Terex reports third-quarter profit increase

Terex Corporation has reported a net profit of £8.5m for the third quarter of 2003, up from £5.7m for the same period in 2002, while net sales have risen 35%, standing at £515.7m.
Meanwhile, the company's overall net sales for the nine months to 30 September have increased 50% to £1,631m.
"We are pleased with our execution so far this year," said Ronald DeFeo, Terex chairman and chief executive. "We began the year with a lot of uncertainty. We recognised that an end market recovery was unlikely, but at the same time we believed that Terex was in a good position."
Terex Construction also showed some positive signs, posting net sales figures of £180m, an increase of £1.12m compared to 2002. This increase has been attributed to foreign exchange movements.
"Although there are positives in the market, we anticipate the market will move sideways in the short term," said DeFeo.