Monday, June 17, 2013

Reuters: Global Markets: Terex cuts full-year earnings forecast, shares tumble

Reuters: Global Markets
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Terex cuts full-year earnings forecast, shares tumble
Jun 17th 2013, 12:54

Mon Jun 17, 2013 8:54am EDT

(Reuters) - Heavy equipment maker Terex Corp (TEX.N) forecast second-quarter earnings below analysts' expectations, citing softness in markets such as construction and material handling, and cut its full-year earnings outlook.

Terex shares were down 13 percent in heavy trading before the bell. They closed at $31.74 on Friday on the New York Stock Exchange.

The company now expects full-year earnings of $1.90 to $2.10 per share, compared with the $2.40 to $2.70 it forecast earlier.

Excluding items, Terex forecast second-quarter earnings of 50 cents to 60 cents per share, below analysts' expectations of 82 cents per share, according to Thomson Reuters I/B/E/S.

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