The Westport, Conn.-based business expects fiscal 2014 earnings between $2.50 and $2.80 a share. Analysts surveyed by Thomson Reuters had expected earnings of $2.91 a share.
"We see some signs of improvement in many parts of the world although this is tempered with some continued market uncertainty, particularly in developing markets. Overall, we believe that the global economy will be stronger in 2014, but still modest when viewed against historic demand levels," said CEO Ron DeFeo in a statement.
By late morning, shares had tumbled 5.1% to $41.68. Trading volume of 3.2 million had surpassed its three-month daily average of 2.1 million.In the three months to December, the company recorded per-share earnings of 65 cents, 16 cents higher than analysts had anticipated. Revenue of $1.81 billion was 11.9% higher than a year earlier and was in line with consensus. Also See: Terex Posts Fourth-Quarter Results TheStreet Ratings team rates TEREX CORP as a Buy with a ratings score of B-. The team has this to say about their recommendation: "We rate TEREX CORP (TEX) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, increase in net income, solid stock price performance and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."
- You can view the full analysis from the report here: TEX Ratings Report
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