Terex First-Quarter Profit Climbs (2005-6-2)

Terex Corp., a manufacturer of construction vehicles and mining equipment, said Tuesday that its first-quarter profit surged 78 percent as it raised selling prices to offset higher costs.

The company earned $30.3 million, or 59 cents per share, up from $17 million, or 34 cents per share, a year ago. Excluding unusual items, Terex said it would have earned $30.8 million, or 60 cents per share in the latest quarter.

Analysts surveyed by Thomson Financial expected adjusted earnings of 51 cents per share.

Revenue grew 39 percent to $1.45 billion from $1.04 billion. The company said it has raised prices for much of its equipment and expects these increases to be more evident in the second quarter.

Looking ahead, Terex predicted year-end earnings of $3.50 to $3.70 per share, above its expectations from earlier in the year and outpacing analysts\’ average estimate for earnings of $3.50 per share.

Terex shares climbed $1.82, or 4.6 percent, to $41.34 in recent after-hours activity, having closed earlier up $1.91, or 5.1 percent, at $39.52 on the New York Stock Exchange.

(Source: yahoo.com)