Corporate and Financial News

Terex Corp., Westport, Conn., confirmed on March 3 that net income for 2004 will meet or exceed the previously indicated range of $2.40 to $2.50 per share, excluding special items. Additionally, Terex expects to report 2004 total revenue of approximately $5 billion, an increase of over 28% from net sales of $3.9 billion for 2003. Terex will provide detailed financial results for its full-year 2004 upon completion of its internal review and independent audit. The audit, however, is not expected to be finished in time for the March 16, 2005 deadline for filing its Annual Report.

“For the first time in Terex's history, we recorded revenue of approximately $5 billion, and we continue to see an operating environment that is poised to produce another year of significant growth as evidenced by our backlog of approximately $989 million at the end of 2004,” commented Ronald M. DeFeo, Terex's chairman and chief executive officer.

“The continued strong performance in our Aerial Work Platforms segment, combined with a recovery in our Mining, Compact Construction and Tower Cranes businesses, helped to partially offset significant increases in steel and component costs, meaningful currency moves against a weaker U.S. dollar, operational capacity constraint issues, production inefficiencies, and challenging end-markets in some of our other businesses,” said DeFeo.

In the cranes segment, 2004 revenue grew approximately 7% as compared with 2003, reflecting a strong global tower crane market, tempered somewhat by continued soft North American demand. Cranes backlog as of December 31,

2004 was approximately $249 million.

Aerial Work Platforms posted a year-over-year revenue increase of more than 42%, continuing to reflect the sharp increase in demand for rental channel products. Backlog as of December 31, 2004 was approximately $153 million.

Gehl Co., West Bend, Wis., reported 2004 annual net sales of $351.6 million, a 48% increase over 2003 on Feb. 28. Construction equipment net sales were up 56% in 2004. Fourth quarter, ended December 31, 2004, net sales were $93.9 million, a 65% increase over the same quarter in 2003. Net income was $2.9 million.

In general, North American demand for compact construction equipment in 2005 is expected to increase 6% to 9%, while demand for agricultural implements will likely remain flat.

JLG Industries, McConnellsburg, Pa., announced Feb. 24 consolidated revenues of $353 million for the second quarter ended January 30, 2005, a 49 percent increase from the prior year.

“Sales in the U.S. increased by 44%, while international sales grew 65% year-over-year, and the order book increased 44% sequentially to $290 million,” said Bill Lasky, chairman of the board, president, and chief executive officer.

The company reported net income of $7.5 million, or $0.17 per diluted share, compared with net income of $2.2 million, or $0.05 per diluted share in the prior year. Adjusted to eliminate the impact of OmniQuip integration expenses, earnings per diluted share for the second quarter were $0.19 versus $0.11 in the prior year.

The Manitowoc Company, Manitowoc, Wis., recently named Mary Ellen Bowers executive vice president of corporate development. She has primary responsibility for the development of Manitowoc's strategic business plans. Bowers most recently served as vice president and general manager for Aerospace & Industrial Products of Alcoa, Inc., a major producer of structural forgings for global aerospace and industrial markets.