Westport-based Terex Corp. today reported a 46 percent increase in earnings in the latest quarter, helped by the global boom in commodities.
The Fortune 500 heavy equipment manufacturer, whose headquarters is at the Nyala Farms office complex off Greens Farms Road, reported net income rose to $163.3 million, or $1.59 per share, compared to $113.8 million, or $1.09 per share, for the same period a year ago.
Analysts on average had expected Terex to report earnings of $1.40 a share, according to Reuters Estimates.
Quarterly net sales reached $2.36 billion, up 17.4 percent on the year-ago period.
Terex said the increase in sales was helped by acquisitions and by the effect of currency exchange rates.
Ron DeFeo, Terex chairman and chief executive officer, said in a statement he was pleased with the first quarter results.
“In general, we think that all of our operations continue to have solid prospects heading into the remainder of the year,” he said
