NEW YORK - Terex Corporation (NYSE:TEX) reported third quarter earnings that exceeded analyst estimates, while also raising its full-year guidance above Wall Street forecasts. The construction equipment manufacturer's shares edged up 0.44% in premarket trading following the release.
Terex posted adjusted earnings per share of $1.46 for the third quarter, surpassing the analyst consensus of $1.26. Revenue came in at $1.2 billion, slightly above expectations of $1.19 billion but down 6% year-over-year.
"The Terex team adapted quickly to in-quarter industry channel adjustments and executed at a high level throughout the third quarter," said CEO Simon Meester.
The company's Materials Processing segment saw sales decline 18% to $444 million, while Aerial Work Platforms revenue rose 2.4% to $769 million. Overall operating margin contracted to 10.1% from 12.6% a year ago.
Looking ahead, Terex raised its full-year 2024 outlook, now projecting earnings per share of $5.85 to $6.25, above the Wall Street consensus of $6.01. The company also boosted its revenue forecast to $5.0-$5.2 billion, topping analyst estimates of $4.98 billion.
"I am very pleased that our future financial results will enjoy the accretive addition of ESG, reducing our cyclicality going forward," said CFO Julie Beck, referring to Terex's recent acquisition of Environmental Solutions Group.
Terex maintained a strong balance sheet with $352 million in cash and $952 million in total liquidity as of September 30. The company has returned $66 million to shareholders through share repurchases and dividends year-to-date.
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