Terex Sets 2017 Revenue Projection Below Street, Targets Dividend Increases

Terex, a manufacturer of lifting and material handling products, is up more than 7% in afternoon trading and near its 52-week high after providing its preliminary 2017 outlook as part of an investor day presentation Tuesday.

The company said it expects net sales of $4 billion for 2017, below the Street estimate of $4.13 billion. The company also said it is targeting a double-digit annual percentage dividend increase through 2020 and share repurchases between $1 billion to $1.50 billion in that time frame.

The company also said it is on track with the previously-disclosed restructuring initiatives, including divestitures of its MHPS and German compact construction units, as part of its strategy to focus on higher ROIC businesses.

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