October 30 - Terex Corporation has posted a 3 percent year-on-year increase in net sales for the third quarter of 2014, despite seeing a 31 percent drop in income from continuing operations.
Terex posted an income from continuing operations in the third quarter of 2014 of USD58.7 million, compared with USD84.5 million in the same period of 2013. Net sales were USD1.8 billion in the third quarter of 2014, compared with USD1.75 billion in the same period of 2013.
"Our results from the third quarter were in line with revised guidance communicated in mid-September," said Terex chairman and ceo, Ron DeFeo.
"Our cranes segment met our lowered expectations for the quarter as end markets remain challenged. However, despite continued market environment challenges, we are anticipating sequential improvement from cranes in the fourth quarter," added DeFeo.
Commenting on Terex's outlook, DeFeo said that due to the challenge of predicting market improvements, the company would be assuming "flat markets" and only performance improvements it can control in the near term.
"Consequently," he said, "we now expect our annual outlook for earnings per share to be at or near the bottom of our previously announced range of USD2.35 to USD2.50, excluding restructuring and other unusual items, on net sales of between USD7.3 billion and USD7.5 billion."