UPDATE 2-Terex posts bigger-than-expected 3rd quarter loss

* Equipment maker posts loss from continuing ops of $0.82

* On that basis, Wall Street had expected a loss of $0.15

* Sales also fail to meet Street expectations

* Company says it does not expect to turn profit in Q4
(Adds quote from president, details on outlook)

CHICAGO, Oct 20 (BestGrowthStock) – Terex Corp (TEX.N: ) reported a
bigger-than-expected third-quarter loss on Wednesday and warned
its fourth-quarter results would fall short of expectations, as
continued weakness in nonresidential construction weighs on
demand for its cranes, particularly in Western Europe.

The company reported a loss from continuing operations of
$89.2 million, or 82 cents a share for the three months ended
Sept. 30. During the comparable quarter last year, Terex
reported a loss from continuing operations of $106.4 million,
or 98 cents a share.

Analysts, on average, expected the Westport, Connecticut-
based company to report a loss of 15 cents a share on sales of
$1.13 billion, according to Thomson Reuters I/B/E/S.

Sales at Terex, which also makes earth-moving equipment and
aerial work platforms for the construction industry, as well as
cranes used in ports, rose 15.2 percent to $1.08 billion.

“We had a number of early September order cancellations and
delivery push-outs that caused a significant drop in European
net sales in this past quarter,” Tom Riordan, Terex’s president
and chief operating officer, said in a statement.

“We feel we are at the trough in North America, growing in
developing markets, but uncertain about the next few months in
Europe.”

The company expected fourth quarter sales to be up 10
percent to 12 percent over third quarter sales, but warned it
did not expect to turn a net profit in the quarter and would
only report an operating profit of $15 million.

Analysts, on average, expected Terex to report an operating
profit of $33 million on sales of $1.2 billion in the fourth
quarter, according to Thomson Reuters I/B/E/S.
(Reporting by James B. Kelleher; editing by Bernard Orr and
Andre Grenon)

UPDATE 2-Terex posts bigger-than-expected 3rd quarter loss