Pits & Quarries
Terex reports strong quarter as sales hit $1 billion
By Rock to Road Staff
By Rock to Road Staff
Terex Corporation announced second quarter 2021 income from continuing operations of $72.3 million (all figures U.S.), or $1.02 per share, on net sales of $1 billion.
In the second quarter of 2020, the reported loss from continuing operations was ($3.2) million, or ($0.05) per share, on net sales of $690.5 million.
“During the second quarter, our global team members’ relentless focus on safety and disciplined execution of our strategy led to robust bookings, revenue growth and margin expansion in both of our business segments. Aerial Work Platforms (AWP) execution resulted in strong operating margins. Materials Processing (MP) had another excellent quarter with outstanding performance across its portfolio of businesses,” said Terex chair and CEO John L. Garrison, Jr.
“Given the strong first-half performance and significantly improved end markets, we have raised our full-year 2021 guidance, which takes into consideration current supply chain conditions. We increased our full-year sales outlook to approximately $3.9 billion with an EPS range of $2.85 to $3.05,” said Garrison.
John Sheehan, senior vice-president and CFO, said, “Aggressive working capital management drove $101 million of free cash flow in the quarter and $141 million of free cash flow year-to-date. Our strong financial results and liquidity enabled us to prepay $83 million of term loans and continue to reduce leverage. In addition, we will continue to use our liquidity to fund future growth opportunities.”
In early July, MP completed a bolt-on acquisition with the purchase of MDS International (MDS), a manufacturer of heavy duty aggregate and recycling trommels, apron feeders and conveyor systems.
Kieran Hegarty, President of MP, commented, “The addition of MDS to our portfolio of businesses will bolster our growth and improve our product offerings. MDS is on an excellent growth trajectory, and its products complement our crushing and screening business.”
Garrison continued, “I am pleased that Simon Meester was announced earlier this week as President of Genie reflecting our confidence in Simon to lead the Genie business.”