Reuters: US Dollar Report: Terex CEO: weak euro to take toll on 2012 profit

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Terex CEO: weak euro to take toll on 2012 profit Jun 6th 2012, 15:18 June 6 | Wed Jun 6, 2012 11:18am EDT June 6 (Reuters) - U.S. heavy equipment maker Terex Corp believes a weaker euro currency could pull down its overall profit this year by about $10 million, its chief executive said on Wednesday. "The weaker euro probably will cost us some earnings, maybe in the range of $10 million," CEO Ronald DeFeo told an investor conference. Analysts, on average, look for Terex to earn $204.9 million this year on $8 billion in sales, according to Thomson Reuters I/B/E/S. "In general, I don't think where the euro is going to be is that material to our earnings," in part because the company ships goods both from the United States to Europe and from Europe to the U.S. DeFeo said the company, which makes such equipment as cranes, paving trucks and aerial work platforms, has not made any cost-cutting moves due to Europe's financial crisis, which appeared to worsen this week when Spain said it was getting locked out of credit markets. "I am concerned about the macro environment because it is affecting the confidence level of our customers, but I would say that it is at a level where it is not affecting our outlook," DeFeo said, confirming the company's full-year profit forecast of $1.65 to $1.85 per share. Terex shares rose 7.3 percent to $17.54 on the New York Stock Exchange. Link this Share this Digg this Email Reprints

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