Terex Q2 Profit Falls, Yet Beats View; Shares Up In Pre-market

(RTTNews) - Terex Corp. (TEX) Thursday announced a sharp decline in second quarter earnings, despite 7.6 percent revenues growth, compared to the prior year.

In the pre-market session, shares are gaining 0.33 points or 0.66 percent to $50.22.

Earnings for the quarter fell to $72 million from $141 million a year ago. on a per share basis, earnings were $1.09, down from $2.08 last year.

On an adjusted basis, earnings were $98 million or $1.49 per share. In the same quarter of the prior year, the company had reported adjusted earnings of $146 million or $2.16 per share.

Analysts, on average, expected the company to report earnings of $1.4 per share. Quarterly net sales increased to $1.487 billion from $1.382 billion a year ago.

Looking ahead to the full year, the company maintained earnings view in a range of $4.70 to $5.10.

Revenue is expected to be in a range of $5.300-$5.500 billion.

The company said its Board has authorized a new share repurchase program of up to $150 million of its outstanding common stock.