Terex Q1 Profit Rises

(RTTNews) - Material handling solutions provider Terex Corp. (TEX), Wednesday said its profit for the first quarter increased from a year ago, on some improved performance at its Aerial Work Platform segment.

Terex reported first-quarter net income attributable to the company of $35.0 million or $0.30 per share from $23.9 million or 0.21 per share in the prior year quarter.

Income from continuing operations rose to $32.6 million or $0.28 per share for the first quarter, compared to $19.3 million or $0.17 per share a year ago. Excluding items of $5.8 million or $0.05 per share, adjusted income from continuing operations was $25.1 million or $0.22 per share for the quarter.

On average, twenty-two analysts polled by Thomson Reuters expected earnings of $0.34 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues for the first quarter were $1.654.6 million, compared to $1,653.7 million in the corresponding quarter last year.

Eighteen analysts had a consensus revenue estimate of $1.69 billion for the quarter.

AWP segment net sales rose to $584.9 million from $509.1 million in the prior-year quarter, with a 14.1 percent increase in income from operations. Backlog for orders deliverable during the next twelve months was $2.36 billion at March 31, 2014, an increase of 10.3 percent from March 31, 2013.

Looking ahead, Terex reiterated its full year earnings outlook of $2.50 to $2.80 per share, excluding restructuring and other unusual items, on net sales of $7.3 billion to $7.7 billion.

TEX closed Wednesday's regular trade at $43.29, up $0.35 or 0.82%, on a volume of 2.19 million shares on the NYSE. In after-hours, the stock slipped $0.42 or 0.96%, to trade at $42.00.