FOR IMMEDIATE RELEASE
TEREX ANNOUNCES FIRST QUARTER 2018 RESULTS
•Q1 Earnings per Share $0.59, $0.55 as adjusted
•Increased sales 25% and backlog 54%, growth in every segment
•Disciplined capital allocation results in 5 million shares repurchased for $205 million
•Increasing 2018 full year EPS guidance from $2.35 - $2.65 to $2.70 - $3.00
WESTPORT, CT, May 1, 2018 -- Terex Corporation (NYSE: TEX) today announced first quarter 2018 income from continuing operations of $47.6 million, or $0.59 per share, on net sales of $1.3 billion. In the first quarter of 2017, the reported income from continuing operations was $(60.3) million, or $(0.57) per share, on net sales of $1.0 billion. Income from continuing operations, as adjusted, for the first quarter of 2018 was $44.6 million, or $0.55 per share. This compares to income from continuing operations, as adjusted, of $5.5 million or $0.05 per share in the first quarter of 2017. The Glossary at the end of this press release contains further details regarding these non-GAAP measures.
“Terex significantly improved its first quarter earnings per share compared to last year,” stated John L. Garrison, Terex President and CEO. “This strong financial performance reflects the improvements made to our operations and capital structure, and broad-based improvements in our global markets.”
“Aerial Work Platforms (AWP) and Materials Processing (MP) are off to a great start,” Mr. Garrison continued. “Our Cranes segment improved compared to the prior year, but performed below our expectations in the quarter.”
“We continue to invest in our Execute to Win business system, which remains focused on enhancing our capabilities in Commercial Excellence, Lifecycle Solutions and Strategic Sourcing” commented Mr. Garrison. “We are seeing benefits from Commercial Excellence in our performance, and expect to start to realize benefits from Strategic Sourcing in the second half of 2018.”
“We remain committed to our Disciplined Capital Allocation Strategy. During the quarter we repurchased approximately five million shares of Terex stock for $205 million through our previously announced program," said Mr. Garrison.
“We are increasing our full year 2018 adjusted EPS guidance from $2.35 to $2.65 to $2.70 to $3.00,” continued Mr. Garrison. “This improvement reflects our first quarter results and capital market actions, and our expectation for continued growth and operational improvements over the balance of 2018.”
The following information was filed by Terex Corp (TEX) on Tuesday, May 1, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.