Terex up in Q1
By Alex Dahm01 May 2019
Sales at Terex Corporation in the first quarter of 2019 were US$ 1,136.6 million, up 1.8 per cent on the $1,116.6 million for the same period a year earlier. Note that these figures now presented by Terex exclude the contribution from the crane segment, largely the Demag crane division, since the announcement was made to sell it to Tadano earlier in 2019.
Previously reported first quarter 2018 sales for Terex Corp, including cranes, was $1,260.9 million where crane segment sales were reported as $314 million for that same quarter. Crane segment net sales for the fourth quarter of 2018 were $364.5 million.
John Garrison, Terex chairman and CEO, said, “Overall we had a strong first quarter. Our improving financial results, with adjusted operating margins greater than 9 % and adjusted EPS increasing over 50 % from what we presented in our Q1 earnings release in May 2018, clearly demonstrate the impact of executing our Focus, Simplify and Execute to Win strategy.”
Commenting on the crane division Garrison said, “The previously announced agreement to sell the Demag mobile cranes business remains on track to close mid-year, subject to government regulatory approvals and other customary closing conditions. We implemented our new two-segment structure, and are moving forward with plans to further simplify our corporate organisation and reduce general and administrative expenses.”
Also as now presented, i.e. excluding cranes, gross profit was up for Terex Corp in the first quarter of 2019, by 4 %, from $228.6 million to $237.8 million.