October 21, 2015 - Terex Corp. has released its third quarter financial results.
The company announced income from continuing operations of $44.8 million, or $0.41 per share for the third quarter of 2015, and excluding certain items, income from continuing operations as adjusted was $63.4 million, or $0.58 per share. This compared to income from continuing operations of $58.7 million, or $0.51 per share for the third quarter of 2014, income from operations as adjusted was $67.8 million, or $0.59 per share. The Glossary at the end of the release contains more details on these items.
Net sales were $164 billion in the third quarter of 2015, a decrease of $168.5 million, or 9.3%, when compared with $1.8 billion in the third quarter of 2014. Excluding the impact of currency exchange rates, net sales decreased $17.4 million or 1.0%. Income from operations was $111.9 million in the third quarter of 2015 and excluding certain items, income from operations as adjusted was $126.8 million. This compared to income from operations of $116.8 million in the third quarter of 2014 and excluding certain items, income from operations as adjusted was $127.5 million.
“Our marketplace remains challenging,” commented
Ron DeFeo
, Terex chairman and Chief Executive Officer. “We had another good performance in our Aerial Work Platforms (AWP) business which delivered year over year improvement in profitability in the third quarter as increased productivity and lower material cost more than offset lower sales, mainly in the North American telehandler product category. The Materials Processing (MP) business also had a solid quarter, expanding operating margins on relatively flat sales. The Cranes and Construction businesses continue to experience relatively soft market conditions overall, with customers remaining cautious with their equipment purchasing patterns. The Material Handling and Port Solutions (MHPS) business saw declines driven by a decrease in port automation sales.”
DeFeo continued: “As mentioned last quarter, we are seeing pricing pressure in the marketplace, which to date we have been able to mostly offset by reductions in material input costs. We continue to execute very well against the cost saving initiatives that we have previously communicated. We also continue to make progress towards the completion of the merger with Konecranes Plc, which when combined with the improvements already underway creates a compelling financial improvement story in an otherwise flat market.”
He added, “Given where we are in the year and the challenging environment we are operating in, we believe we will be at or near the low end of our previously announced earnings guidance for the full year 2015.”
Read here for the complete third-quarter results.
