Terex Corp. (TEX) reported reduced profit for its third quarter as revenue declined 9.3%, compared to prior year. Looking forward, the company said it will be at or near the low end of previously announced earnings guidance for the full year 2015.
Ron DeFeo, Terex Chairman and CEO, said: "We are seeing pricing pressure in the marketplace, which to date we have been able to mostly offset by reductions in material input costs. We continue to execute very well against the cost saving initiatives that we have previously communicated. We also continue to make progress towards the completion of the merger with Konecranes Plc, which when combined with the improvements already underway creates a compelling financial improvement story in an otherwise flat market."
The company's liquidity at September 30, 2015 totaled $829 million, which was comprised of cash balances of $301 million and borrowing availability under the revolving credit facilities of $528 million. Return on Invested Capital was 9.7% for the trailing twelve months ended September 30, 2015.
For the third quarter of 2015, income from continuing operations was $44.8 million, or $0.41 per share compared to income from continuing operations of $58.7 million, or $0.51 per share for the third quarter of 2014. Excluding certain items, income from continuing operations as adjusted was $63.4 million, or $0.58 per share.
On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share of $0.62 for the quarter. Analysts' estimates typically exclude special items.
Net sales were $1.64 billion in the third quarter of 2015, compared with $1.81 billion in the third quarter of 2014. Excluding the impact of currency exchange rates, net sales decreased 1.0%. Analysts expected revenue of $1.56 billion for the quarter.
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