C&L, Cranes & Lifting, International

Terex sales up 19%

Terex sales up 19%

Second quarter 2018 income from continuing operations was $55.9 million, or $0.73 per share, on net sales of $1.4 billion. In the second quarter of 2017, the reported income from continuing operations was $95.4 million, or $0.98 per share, on net sales of $1.2 billion.

Income from continuing operations, as adjusted, for the second quarter of 2018 was $74.9 million, or $0.98 per share. This compares to income from continuing operations, as adjusted, of $49.6 million or $0.51 per share in the second quarter of 2017.

Sales for the Terex Cranes business segment grew 10% to $335 million, driven by higher demand while constrained by global supply chain challenges. The global cranes markets are generally stable with growth in certain areas. Indications for the future are positive, with Terex Cranes Q2 ending backlog up 31% versus 2017.

“We delivered very strong results in the second quarter. Our global team continued to execute well and continued the trend of improving overall performance. We increased sales and backlog in all three segments and increased production to meet strong global demand,” remarked John L. Garrison, Terex president and CEO, noting that aerial work platforms (AWP) and materials processing (MP) “continue to execute very well.”

“Our cranes segment improved as expected compared to the first quarter, but continued to be impacted by material shortages,” Garrison said.

“Overall, it was a strong quarter that positions us very well going into the second half of the year.

“These strong financial results reflect operational improvements, the considerable benefit of executing our disciplined capital allocation strategy and broad-based improvements in our global markets.”

Steve Filipov, president Terex Cranes commented: “Our tower crane business continues to grow driven by higher demand in Europe, North America and Asia and our utilities business continues to perform well in a relatively stable market environment.

“A critical element of our cranes improvement plan is to successfully introduce new products. The three-axle Demag AC 55-3 all-terrain crane is the latest addition to our portfolio. By reinvigorating our product portfolio, we are re-establishing ourselves as a leader in the all-terrain segment.”

Terex’s report can be found here.

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