Difficult third quarter for Genie

Genie’s sales fell 16% in the third quarter to $484.4 million, from $580.9 million in the same period in 2015. Operating profits were worse hit, with a 38% drop from $78.9 million to $48.6 million.

Over the nine months sales were down 11% to $1598.8 million, from $1786.7 million in the first three quarters of its 2015 financial year, while profits dropped nearly 31%, from $228.6 million to $159.2 million for the same period.

John Garrison, Terex president and CEO, said, “The global capital equipment market remains challenging. AWP equipment sales continued to soften globally, particularly in North America.

Mr Garrison added that the group has been taking action to reduce costs, including Genie. “Our AWP segment is consolidating scissor manufacturing from three locations to two, and reducing its overall manufacturing footprint including its main campus in Redmond, Washington. AWP also closed its facility in Stockton, California, and recently announced plans to close its Waco, Texas facility, consolidating into Oklahoma City.”

The group saw a 10% drop in sales in the nine months to 3,468.4, down from 3854.1 in the nine months last year. And gross profit stood at $607.7 million in the three quarters of this year, down from 755.9 million.