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Terex 2Q Loss Narrows; Shares Fall On Weak Adjusted Profit, Outlook

DOW JONES NEWSWIRES Terex Corp.'s (TEX) second-quarter loss narrowed significantly, and it swung to a profit on a continuing-operations basis on strong sales. But shares were down 6.3% at $25.50 after hours because the bottom line was still weaker than expected even after adjustments for one-time items. Through the close, the stock has declined 12% so far this year. The company, which makes specialized equipment such as tower cranes and rock crushers, also lowered its full-year earnings outlook, although it hoisted its revenue projection slightly higher. Wednesday, it predicted adjusted earnings of 40 cents to 60 cents a share, compared with its February target for 60 cents 75 cents a share. It now predicts revenue will be $5.4 billion to $5.6 billion, after it forecast $5.2 billion to $5.5 billion in May. The company has been posting frequent quarterly losses, as raw materials costs and lingering weakness in construction and industrial markets weighed on the bottom line. Wednesday, the company posted a loss of $500,000, or less than a penny a share, compared with a year-earlier loss of $40.3 million, or 37 cents a share. Its bottom line from continuing operations swung to a penny profit from a 12-cent loss a year earlier. It said that excluding restructuring and acquisition charges and a gain from selling Bucyrus International stock, earnings from continuing operations would have been 10 cents a share. Revenue increased 38% to $1.49 billion. Analysts surveyed by Thomson Reuters predicted earnings of 18 cents a share on revenue of $1.36 billion. Gross margin inched up to 14.4% from 14.3%. Revenue in the aerial work platforms business doubled. Sales in the cranes unit rose 3.3%, while revenue increased 29% for construction. As of March 31, total backlog was $1.76 billion, 57% higher than a year earlier but down slightly from the first quarter's $1.79 billion. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com

Stock News for Terex (TEX)
DateTimeHeadline
07/22/201611:53:03Current Report Filing (8-k)
07/22/201609:02:00Terex Corporation Announces Second Quarter 2016 Financial Results...
07/15/201609:46:00Terex Announces Quarterly Dividend
07/12/201612:50:19Statement of Changes in Beneficial Ownership (4)
07/12/201612:49:40Statement of Changes in Beneficial Ownership (4)
07/12/201612:48:02Statement of Changes in Beneficial Ownership (4)
07/12/201612:46:46Statement of Changes in Beneficial Ownership (4)
07/12/201612:42:54Statement of Changes in Beneficial Ownership (4)
06/24/201611:54:50Current Report Filing (8-k)
06/23/201607:40:00What Investors are Making of these Industrial Goods' Stocks?...
06/21/201616:54:08Annual Report of Employee Stock Plans (11-k)
06/20/201622:00:00Yanmar Acquires Terex Corporation's Compact Construction Equipment...
06/20/201621:00:00Terex Announces Sale of German Compact Construction Equipment...
06/17/201613:30:57Statement of Changes in Beneficial Ownership (4)
06/08/201616:31:13Statement of Changes in Beneficial Ownership (4)
06/06/201615:24:16Statement of Changes in Beneficial Ownership (4)
06/06/201615:23:20Statement of Changes in Beneficial Ownership (4)
06/06/201615:22:52Statement of Changes in Beneficial Ownership (4)
06/06/201615:21:57Statement of Changes in Beneficial Ownership (4)
06/06/201615:21:29Statement of Changes in Beneficial Ownership (4)

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