Terex Shares Fall On 3Q Profit Decline, 4Q Outlook

HARTFORD, Conn. (AP) — Shares of Terex Corp. fell Thursday, a day after the heavy equipment maker posted a bigger-than-expected third-quarter loss as the company dealt with reduced demand and incurred charges to close and consolidate facilities and reduce its work force. The company also said it is unlikely it will be profitable in the fourth quarter.

Terex and other heavy equipment makers have been struggling with reduced sales during the recession. Terex has responded by reducing production capacity and costs. Most of the company's factories operated on reduced schedules and worked on build-to-order to reduce inventory during the quarter, said Terex President and Chief Operating Officer Tom Riordan.

Poor demand and restructuring costs led the Westport, Conn., company to report a loss of $103.1 million, or 95 cents per share, compared with a $93.8 million profit, or 96 cents per share, in the same quarter last year.

Analysts surveyed by Thomson Reuters expected, on average, a loss of 34 cents per share.

Revenue for the quarter ended Sept. 30 was $1.23 billion, down 51 percent from $2.51 billion in the third quarter of 2008.