Terex Slash FY Outlook

(RTTNews) - Connecticut-based machinery manufacturing company, Terex Corporation (TEX), has slashed its outlook for the full year. The company forecast earnings in the range of $2.75 to $2.85 per share for the full year. The prior outlook for earnings was in the range of $2.85 to $3.05. On average 15 analysts polled by Thomson Reuters currently expect earnings of $2.82 for the full year. The company expects revenues to be $3.85 billion for the year, down from prior guidance of $3.90 billion. Analysts' estimate for revenue is $3.86 billion for the same period. Chairman and Chief Executive Officer John L. Garrison, Jr. said, "We will close out the full year 2021 with a strong backlog, continued cost discipline, and positive free cash flow. We remain confident in our team's ability to manage through current market conditions and emerge with stronger customer and supplier relationships. We will continue our investments to enable longer-term growth."