Terex has recorded first quarter revenues of US$ 1.4 billion – a decrease of 4.7% from the same period a year ago.
The company also reported profits for the quarter of US$ 223.5 million, which is a loss of 19% year-on-year.
Interestingly, Zoomlion saw record losses in its first quarter results, throwing doubts on its proposed deal to acquire Terex.
John Garrison, Terex president and CEO, said, “Our first quarter results were in-line with our expectations. Our cranes and material handling & port solutions (MHPS) segments had a challenging quarter, impacted by soft markets. Our aerial work platforms (AWP), materials processing (MP) and construction segments executed well and delivered results that were consistent with or better than last year, on an adjusted basis.”
Garrison continued, “Our customers remain cautious in the current global environment. Overall the markets are challenging, but there are pockets of opportunity.”
He added that the company remained focused on what it can control and had initiated a broad-based restructuring programme in the quarter to reduce its SG&A costs and align production capacity with demand.
The company expects its earnings per share for 2016 to be between US$ 1.30 and US$ 1.60, excluding restructuring and other unusual items, and net sales to be about 10% lower than 2015.