{"id":520361,"date":"2021-07-29T16:14:07","date_gmt":"2021-07-29T20:14:07","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/terex-corporation-announces-second-quarter-2021-results\/"},"modified":"2021-07-29T16:14:07","modified_gmt":"2021-07-29T20:14:07","slug":"terex-corporation-announces-second-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/terex-corporation-announces-second-quarter-2021-results\/","title":{"rendered":"Terex Corporation Announces Second Quarter 2021 Results"},"content":{"rendered":"
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– Excellent quarterly financial results as end-markets are robust<\/h2>\n

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

– Delivered strong, positive quarterly free cash flow<\/h2>\n

– Reduced leverage by prepayment of term loan<\/h2>\n

– Expanded crushing and screening business with a bolt-on acquisition<\/h2>\n

– Announced new Genie President<\/h2>\n

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

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\n NORWALK, Conn.<\/span>, July 29, 2021<\/span> \/PRNewswire\/ —\u00a0Terex Corporation (NYSE: TEX) announced second quarter 2021 income from continuing operations of $72.3 million<\/span>, or $1.02<\/span> per share, on net sales of $1.0 billion<\/span>. In the second quarter of 2020, the reported loss from continuing operations was ($3.2) million<\/span>, or ($0.05)<\/span> per share, on net sales of $690.5 million<\/span>.<\/p>\n

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\n \"(PRNewsfoto\/Terex
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“During the second quarter, our global team members’ relentless focus on safety and disciplined execution of our strategy led to robust bookings, revenue growth and margin expansion in both of our business segments. Aerial Work Platforms (AWP) execution resulted in strong operating margins. Materials Processing (MP) had another excellent quarter with outstanding performance across its portfolio of businesses,” said Terex Chairman and Chief Executive Officer John L. Garrison, Jr.<\/span><\/p>\n

“Given the strong first-half performance and significantly improved end markets, we have raised our full-year 2021 guidance, which takes into consideration current supply chain conditions. We increased our full-year sales outlook to approximately $3.9 billion<\/span> with an EPS range of $2.85<\/span> to $3.05<\/span>,” continued Mr. Garrison.<\/p>\n

\n John Sheehan<\/span>, Senior Vice President and Chief Financial Officer, said, “Aggressive working capital management drove $101 million<\/span> of free cash flow in the quarter and $141 million<\/span> of free cash flow year-to-date. Our strong financial results and liquidity enabled us to prepay $83 million<\/span> of term loans and continue to reduce leverage.\u00a0 In addition, we will continue to use our liquidity to fund future growth opportunities.”<\/p>\n

In early July, MP completed a bolt-on acquisition with the purchase of MDS International (MDS), a manufacturer of heavy duty aggregate and recycling trommels, apron feeders and conveyor systems. Kieran Hegarty<\/span>, President of MP, commented, “The addition of MDS to our portfolio of businesses will bolster our growth and improve our product offerings. MDS is on an excellent growth trajectory, and its products complement our crushing and screening business.”<\/p>\n

Mr. Garrison continued, “I am pleased that Simon Meester<\/span> was announced earlier this week as President of Genie reflecting our confidence in Simon to lead the Genie business.”<\/p>\n

Mr. Garrison concluded, “We are well-positioned as we enter the second-half of 2021, with strong backlog and continued investment in the business, while maintaining cost discipline and generating sustained, positive free cash flow. These actions drive our disciplined capital allocation strategy and positions us to deliver strong shareholder returns.” <\/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, July 30, 2021<\/span> beginning at 11:30 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 Participants 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 Annual Report on Form 10-K for the year ending December 31, 2020<\/span>, and subsequent reports we file with the U.S. Securities and Exchange Commission from time to time, 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