Terex lowers outlook
By Chris Sleight05 September 2008
Terex has revised its forecast for 2008. Instead of US$ 10.5 billion to US$ 10.98 billion revenues it now expects sales to come in between US$ 10.2 billion to US$ 10.6 billion.
Last year its sales totalled US$ 9.14 billion, which saw it placed third in iC's ‘Yellow Table', the ranking of the world's 50 largest construction equipment manufacturers. This means it now expects a sales rise of between +12% and +16% in 2008.
The company has also trimmed its profit forecast for the year. Profit per share is now expected to come in at between US$ 6.35 and US$ 6.65 - a +9% to +14% increase on 2007's US$ 5.85. Terex's previous guidance for 2008 was for profits per share of US$ 6.85 to US$ 7.15.Commenting on the reason for this downward revision, chairman and CEO Ron DeFeo said, "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 US are expected to more than offset those positive factors."