Terex Q4 Earnings Beat Expectations with Loss Narrowing
NORWALK, Conn. (AP) - Terex Corp. (TEX) reported a narrower loss in its fourth quarter, bolstering its annual earnings and exceeding Wall Street forecasts.
Key Highlights:
* Q4 loss: $2 million (3 cents per share)
* Adjusted earnings: 77 cents per share
* Revenue: $1.24 billion
* Full-year profit: $335 million ($4.96 per share)
* Full-year revenue: $5.13 billion
* Guidance: FY earnings between $4.70 and $5.10 per share, revenue between $5.3 billion and $5.5 billion
Terex's performance surpassed analysts' expectations, with earnings and revenue exceeding consensus estimates. The company attributed its solid results to improved demand for its construction and industrial equipment.
Despite the challenging environment, Terex remains optimistic about its prospects in 2023, driven by:
* Increased infrastructure spending
* Continued recovery in manufacturing sectors
* Global expansion opportunities
Overall, Terex's financial performance reinforces its position as a leading player in the machinery industry. The company's strong market presence and strategic initiatives position it well for continued growth and profitability.