Saturday, October 24, 2009

Terex posts £62m loss in third quarter

Terex made a ВЈ62.1m net loss in the third quarter compared with a profit of ВЈ56.5m for the same period last year on sales around half the 2008 level at ВЈ739m.

Sales in the construction sector were down by 56% with the division making an operating loss of almost ВЈ36m and sales of aerial work platforms were hit even harder registering a 66% drop with the business losing ВЈ30m. The materials processing and mining division saw sales fall by 49% but made an operating profit of ВЈ3.25m while the cranes business fared relatively well suffering a downturn of only 38% to record a profit of ВЈ7.23m.

“This was a disappointing quarter but we feel that we are turning the corner to better performance,” said Ron DeFeo, Terex chairman and chief executive officer. He said virtually no part of the business was unscathed but believes certain markets have stabilized and there even a few signs of growth.

First Horizon loss narrowsHaulotte’s sales: lower but stable