Wednesday October 21, 10:52 PM
UPDATE 1-Terex posts wider-than-expected loss
CHICAGO, Oct 21 (Reuters) - Terex Corp, the world's No. 3 maker of heavy earth-moving equipment, reported a wider-than-expected third-quarter loss on Wednesday and warned that weak customer demand made it 'unlikely' it would post a profit in the fourth quarter.
Shares fell to $21.50 from their close of $23.59 on the New York Stock Exchange in extended trade.
But the company said it was beginning to see signs that certain markets have stabilized and even a few signs that point to growth, echoing upbeat comments earlier this week from Caterpillar Inc (NYSE: CAT - news) , the world's No. 1 maker of earth-moving equipment.
Terex reported a third-quarter loss of $103.1 million, or 95 cents a share, compared with a profit of $93.8 million, or 96 cents a share, last year.
Sales fell 51.2 percent to $1.23 billion.
Analysts, on average, expected a loss of 34 cents a share on sales of $1.31 billion, according to Thomson Reuters I/B/E/S.
'This was a disappointing quarter but we feel that we are turning the corner to better performance,' Ron DeFeo, the company's chairman and chief executive said in a statement.
Sales of aerial work platforms were down 66.5 percent during the quarter, construction equipment sales fell 55.9 percent, mining equipment sales fell 48.8 and crane sales dropped 38.3 percent.
(Reporting by James B. Kelleher; Editing Bernard Orr) Keywords: TEREX/
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