Terex Construction : Net sales for the Construction segment for the third quarter of 2012 decreased $105.0 million, or 26.6%, to $290.4 million versus the third quarter of 2011. End markets for many of the segment’s products have exhibited significantly softer demand, particularly Western Europe. The global market for material handlers continued to demonstrate softness, and the Company’s trucks and compact construction equipment businesses were also impacted by weakening demand.Loss from operations in the third quarter of 2012 was $8.3 million, or 2.9% of net sales, compared to a loss from operations of $6.4 million, or 1.6% of net sales, during the third quarter of 2011. Operating results were negatively impacted primarily by lower sales volumes and unfavorable product and geographic mix. These results were partially offset by improved price realization as well as cost savings initiatives taken in 2011 which have continued in 2012. The Company has taken aggressive action to decrease production to match current market demand by implementing shortened work weeks, reductions in force and temporary production shutdowns. Charges of $1.3 million were taken in the quarter related to these actions.
Terex Announces Third Quarter 2012 Results
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