posted third-quarter earnings that beat analysts' estimates by a penny, but warned of soft demand in its North American and European truck and trailer market, as well as slowing activity in both the U.S. construction and auto and light truck markets.
Operating earnings, excluding one-time gains and charges from restructuring and investments, rose to $139.6 million, or 86 cents a diluted share, from $132.8 million, or 80 cents a share, a year earlier. A
First Call/Thomson Financial
survey of 16 analysts had produced a downwardly revised estimate of 85 cents a share in response to the company's earnings warning in September.
Revenue from continuing operations rose to $2.26 billion, an increase of 22%, from $1.85 billion in last year's third quarter.
The company said the depressed euro, more difficult credit and higher oil prices would affect full-year profits. The company expects full-year earnings from continuing operations to be at the lower end of its anticipated range of $3.75 to $3.85 a share. Analysts expect the company to earn $3.78 a share for the year.