Gehl Co. reports first quarter loss

Source: Exec

Date :25/04/2008 06:00:29

The Gehl Company today announced a first quarter loss. Shares also fell 3.2 percent to $17.90 in premarket trading.

The company reported adjusted income from continuing operations of $0.6 million, or $0.05 per diluted share, excluding the impact of their adoption of Statement of Financial Accounting Standard No. 157.

The adoption of SFAS 157 negatively impacted earnings by $1.4 million, or $0.11 per diluted share. Including the impact of the SFAS 157, the firm recorded a loss of $0.8 million, or $0.07 per diluted share for the 2008 first quarter.

Outlook

Gehl said the quarter was affected by continuing weakness in the North American construction market and lower capital investments by equipment rental companies.

Chairman and Chief Executive Officer William D. Gehl said, “Despite the prolonged weakening in the US housing market, our solid foundation and diversity of our served markets helped maintain our positive operating results.”

Gehl has reaffirmed its 2008 outlook, with net sales from continuing operations in the range of $405 million to $425 million and earnings per diluted share of $0.95 to $1.20.

April 25, 2008