Genie rise continues
By Euan Youdale02 May 2018
Terex Corporation reported a strong start to 2018 with first quarter 2018 sales of $1.3 billion, up 25% compared to the same quarter of its previous financial year.
The Terex AWP business segment, driven mainly by its Genie brand, continued to gain momentum in the first quarter building off its strong finish in 2017. Terex AWP increased sales by $167 million, up 35% to $639 million, versus the first quarter 2017. This was driven by growth in North America and Western Europe. The business entered the second quarter with backlog of $891 million, which is up 43% to $266, compared to last year.
“Overall, we had a strong start to the year. Our backlog is up significantly in every segment and our global markets are improving,” said John Garrison, Terex president and CEO. “We will continue to execute our Transformation program by simplifying the company and building capabilities designed to enable us to serve our customers better and faster than the competition.”
Matt Fearon, Genie president, Terex AWP commented, “I’m pleased to see the global AWP markets remain healthy and strong. The teams have done an excellent job of responding to customer needs and it is reflected in our Q1 results. We see this momentum carrying through 2018, despite some of the recent headwinds facing the industry. We’re continuing our emphasis on innovative new products and using our global teams to meet rising demand.”