Terex Sees Q3 EPS Below Consensus, Cuts FY Outlook; Stock Down - Update

(RTTNews) - Terex Corp (TEX), a provider of lifting and material handling solutions, Monday provided weak earnings guidance for the third quarter and slashed its expectations for the full year, citing weakness at its Cranes segment.

Terex shares slid 6 percent in morning trade on the New York Stock Exchange.

Cranes order rate fell sharply in July and August, the company said, adding that customers in developing markets are struggling to secure financing for scheduled orders.

Terex, based in Westport, Connecticut, expects third quarter adjusted earnings of $0.55 to $0.65 per share. Analysts polled by Thomson Reuters expect earnings of $0.79 per share. Analysts' estimates typically exclude special items.

For full year 2014, Terex now expects adjusted earnings of $2.35 to $2.50 per share, from prior range of $2.50 to $2.80 per share. Analysts expect earnings of $2.56 per share.

"While we do see positive trends in certain aspects of our other segments, this has been more than offset by the recent weakness in Cranes end markets," said Ron DeFeo, Terex chief executive officer.

Terex stock is trading at $32.61, down $2.09 or 6.02%, on a volume of 3.6 million shares.