Terex Corporation (TEX) is expected to report Q3 earnings after market close Wednesday Oct. 22 with a conference call scheduled for Thursday, October 23 at 8:30 am ET.
Analysts are looking for EPS of $1.33 on revenue of $2.43B. The consensus range is $1.25 to $1.45 for EPS, and $2.19B to $2.56B for revenue, according to First Call.
On September 4, the company gave Q3 and Q4 guidance and lowered the FY08 forecast it gave when it released its Q2 earnings. Terex expects Q3 EPS of $1.26 to $1.38 vs. consensus of $1.33, and sees Q4 EPS $1.20 to $1.33 vs. consensus of $1.23. The company lowered FY08 EPS guidance to $6.35 to $6.65 from $6.85 to $7.15, the consensus is for FY08 EPS is $6.50. Terex also lowers its FY08 revenue guidance to 10.2B to $10.6B from 10.5B to $10.9B, the consensus for FY08 revenue is $10.36B.
Wachovia downgraded Terex to Market Perform from Outperform on October 3. The firm based the downgrade on declining earnings growth. Banc of America also downgraded the company's shares to Neutral from Buy, on October 20. The firm downgraded the company to reflect the decelerating macro environment and a lack of catalysts.