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Terex (NYSE:TEX) fell 5.6% in extended trading Tuesday after the maker of construction equipment and heavy machinery lowered its sales outlook for the remainder of the year.
Management estimated that adjusted net sales will be in a range of $5.1 billion to $5.3 billion for the year, down from $5.2 billion to $5.4 billion previously.
Conversely, the company raised its estimate for adjusted earnings to a range of $7.15 to $7.45 a share, up from $6.95 to $7.35 previously.
Terex’s adjusted earnings of $2.16 a share for the second quarter ended in June, beat the consensus estimate of $2.07 a share.
In its materials processing business, net sales fell 14% from the prior year to $498.6 million because of lower demand “across certain product lines and geographies as well as inventory rebalancing at our dealers,” the company said in a statement.