Terex's stock slides as hiked outlook falls short of Street view

Shares of Terex Corp. (TEX) declined in the extended session Tuesday after the crane and construction equipment company's hiked outlook fell short of Wall Street expectations while announcing the retirement of its chairman and chief executive. Terex shares fell more than 3% after hours, following a 0.4% rise to close the regular session at $54.23. Terex said that John Garrison Jr. will retire as chairman and CEO effective Jan. 1, and that Simon Meester, the company's current president of aerial work platforms, will the next CEO. David Sachs, the current lead independent member of the Terex's board, will become chairman. Terex also expects its full-year 2023 earnings per share results to be approximately $7.05, up from its estimate of about $7 a share back in August. Analysts surveyed by FactSet expect full-year earnings of $7.16 a share.

-Wallace Witkowski

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

10-17-23 1725ET

Copyright (c) 2023 Dow Jones & Company, Inc.