Losses widened for Westport-based Terex Corp., which saw net sales decline 13.3 percent to $1.7 billion in the fourth quarter of 2012 from $1.96 billion a year prior.
The company, which manufactures equipment for use in industries such as construction, mining, shipping, transportation, refining and energy, among others, reported a fourth quarter loss from continuing operations of $30.7 million, or 28 cents per share, compared with a fourth quarter 2011 loss from continuing operations of 4 cents per share.
Terex saw its fourth quarter earnings miss analysts’ consensus projection. It reported adjusted income from continuing operations for the quarter, excluding the costs associated with debt repayment and certain other items, was $21.9 million, or 19 cents per share. Analysts surveyed by Thomson Reuters had expected the company to report earnings of 40 cents per share for the quarter.
Ron DeFeo, CEO and chairman of Terex, said the company “made significant progress in 2012.”
“We were impacted in the second half of the year by challenging end markets in Europe and Asia but we still meaningfully improved our profitability, generated approximately $445 million of free cash flow, restructured and reduced our debt and began to realize integration savings as planned,” DeFeo said in a prepared statement.
