Terex loss narrows

22 July 2010

Ron DeFeo, Chairman and CEO at Terex

Ron DeFeo, Chairman and CEO at Terex

Terex made a net loss of US$ 40.3 million in the second quarter of the year, compared to a loss of US$ 77.6 million for the same period last year. The company's revenues were up +14% to US$ 1.08 billion for the quarter.

Looking at Terex's continuing operations, which excludes business it has discontinued - its mining division and the Atlas, Powertrain and Load King businesses - the net loss from continuing operations was just US$ 11.7 million, compared to US$ 99.2 million for the second quarter of 2009.

Terex's aerial work platform (AWP) business - the Genie brand - continued to lose money in the second quarter of the year, recording a US$ 2.3 million operating loss on sales of US$ 232 million). Similarly, the construction business made a loss of US$ 165.8 million on sales of US$ 279 million.

The most profitable segment in absolute terms was the Terex cranes division, which made a US% 17 million profit on sales of US$ 449 million over the three-month period. However, Terex's mineral processing business made a higher margin, - 6.8% - with operating profits of US$ 9.2 million on sales of US$ 136 million.

Commenting on the results, Terex chairman & CEO Ron DeFeo said, "We are cautious but positive about our prospects for continued improvement. Backlog in three or four segments indicate slightly improved near-term prospects. Our factories have returned to more regular work schedules and production output."

President & chief operating officer, Tom Riordan added, "Overall, order activity in most of our product categories increased during the second quarter of 2010 compared with the previous quarter and previous year period."

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