Construction equipment manufacturer Gehl posted a second quarter net income of $5.2 million, with stock valued at 43 cents a share. Compared to the previous years’ second quarter results Gehl’s net income is down $3.5 million from an expected net income of $8.7 million when stock was valued at 70 cents per share. During this period Gehl’s net sales fell nearly 18 percent to $111.1 million from estimated revenue of $130.6 million where analysts as a whole were predicting earnings of 61 cents a share according to Reuters estimates. Gehl is reducing their yearly outlook previously viewed at 95 cents to $1.20 a share, to 85 cents to $1.05 a share. The company sees net sales from current operations of $390 million to $410 million. Gehl previously anticipated net sales in the range of $450 million to $425 million. The company attributes their lower than expected results to a weak North American housing market.
Gehl second quarter results short of expectations, yearly outlook reduced
July 30, 2008