– Financial results ponder dynamic operating atmosphere
– EPS higher than doubled Twelve months-over-Twelve months
– Financial outlook up so a long way for fleshy-Twelve months 2021
– Endured generating certain quarterly free cash waft
– Endured nick charge of leverage by prepayment of term mortgage in October
NORWALK, Conn., Oct. 28, 2021 /PRNewswire/ — Terex Corporation (NYSE: TEX) equipped third quarter 2021 earnings from continuing operations of $47.5 million, or $0.67 per fragment, on procure sales of $993.8 million. In the third quarter of 2020, the reported earnings from continuing operations changed into $22.0 million, or $0.31 per fragment, on procure sales of $765.6 million.
“Stay-market count on stays exceptionally sturdy demonstrated by essential Twelve months-over-Twelve months enhance in orders, backlog and a sturdy e book-to-bill ratio,” said Terex Chairman and Chief Executive Officer John L. Garrison, Jr. “Our ability to meet this excessive level of count on is constrained by provide chain, labor, freight and logistics challenges. We are driving our suppliers on availability and fee to decrease the affect on our potentialities and distributors. I’m happy how our team contributors like worked tirelessly to assist overcome these exterior headwinds.”
Garrison persevered, “Our industrial excellence initiatives are demonstrating results, as pricing actions continue to partly offset accelerating fee inflation. Imprint increases are being clearly communicated with our potentialities and distributors and we are in a position to be enforcing further note increases.”
“AWP improved its operating margins with out reference to input fee headwinds. MP had yet every other beautiful quarter because it continues its sturdy execution throughout its portfolio of companies,” added Garrison.
We are updating our fleshy-Twelve months 2021 EPS outlook to $2.75 to $2.85 on procure sales of $3.85 billion reflecting the recent atmosphere.
John Sheehan, Senior Vice President and Chief Financial Officer, said, “Aggressive working capital administration drove $43 million of free cash waft within the quarter and $183 million of free cash waft Twelve months-to-date. Our sturdy financial results and liquidity enabled us to continue to decrease leverage by prepaying an additional $150 million of term loans in October. Debt prepayments of $429 million Twelve months-to-date like reduced leverage, strengthened our balance sheet, and positioned the Firm for enhance.”
Mr. Garrison concluded, “We’re going to shut out fleshy Twelve months 2021 with sturdy backlog, persevered fee discipline, and seemingly free cash waft. We live confident in our team’s ability to assist watch over by map of recent market prerequisites and emerge with stronger customer and dealer relationships. We’re going to continue our investments to permit longer-term enhance.”
Non-GAAP Measures and Other Items
Outcomes of operations ponder continuing operations. All per fragment quantities are on a entirely diluted basis. A comprehensive overview of the quarterly financial efficiency is contained within the presentation that can accompany the Firm’s earnings conference call.
On this press delivery, Terex refers to a ramification of GAAP (U.S. in total accredited accounting principles) and non-GAAP financial measures. These non-GAAP measures would possibly no longer be reminiscent of in an identical trend titled measures being disclosed by other corporations. Terex believes that this non-GAAP data is priceless to understanding its operating results and the ongoing efficiency of its underlying companies.
The Glossary at the tip of this press delivery consists of further little print about this discipline.
Convention Call
The Firm has scheduled a conference call to overview the financial results on Friday, October 29, 2021 starting at 8: 30 a.m. ET. John Garrison, Chairman and CEO, will host the resolution. A simultaneous webcast of this call would possibly very well be accessed at https://traders.terex.com. Members are inspired to salvage entry to the resolution 10 minutes sooner than the starting time. The call will moreover be archived within the Event Archive at https://traders.terex.com.
