NEW YORK - Terex Corporation the maker of special machinery and construction equipment announced first quarter results after the closing bell today. Net sales from continuing operations rose 34% to $1,256.2 million. The company had a loss from operations of $9.3 million which was a $57.2 million improvement compared to a loss from operations of $66.5 in the first quarter of 2010. Ron DeFeo the CEO of Terex said “Overall, the first quarter results were largely in line with our expectations. Order activity continues to accelerate, and demand has picked up sharply, leading to increased quarterly sales in most of our businesses. This is most evident by the significantly increased backlog seen in all four of our segments at the end of the first quarter,”
The company raised its revenue guidance from $5 to $5.4 billion to $5.2 to $5.5 billion.
Shares have rocketed 3% higher in after hours trading, as investors look at strong revenue growth seen in all of their divisions and the 38% increase in the company's backlog.
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