Terex Corp. last week announced that it is updating 2008 full-year guidance and providing quarterly guidance due to changing market conditions. Full-year 2008 earnings per share are expected to be between $6.35 and $6.65 compared to $5.85 for the full-year 2007, a 9- to 14-percent increase. Net sales for 2008 are expected to be in the range of $10.2 to $10.6 billion. This guidance compares to the previously announced range for 2008 earnings per share of $6.85 to $7.15 and net sales of $10.5 to $10.9 billion.
Earnings per share are expected to be between $1.26 and $1.38 for the third quarter of 2008 and between $1.20 and $1.33 in the fourth quarter of 2008. This outlook reflects an effective tax rate of approximately 33 percent and the continued benefit of reduced share count from the company’s share repurchase program. All per-share amounts are on a fully diluted basis.
“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 United States are expected to more than offset those positive factors,” said Ron DeFeo, Terex chairman and CEO.
Headquartered in Westport, Conn., Terex Corp. is a diversified global manufacturer with 2007 net sales of more than $9.1 billion. Terex operates in five business segments: Terex Aerial Work Platforms, Terex Construction, Terex Cranes, Terex Materials Processing & Mining, and Terex Roadbuilding, Utility Products and Other.