2023-05-02 09:25:54 ET
Terex ( NYSE: TEX ) rose Tuesday after the maker of heavy machinery reported higher sales in Q1 and improved guidance for the year.
The company’s sales rose 23% from a year earlier to $1.24 billion in the three-month period ended March 31. Terex ( TEX ) beat the consensus estimate among Wall Street analysts of $1.13 billion.
It boosted its sales outlook for 2023 to a range of $4.8 billion to $5 billion from between $4.6 billion and $4.8 billion previously.
Terex’s ( TEX ) Q1 earnings more than doubled to $1.60 a share to beat the consensus estimate of $1.04. It raised its EPS guidance to between $5.60 and $6 a share, up from $4.60 to $5.
“We are raising our full-year EPS outlook as a result of this impressive performance, strong demand for our products and a healthy backlog of $4.1 billion," John Garrison Jr., chairman and CEO of Terex ( TEX ), said in a statement.
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Terex’s stock rises on Q1 earnings, higher guidance