{"id":484753,"date":"2021-04-29T16:22:22","date_gmt":"2021-04-29T20:22:22","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/terex-corporation-announces-first-quarter-2021-results\/"},"modified":"2021-04-29T16:22:22","modified_gmt":"2021-04-29T20:22:22","slug":"terex-corporation-announces-first-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/terex-corporation-announces-first-quarter-2021-results\/","title":{"rendered":"Terex Corporation Announces First Quarter 2021 Results"},"content":{"rendered":"
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– Strong Q1 financial results; sales and EPS exceeded expectations<\/h2>\n

– Delivered positive first quarter free cash flow<\/h2>\n

– Increased financial outlook for full-year 2021<\/h2>\n

– Enhanced capital structure<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n NORWALK, Conn.<\/span>, April 29, 2021<\/span> \/PRNewswire\/ — Terex Corporation (NYSE: TEX) announced first quarter 2021 income from continuing operations of $39.7 million<\/span>, or $0.56<\/span> per share, on net sales of $864.2 million<\/span>. In the first quarter of 2020, the reported income from continuing operations was ($24.7) million<\/span>, or ($0.35)<\/span> per share, on net sales of $833.6 million<\/span>.<\/p>\n

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\n \"(PRNewsfoto\/Terex
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“Our first quarter results reflect a strong start to the year, as the global markets recover from the pandemic.\u00a0 I am proud of our team members as they continue to overcome the disruptions caused by COVID-19 and deliver improved performance,” said Terex Chairman and Chief Executive Officer John L. Garrison, Jr.<\/span><\/p>\n

Due to improved market conditions and operational execution, Terex increased its full-year outlook for sales to approximately $3.7 billion<\/span> with an EPS range of $2.35<\/span> to $2.55<\/span>, which includes a $0.30<\/span> charge associated with capital structure refinancing.<\/p>\n

“Our portfolio of specialized machinery businesses will benefit from the global economic expansion,” Garrison said. “We are committed to aggressively implementing our Execute, Innovate and Grow strategy to improve margins and grow Terex.”<\/p>\n

“AWP continues to improve its execution and operating margins, while meeting strong customer demand. MP had another excellent quarter with strong performance across its portfolio of businesses,” Mr. Garrison stated. <\/p>\n

\n John Sheehan<\/span>, Senior Vice President and Chief Financial Officer, said, “Through aggressive working capital management, we generated $40 million<\/span> of free cash flow in the quarter. Our strong financial results and liquidity enabled us to prepay $196 million<\/span> of term loans.\u00a0 We will continue to use our liquidity to fund future growth opportunities, such as the recent announcement of our new Monterrey, Mexico<\/span> AWP facility.”<\/p>\n

Mr. Sheehan continued, “The Company refinanced a large portion of its capital structure, including\u00a0 its revolving credit facility and $600 million<\/span> of bonds, to take advantage of the availability of favorable interest rates. Our strong cash flow generation positioned us to obtain lower interest rates and extend debt maturities to the end of the decade.”<\/p>\n

Mr. Garrison concluded, “We are confident that the Company will execute its strategy to drive improved execution, profitability, innovation and growth.” <\/p>\n

\n Non-GAAP Measures and Other Items<\/b>\n <\/p>\n

Results of operations reflect continuing operations.\u00a0 All per share amounts are on a fully diluted basis.\u00a0 A comprehensive review of the quarterly financial performance is contained in the presentation that will accompany the Company’s earnings conference call.<\/p>\n

In this press release, Terex refers to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures.\u00a0 These non-GAAP measures may not be comparable to similarly titled measures being disclosed by other companies.\u00a0 Terex believes that this non-GAAP information is useful to understanding its operating results and the ongoing performance of its underlying businesses.\u00a0 <\/p>\n

The Glossary at the end of this press release contains further details about this subject.<\/p>\n

Total amounts in tables of this release may not calculate due to rounding.<\/p>\n

\n Conference Call<\/b>\n <\/p>\n

The Company has scheduled a conference call to review the financial results on Friday, April 30, 2021<\/span> beginning at 9:00 a.m. ET<\/span>.\u00a0 John Garrison<\/span>, Chairman and CEO, will host the call.\u00a0 A simultaneous webcast of this call can be accessed at https:\/\/investors.terex.com<\/a>.\u00a0\u00a0Participants are encouraged\u00a0 to access the call 10 minutes prior to the starting time. The call will also be archived in the Event Archive at https:\/\/investors.terex.com<\/a>.<\/p>\n

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\n Forward-Looking Statements<\/i>
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\n Certain information in this press release includes forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995) regarding future events or our future financial performance that involve certain contingencies and uncertainties, including those discussed in our Quarterly Report on Form 10-Q for the quarter ending\u00a0 March\u00a031, 2021, in the sections entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations \u2013 Contingencies and Uncertainties.”\u00a0 In addition, when included in this press release or in documents incorporated herein by reference, the words “may,” “expects,” “should,” “intends,” “anticipates,” “believes,” “plans,” “projects,” “estimates,” “will” and the negatives thereof and analogous or similar expressions are intended to identify forward-looking statements.\u00a0 However, the absence of these words does not mean that the statement is not forward-looking.\u00a0 We have based these forward-looking statements on current expectations and projections about future events.\u00a0 These statements are not guarantees of future performance.\u00a0 Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those reflected in such forward-looking statements.\u00a0 Such risks and uncertainties, many of which are beyond our control, include, among others:<\/i>\n <\/p>\n