3 million or $1.02 per share last year.

Net sales for the second quarter grew 4% to $1.08 billion from $1.04 billion last year, primarily due to improved price realization across all segments and healthy demand for our products which was partially offset by a 5% negative impact from changes in foreign exchange rates.

Analysts polled by Thomson Reuters estimated earnings of $0.87 per share on revenues of $1.08 billion for the quarter.

"We are pleased with our solid financial performance in the quarter as a result of continued execution of our strategy and relentless focus on delivering for our customers and dealers," said Terex Chairman and Chief Executive Officer John L. Garrison, Jr. "We grew sales 9% when adjusting for FX rates and ended the quarter with backlog of $3.5 billion, an increase of 51% year-over-year, emphasizing sustained strong demand from our customers."

"As a result of the strong performance in the first half of the year we are raising our full year EPS outlook to $3.80 to $4.20," Garrison added. Previously, the company expected earnings of $3.55 to $4.05 per share for the full year. Analysts currently estimate earnings of $3.73 per share for the year.

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