Forward-Looking out Statements
Certain data on this press delivery involves forward-attempting statements (contained within the which formulation of Allotment 27A of the Securities Act of 1933, Allotment 21E of the Securities Alternate Act of 1934 and the Inner most Securities Litigation Reform Act of 1995) concerning future events or our future financial efficiency that involve certain contingencies and uncertainties, including these discussed in our Annual File on Compose 10-Okay for the Twelve months ending December 31, 2020, and subsequent reviews we file with the U.S. Securities and Alternate Charge on occasion, within the sections entitled “Management’s Discussion and Evaluation of Financial Situation and Outcomes of Operations – Contingencies and Uncertainties.” Moreover, when integrated on this press delivery or in paperwork incorporated herein by reference, the phrases “would possibly,” “expects,” “would possibly detached,” “intends,” “anticipates,” “believes,” “plans,” “initiatives,” “estimates,” “will” and the negatives thereof and analogous or identical expressions are meant to identify forward-attempting statements. Nonetheless, the absence of these phrases would no longer indicate that the assertion is no longer forward-attempting. Now we like got essentially based entirely mostly these forward-attempting statements on recent expectations and projections about future events. These statements usually are no longer ensures of future efficiency. Such statements are inherently discipline to a ramification of dangers and uncertainties that would motive exact results to change materially from these reflected in such forward-attempting statements. Such dangers and uncertainties, moderately a few which are beyond our assist watch over, encompass, among others:
- our industrial has been, and would possibly very well be further, adversely impacted by world well being pandemics such because the outbreak of a brand unique pressure of coronavirus (“COVID-19”);
- our industrial is highly aggressive and is littered with our fee structure, pricing, product initiatives and other actions taken by rivals;
- we are dependent upon third-celebration suppliers, making us liable to manufacture shortages and value increases;
- our operations are discipline to a sequence of capability dangers that arise from operating a multinational industrial, including compliance with altering regulatory environments and political instability;
- a discipline topic disruption to 1 in all our essential facilities;
- our industrial is sparkling to executive spending;
- our industrial is littered with the cyclical nature of markets we assist;
- our financial results would possibly very well be adversely impacted by the United Kingdom’s (“U.Okay.”) departure from the European Union (“E.U.”);
- adjustments affecting the provision of the London Interbank Equipped Charge (“LIBOR”) would possibly like consequences on us that can’t yet reasonably be predicted;
- our settle on to have a study restrictive covenants contained in our debt agreements;
- our ability to generate adequate cash waft to service our debt tasks and efficiency our industrial;
- our ability to salvage entry to the capital markets to carry funds and provide liquidity;
- the financial situation of suppliers and potentialities, and their persevered salvage entry to to capital;
- exposure from providing financing and credit score make stronger for a few of our potentialities;
- lets journey losses in excess of recorded reserves;
- our industrial is world and discipline to adjustments in exchange rates between currencies, commodity note adjustments, regional financial prerequisites and trade relatives;
- our retention of key administration personnel;
- that you simply doubtless can mediate of work stoppages and other labor matters;
- adjustments in import/export regulatory regimes, imposition of tariffs, escalation of world trade conflicts and unfairly traded imports, in particular from China, would possibly continue to negatively affect our industrial;
- compliance with altering authorized tips and laws, in particular environmental and tax authorized tips and laws;
- litigation, product liability claims and other liabilities;
- our compliance with the united states (“U.S.”) Foreign Unpleasant Practices Act and identical worldwide anti-corruption authorized tips;
- increased regulatory focal point on privateness and records security factors and rising authorized tips;
- our ability to have a study an injunction and linked tasks imposed by the U.S. Securities and Alternate Charge (“SEC”);
- our ability to successfully put in force our approach:
- disruption or breach in our data abilities systems and storage of sparkling records; and
- other factors.
Sincere events or our exact future results would possibly vary materially from any forward-attempting assertion because of these and other dangers, uncertainties and discipline topic factors. The forward-attempting statements contained herein discuss most efficient as of the date of this press delivery and the forward-attempting statements contained in paperwork incorporated herein by reference discuss most efficient as of the date of the respective paperwork. We expressly disclaim any responsibility or endeavor to delivery publicly any updates or revisions to any forward-attempting assertion contained or incorporated by reference on this press delivery to ponder any trade in our expectations in regards thereto or any trade in events, prerequisites or circumstances on which the type of assertion depends mostly.
About Terex
Terex Corporation is a world manufacturer of aerial work platforms and materials processing equipment. The Firm designs, builds, and helps products broken-down in constructing, upkeep, manufacturing, vitality, minerals and materials administration applications. The Firm’s products are manufactured in North and South The US, Europe, Australia, and Asia and equipped worldwide. The Firm engages with potentialities by map of all stages of the product lifestyles cycle, from preliminary specification and financing to parts and restore make stronger. Terex makes spend of its web page (www.terex.com) to create data accessible to its traders.
