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Terex Corporation Message Board

  • michaelisin4u michaelisin4u Oct 20, 2010 7:38 PM Flag

    TEREX ANNOUNCES THIRD QUARTER 2010 RESULTS

     

    TEREX ANNOUNCES THIRD QUARTER 2010 RESULTS
    WESTPORT, CT, October 20, 2010 -- Terex Corporation (NYSE: TEX) today announced a net loss
    from continuing operations for the third quarter of 2010 of $89.2 million, or $0.82 per share, compared
    to a net loss from continuing operations of $106.4 million, or $0.98 per share, for the third quarter of
    2009. Contributing to the third quarter 2010 net loss was a pre-tax expense, recognized in Other
    income (expense) - net, of approximately $21 million associated with marking to market derivative
    instruments intended to partially mitigate risks associated with 5.8 million shares of the common stock
    of Bucyrus International, Inc. acquired in connection with the Mining business divestiture.
    Additionally, the results include tax expense of approximately $21 million for increased valuation
    allowances on certain deferred tax assets, approximately $12 million for increased provisions for
    uncertain tax positions, and approximately $6 million related to the decision to carry back U.S. tax net
    operating losses. In total, these items negatively impacted earnings per share by approximately
    $0.48. The results also contain other items, including a reduction of the Company’s provision for
    foreign duty and related obligations and charges associated with restructuring programs,
    manufacturing changes and the realignment of South African distribution, which net to a total of
    approximately $1 million in charges in the third quarter of 2010.
    Net sales for continuing operations were $1,075.8 million in the third quarter of 2010, an increase of
    15.2% from $933.9 million in the third quarter of 2009. Income from operations was $3.0 million in
    the third quarter of 2010, an increase of $103.3 million as compared to a loss from operations of
    $100.3 million in the third quarter of 2009.
    All results are for continuing operations, unless stated otherwise. Discontinued operations include the
    Mining, Atlas, Powertrain and Load King businesses. All per share amounts are on a fully diluted
    basis.
    “Our third quarter operating results were mostly in line with our expectations, but with greater than
    anticipated Cranes weakness,” commented Ron DeFeo, Terex Chairman and Chief Executive Officer.
    “Our Aerial Work Platforms (AWP) and Materials Processing (MP) results were solid, with positive
    order and backlog trends. Construction had near breakeven operating profit, excluding unusual
    items, but the European Cranes business fell faster than anticipated. We also had a number of
    discrete tax charges that, along with the derivative effect of the Bucyrus equity strength, contributed
    to non-operating expenses. We expect the fourth quarter to reflect continued strengthening trends in
    AWP, Construction and MP, with a weaker Cranes business than we had previously anticipated.


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    • I really liked the line that read "results in line with our expectations" What the #@*@# was that? The forecast was for a loss of .15 and they come in at a loss of.80+. That in the face of CAT posting record profit and a stock value at new highs. TEX is at about 30% of the stock high. JOY, BUCY and most of the other heavy machine guys are doing great. Something is amiss at the top with this management. They have a large presents in China and the middle east and they still can't make a profit and say there is more losses to come. I still like Cramers comment that this stock would go to $120. I guess in his defense he didn't say what decade that would occur.
      disclosure: long 1400 shares. What a mistake.
      Just venting

 
TEX
28.43+0.47(+1.68%)Dec 26 4:07 PMEST

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