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TEX Down 20% on Outlook
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ShareShares of Terex (TEX) slipped approximately 20% Thursday after the construction and mining equipment company pulled back on its earnings outlook for 2008.
The company now expects EPS between $6.35 and $6.65, which was below its previous guidance of $6.85 to $7.15. Analysts were expecting $7.06 for the year.
TEX stated that continued market softening and input cost in its Aerial Work Platforms and Construction segments in Western Europe and the U.S. will offset more positive factors.
Over the past two months, earnings estimates for this year are up a nickel, while expectations for next year are down 29 cents. However, today’s announcement will have a negative impact on these numbers in the coming days.
Read the full analyst report on TEX
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