Terex posts quarterly net loss of $77.7 million.
Construction equipment maker Terex Corp. (TEX: News ) Wednesday reported a net loss for the second quarter, compared to profit last year, owing to lower revenues as a result of a decline in economic activity. Looking ahead, the company expects full year net sales to drop about 50% from last year.
The company reported a quarterly net loss of $77.7 million, compared to profit of $237.1 million reported last year. Net loss attributable to Terex was $77.6 million or $0.78 per share, in comparison with net income attributable to Terex of $236.3 million or $2.32 per share reported for the second quarter of the previous year.
During the latest period, the company incurred after-tax charges of $31.4 million, or $0.32 per share, associated with restructuring programs and a continued reduction in production levels. Additionally, a charge of $8.0 million, or $0.08 per share, was taken for a proposed settlement with the Securities and Exchange Commission.