Terex (TEX) Withdraws Guidance On Coronavirus Concerns
Zacks Investment Research | Mar 25, 2020 09:34PM ET
Terex Corporation (NYSE:TEX) recently withdrew its guidance for 2020 on account of the coronavirus outbreak. The company also announced that it has suspended all share repurchases.
First detected in China, the coronavirus rapidly spread across the world and has been declared a pandemic. Per the U.S Purchasing Managers’ Index (PMI) released by the Institute for Supply Management had been below 50 (indicating contraction) for five consecutive months till December 2019. Even though the index climbed to 50.9 in January and came in at 50.1 in February, it seems unlikely that this recovery will stay, considering that manufacturing has been impacted by the coronavirus outbreak. Factory closures across the globe, impact of the restrictions posed by different governments, supply chain disruptions, demand for good, availability of employees and workers, logistic costs, among others will hit the sector.
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