Terex (TEX) Lowers Guidance, Citing Changing Market Conditions

September 4, 2008 7:20 AM EDT

Terex Corporation (NYSE: TEX) lowered guidance, citing changing market conditions.

Full year 2008 earnings per share are expected to be between $6.35 and $6.65, versus prior guidance of $6.85 to $7.15 and the consensus of $7.08. Net sales for 2008 are expected to be in the range of $10.2 to $10.6 billion, versus prior guidance of $10.5 to $10.9 billion and the consensus of $10.61 billion.

Earnings per share are expected to be between $1.26 and $1.38 for the third quarter of 2008, versus the consensus of $1.57, and between $1.20 and $1.33 in the fourth quarter versus the consensus of $1.60.

CEO Ron DeFeo said, "While our Cranes and Materials Processing & Mining segments continue to perform better than our expectations, continued market softening and input costs in the Aerial Work Platforms and Construction segments in Western Europe and the United States are expected to more than offset those positive factors."

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