genie

Terex AWP has reported improved utilization levels of equipment for Q3. Aerial work platform net sales for Q3 were $445 million compared to 2019’s $628.2 million, a reduction of 29 percent.

Terex AWP recorded total sales for the nine months of 2020 at $1.37 billion, 37.5 percent lower than in 2019.

“Aerial Work Platforms (AWP) improved its operating performance delivering 3 percent operating margin reflecting the gradual sequential improvement in business activity,” said John L. Garrison, Terex Corp. chairman and CEO.

“In addition, both Genie and Terex Utilities are seeing improved utilization levels of their equipment.”

Terex as a whole reported nine month revenues 34 percent lower than for the same period last year at $2.29 billion

Garrison said, “Our ability to execute and safely serve customers during this uncertain time drove sequentially stronger financial performance. Our results demonstrate the progress we are making to align our cost structure with the current customer demand environment. We are strategically reducing spending and consolidating our company wide footprint. These actions will enable us to maintain a competitive cost structure and position us for growth.”

Chief financial officer John D. Sheehan added: “Terex’s third quarter results demonstrate our ability to offset challenging macroeconomic conditions by focusing on levers within our control. We mitigated these headwinds with disciplined cost and working capital management to generate $54 million of positive free cash flow in the quarter. Our free cash flow performance reflects steady improvement in our businesses and strong execution.”

Terex Corp. said based on the company’s current expectations of the markets, overall revenue expectation for 2020 remains unchanged from its outlook reported in July. Also, consistent with historical cash flow patterns, the fourth quarter of 2020 is expected to be the company’s strongest free cash flow quarter of the year, with net working capital continuing to be a source of cash.

“I am very proud with how our global team is managing through this challenging year. We are on the path to enter 2021 as an even stronger company,” Garrison concluded.

 ALH will update this story following the company’s call with investors.

 

 

 

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