Westport-based heavy equipment maker Terex Corp. today reported a loss for the fourth quarter that narrowed from last year on strong double-digit sales growth.
Terex’s results in the quarter benefited from higher sales at its aerial work platforms, construction and crane segments.
Terex said it saw further recovery in many of its end markets as utilization rates improved and existing fleets aged. The company noted that emerging markets continued to grow rapidly, along with strong performance in North America, helping to offset continuing weakness in several European markets.
Looking ahead, Terex forecasts earnings and revenue for fiscal year 2012 in line with analysts’ estimates.
Looking ahead, Terex forecasts earnings and revenue for fiscal year 2012 in line with analysts’ estimates.
Terex’s net loss for the fourth quarter narrowed to $2.7 million or $0.02 per share from $45.3 million or $0.42 per share in the year-ago period.
Excluding items, adjusted income from continuing operations for the quarter was $28 million or $0.26 per share, compared to adjusted loss from continuing operations of $22 million or $0.20 per share in the same period last year.
On average, ten analysts polled by Thomson Reuters expected the company to report earnings of $0.25 per share for the quarter. Analysts’ estimates typically exclude special items.
Net sales from continuing operations for the quarter surged to $1.96 billion from $1.33 billion in the same quarter last year, and topped analysts’ consensus estimate of $1.95 billion.
Excluding the impact of the acquisition of Demag Cranes AG, net sales rose about 20 percent from the comparable prior year period.
Backlog for orders deliverable during the next 12 months was about $2.14 billion at the end of the quarter, an increase of about 65 percent from the end of the prior-year period.
Looking ahead to fiscal year 2012, Terex said it saw continued demand for new equipment and estimates it is in the second year of a multiple year recovery.
The company forecast full-year earnings of $1.65 to $1.85 per share, excluding the impact of restructuring and unusual items, and net sales in a range of $7.5 billion to $8.0 billion. Analysts currently expect the company to earn $1.69 per share on revenue of $7.91 billion for the year.
Terex closed today’s trading at $23.53, down $0.01 or 0.04 percent on a volume of 5.09 million shares. In after-hours, the stock gained $0.95 or 4.04 percent to $24.48.
