Westport-based Terex Corporation today posted weaker-than-expected quarterly results that were pulled down in part by a drop in its off-highway truck business.
The company, which makes construction and material handling equipment, reported a first-quarter net profit of $539.9 million, or $4.98 a share, compared with a net loss of $74.9 million, or 79 cents a share, last year.
But those results included $620.4 million, or $5.72 a share, in proceeds from the sale of its mining equipment business.
Terex reported a net loss from continuing operations of 73 cents a share on sales of $935.9 million.
On that basis, analysts, on average, expected Terex to report a loss of 52 cents a share on $1.1 billion in sales, according to Thomson Reuters.
The company said it saw “tangible signs of an improving environment, with moderately positive order activity in many of our early cycle product categories versus year ago levels.”
It said that assuming a return to a more normal economic environment, it expects to double its revenue to $10 billion and report net income of about $6 per share by 2013.