Contact Data
Terex Corporation
Randy Wilson
Director, Investor Relatives & Corporate Treasury
203-221-5415
|
(unaudited) (in hundreds and hundreds, besides per fragment records) |
|||||||||||||||
|
|
|||||||||||||||
|
|
|
|
|
||||||||||||
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Derive sales |
$ |
993.8 |
|
|
$ |
765.6 |
|
|
$ |
2,896.7 |
|
|
$ |
2,289.7 |
|
|
Imprint of goods equipped |
|
(815.3) |
|
|
|
(619.3) |
|
|
|
(2,311.2) |
|
|
|
(1,899.6) |
|
|
Depressed income |
|
178.5 |
|
|
|
146.3 |
|
|
|
585.5 |
|
|
|
390.1 |
|
|
Selling, identical old and administrative expenses |
|
(104.3) |
|
|
|
(109.8) |
|
|
|
(327.3) |
|
|
|
(353.3) |
|
|
Income (loss) from operations |
|
74.2 |
|
|
|
36.5 |
|
|
|
258.2 |
|
|
|
36.8 |
|
|
Other earnings (expense) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Hobby earnings |
|
0.6 |
|
|
|
0.8 |
|
|
|
2.9 |
|
|
|
2.5 |
|
|
Hobby expense |
|
(12.3) |
|
|
|
(15.8) |
|
|
|
(40.6) |
|
|
|
(50.0) |
|
|
Loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(27.7) |
|
|
|
— |
|
|
Other earnings (expense) – procure |
|
(1.1) |
|
|
|
(0.6) |
|
|
|
2.7 |
|
|
|
(0.1) |
|
|
Income (loss) from continuing operations earlier than earnings taxes |
|
61.4 |
|
|
|
20.9 |
|
|
|
195.5 |
|
|
|
(10.8) |
|
|
(Provision for) wait on from earnings taxes |
|
(13.9) |
|
|
|
1.1 |
|
|
|
(36.0) |
|
|
|
4.9 |
|
|
Income (loss) from continuing operations |
|
47.5 |
|
|
|
22.0 |
|
|
|
159.5 |
|
|
|
(5.9) |
|
|
Income (loss) from discontinued operations – procure of tax |
|
— |
|
|
|
(0.1) |
|
|
|
— |
|
|
|
(1.3) |
|
|
Execute (loss) on disposition of discontinued operations- procure of tax |
|
0.6 |
|
|
|
(16.1) |
|
|
|
2.6 |
|
|
|
(21.1) |
|
|
Derive earnings (loss) |
$ |
48.1 |
|
|
$ |
5.8 |
|
|
$ |
162.1 |
|
|
$ |
(28.3) |
|
|
Overall earnings (loss) per Allotment: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income (loss) from continuing operations |
$ |
0.68 |
|
|
$ |
0.31 |
|
|
$ |
2.29 |
|
|
$ |
(0.09) |
|
|
Income (loss) from discontinued operations – procure of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.02) |
|
|
Execute (loss) on disposition of discontinued operations – procure of tax |
|
0.01 |
|
|
|
(0.23) |
|
|
|
0.04 |
|
|
|
(0.30) |
|
|
Derive earnings (loss) |
$ |
0.69 |
|
|
$ |
0.08 |
|
|
$ |
2.33 |
|
|
$ |
(0.41) |
|
|
Diluted earnings (loss) per Allotment: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Income (loss) from continuing operations |
$ |
0.67 |
|
|
$ |
0.31 |
|
|
$ |
2.25 |
|
|
$ |
(0.09) |
|
|
Income (loss) from discontinued operations – procure of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.02) |
|
|
Execute (loss) on disposition of discontinued operations – procure of tax |
|
0.01 |
|
|
|
(0.23) |
|
|
|
0.04 |
|
|
|
(0.30) |
|
|
Derive earnings (loss) |
$ |
0.68 |
|
|
$ |
0.08 |
|
|
$ |
2.29 |
|
|
$ |
(0.41) |
|
|
