Gehl Reports 4Q loss
West Bend, Wis.-based Gehl Co. last week posted a fourth-quarter loss, compared with a year-earlier profit, hurt by the slowing construction sector. The company posted a loss of $430,000, or 8 cents per share, compared with a profit of $270,000, or 5 cents per share, in the year-ago period.
Gehl said it expects to earn between 90 cents and $1 per share, including goodwill accounting, in 2002. It also forecast restructuring costs of 15 cents to 20 cents per share. The company also said it expects 2002 sales to be little changed from 2001's $251.64 million.
"The reluctance of dealers to add to inventory, as well as lower rental rates and an excess of used equipment, exacerbated the industry-wide slowdown in the construction equipment business," said William Gehl, president and CEO. "The telescopic handler market was down nearly 27 percent industry-wide in 2001, following a 25 percent decline in 2000."