Terex shares surge on strong forecast
(Reuters) - Shares of heavy equipment maker Terex Corp (TEX.N) rose as much as 25 percent after it posted a strong quarterly profit and forecast better-than-expected earnings for the year.
The company's stock was one of the biggest percentage gainers on the New York Stock Exchange on Thursday morning.
On Wednesday, Terex forecast 2012 adjusted earnings of $1.95 to $2.05 per share, well clear of analysts' average estimate of $1.76 per share.
"The overall outlook looks to be on generally firm footing and execution is clearly improving," William Blair & Co analyst Lawrence De Maria wrote in a note to clients.
The company expects its aerial work platforms (AWP) and cranes division to report strong numbers for the second half of the year.
Sales at its aerial work platforms segment grew 25 percent to $605.7 million in the second quarter.
Aerial work platforms are mechanical devices used to provide people and equipment with access to inaccessible areas and are primarily sold to rental houses in North America.
Shares of the Westport, Connecticut-based company were trading up 22 percent in morning trade. They have gained about a third in value in the last seven months.
(Reporting by Kartick Jagtap in Bangalore; Editing by Sreejiraj Eluvangal)
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