Terex shares advanced Wednesday after the company reported better-than-expected third-quarter sales and an increasing backlog of orders, prompting an upgrade to its full-year guidance.
Shares rose 6.6% to $52.96.
The industrial equipment manufacturer lifted the lower end of its 2026 sales target to $8 billion from $7.9 billion, while keeping the high end at $8.2 billion. According to FactSet, analysts expected $8.14 billion.
Terex also narrowed its full-year adjusted earnings expectations to between $4.80 a share and $5.00 a share from a previous $4.70 a share to $5.10.
The outlook changes come after the company reported a surge in third-quarter revenue, reaching $2.2 billion, up from $1.39 billion. Terex beat expectations for a rise to $2.16 billion.
The growth was driven by Materials Processing, Specialty Vehicles and Aerials segments, it said.
Net income came to $114 million, or $1 a share, up from $65 million, or 98 cents a share, a year earlier.
Adjusted earnings were $1.50 a share, topping forecasts of $1.42 a share, according to FactSet.
Order backlog increased by $802 million to reach $7 billion at the end of the quarter, with bookings rising 53% to $2.3 billion.
Regarding its Aerials segment, Chief Executive Simon Meester said that it has been advancing in its process of separating the unit.
"Over the past few months we have made good progress in the process of separating the Aerials segment, by advancing the carve-out work and moving from evaluating inbound interest to active engagement with multiple strategic counterparties," Meester said.
Comments