North American sales lift Westport manufacturer in Q2
Profits fell 43 percent in the second quarter for the crane and heavy equipment maker Terex, despite a 19 percent gain in revenue on a year-over-year basis to $1.4 billion, with North American sales jumping 26 percent.
Terex has its headquarters in Westport and manufacturing plants globally making cranes, aerial lifts, gravel crushers and trucks among other gear. Sales of aerial work platforms were up 27 percent during the quarter to lead the company’s product segments.
Terex now expects 2018 revenue to rise 18 percent, up from an earlier forecast of 15 percent.
During the quarter, Terex spent $116 million to repurchase shares of its own stock, with Terex shares up 18 percent since the close of March.
Alex.Soule@scni.com; 203-842-2545; @casoulman