Westport’s Terex Corp., the world’s No. 3 maker of construction equipment, indicated in a statement issued today “in response to market rumors” that it could beat earnings expectations in 2005.
The company—located at 500 Post Road East—said it expects earnings in the range of $3.40 to $3.60 per share on revenue of $5.4 billion to $5.6 billion.
Analysts surveyed by Thomson First Call forecast 2005 earnings of $3.50 on revenue of $5.13 billion. Wall Street is expecting the company to report earnings for 2004 of $2.47 per share.
“As previously reported, many of our businesses are experiencing increased demand and we expect that demand to continue in 2005,” said Ronald M. DeFeo, chairman and chief executive, in a statement.
“But as I have also previously stated, the challenges of supplier issues, particularly steel pricing, continue to have an effect on our business.”
DeFeo also said he expects 2005 will be “more normal year” where volume leverage can be used to boost its margin. The company recently announced it would restate financial statements for 2001 to 2003 due to accounting errors.
