Westport-based Terex Corp. posted income from continuing operations of $87.8 million, or 76 cents per share, for the second quarter. This compared with income from continuing operations of $20.4 million, or 17 cents per share, for the second quarter of 2013.
Terex, which makes heavy equipment like dump trucks, scrapers and excavators, was quickly upgraded by stock analysts at ISI Group from a “neutral” rating to a “buy” rating, the financial outlet TheFlyOnTheWall.com reported.
Net sales were $2.0551 billion in the second quarter, 10.4 percent higher than net sales of $1.8615 billion in the second quarter of 2013. Income from operations was $160.9 million in the second quarter, an increase of $77.4 million when compared with income from operations of $83.5 million in the second quarter of 2013.
“Our results for the second quarter and first six months of the year were mixed both from a business and geographical perspective,” said Ron DeFeo, Terex chairman and CEO, in a press release. “Our aerial work platforms segment had a strong quarter, but margins were slightly lower than a year ago due to product mix and planned investments in new product development and manufacturing footprint.
“We expect this dynamic to continue through the remainder of the year, although on increasing sales versus the prior year,” he said.
DeFeo said the company’s crane segment is making progress, while its construction and material handling and port solutions segments performed about as expected. The materials processing segment did not perform to expectations.
“From a geographical perspective, Western Europe and North America were the growth drivers with increases of 35 percent and 15 percent respectively, with the rest of world somewhat offsetting these strengths,” DeFeo said.
“The company’s overall outlook for 2014 remains unchanged,” DeFeo added.
And he said, “We reiterate our annual outlook for earnings per share of between $2.50 and $2.80, excluding restructuring and other unusual items, although now on net sales of between $7.3 billion and $7.5 billion.”