WESTPORT, CT, April 26, 2016 — Terex Corporation (NYSE: TEX) today announced a first quarter 2016 loss from continuing operations of $74.2 million, or $0.68 per share, on net sales of $1.4 billion. In the first quarter a year ago, the reported loss from continuing operations was $2.1 million, or $0.02 per share, on net sales of $1.5 billion. On an as adjusted basis, the first quarter loss from continuing operations was $5.6 million, or $0.05 per share, excluding after-tax charges totaling $59.7 million related to severance and restructuring actions, as well as $8.9 million related to ongoing merger and acquisition activities. The Glossary at the end of this press release contains further details regarding these items.
“Our first quarter results were in-line with our expectations,” said John L. Garrison, Terex President and CEO. “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.”
Mr. Garrison continued, “Our customers remain cautious in the current global environment. Overall the markets are challenging, but there are pockets of opportunity. Most of our AWP North American rental customers are cautious about their capital requirements, managing time utilization of their fleet and rental rates. The impact from the oil and gas and resource sector declines continue to constrain global demand for many of our products, Crane products in particular. We remain focused on what we can control and have initiated a broad-based restructuring program in the quarter to reduce our SG&A costs and align production capacity with demand. We maintain our full year guidance, expecting 2016 earnings per share to be between $1.30 and $1.60, excluding restructuring and other unusual items, and net sales to be about 10% lower than 2015.”
The current and prior period results reflect the re-segmentation of our scrap material handling business from Construction into MP, and part of the North American services business from Cranes to MHPS and AWP.
All results are for continuing operations. All per share amounts are on a fully diluted basis. A comprehensive review of the quarterly financial performance is contained in the presentation that will accompany the Company’s earnings conference call.
In this press release, Terex refers to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures. These non-GAAP measures may not be comparable to similarly titled measures being disclosed by other companies. Terex believes that this non-GAAP information is useful to understanding its operating results and the ongoing performance of its underlying businesses. Certain financial measures are shown in italics the first time referenced and are described in the text or the Glossary at the end of this press release.
Conference call
The Company has scheduled a one hour conference call to review the financial results on Wednesday, April 27, 2016 at 8:30 a.m. ET. John L. Garrison, President and CEO, will host the call. A simultaneous webcast of this call will be available on the Company’s website, www.terex.com. To listen to the call, select “Investor Relations” in the “About Terex” section on the home page and then click on the webcast microphone link. Participants are encouraged to access the call 10 minutes prior to the starting time. The call will also be archived on the Company’s website under “Audio Archives” in the “Investor Relations” section of the website.
Contact Information:
| Tom Gelston |
| Vice President, Investor Relations |
| Phone: 203-222-5943 |
| Email: [email protected] |