Weighted moderate sequence of shares excellent in per fragment calculation |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Overall |
|
69.8 |
|
|
|
69.3 |
|
|
|
69.7 |
|
|
|
69.7 |
|
|
Diluted |
|
70.9 |
|
|
|
69.5 |
|
|
|
70.8 |
|
|
|
69.7 |
|
|
(unaudited) (in hundreds and hundreds, besides par fee) |
|||||
|
|
|||||
|
|
|
|
|
||
|
|
|
||||
|
Resources |
|
|
|
|
|
|
Novel sources |
|
|
|
|
|
|
Money and cash equivalents |
$ |
553.2 |
|
$ |
665.0 |
|
Other recent sources |
|
1,452.6 |
|
|
1,213.6 |
|
Total recent sources |
|
2,005.8 |
|
|
1,878.6 |
|
Non-recent sources |
|
|
|
|
|
|
Property, plant and equipment – procure |
|
412.6 |
|
|
406.6 |
|
Other non-recent sources |
|
649.5 |
|
|
746.6 |
|
Total non-recent sources |
|
1,062.1 |
|
|
1,153.2 |
|
Total sources |
$ |
3,067.9 |
|
$ |
3,031.8 |
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Fairness |
|
|
|
|
|
|
Novel liabilities |
|
|
|
|
|
|
Novel fragment of long-term debt |
$ |
5.7 |
|
$ |
7.6 |
|
Other recent liabilities |
|
934.1 |
|
|
715.7 |
|
Total recent liabilities |
|
939.8 |
|
|
723.3 |
|
Non-recent liabilities |
|
|
|
|
|
|
Long-term debt, much less recent fragment |
|
887.7 |
|
|
1,166.2 |
|
Other non-recent liabilities |
|
189.7 |
|
|
220.8 |
|
Total non-recent liabilities |
|
1,077.4 |
|
|
1,387.0 |
|
Total liabilities |
|
2,017.2 |
|
|
2,110.3 |
|
|
|
|
|
|
|
|
Total stockholders’ equity |
|
1,050.7 |
|
|
921.5 |
|
Total liabilities and stockholders’ equity |
$ |
3,067.9 |
|
$ |
3,031.8 |
|
|
|
|
|
|
|
|
(unaudited) (in hundreds and hundreds) |
||||||
|
|
||||||
|
|
|
|
||||
|
|
||||||
|
|
|
|
|
|
||
|
Working Actions |
|
|
|
|
||
|
Derive earnings (loss) |
$ |
162.1 |
|
$ |
(28.3) |
|
|
Depreciation and amortization |
|
37.9 |
|
|
36.3 |
|
|
Modifications in operating sources and liabilities and non-cash costs |
|
124.1 |
|
|
80.9 |
|
|
Derive cash equipped by (broken-down in) operating actions |
|
324.1 |
|
|
88.9 |
|
|
Investing Actions |
|
|
|
|
|
|
|
Capital expenditures |
|
(31.7) |
|
|
(53.9) |
|
|
Other investing actions, procure |
|
(41.7) |
|
|
13.9 |
|
|
Derive cash equipped by (broken-down in) investing actions |
|
(73.4) |
|
|
(40.0) |
|
|
Financing Actions |
|
|
|
|
|
|
|
Derive cash equipped by (broken-down in) financing actions |
|
(348.7) |
|
|
(80.8) |
|
|
Compose of exchange charge adjustments on cash and cash equivalents |
|
(13.9) |
|
|
4.4 |
|
|
Derive expand (decrease) in cash and cash equivalents |
|
(111.9) |
|
|
(27.5) |
|
|
Money and cash equivalents at starting of duration |
|
670.1 |
|
|
540.1 |
|
|
Money and cash equivalents at stop of duration |
$ |
558.2 |
|
$ |
512.6 |
|
|
|
|
|
|
|
|
|
|
(unaudited) (in hundreds and hundreds) |
|||||||||||||||||
|
|
|||||||||||||||||
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Derive sales |
$ |
993.8 |
|
$ |
765.6 |
|
|
$ |
2,896.7 |
|
|
$ |
2,289.7 |
|
|
||
|
Income (loss) from operations |
$ |
74.2 |
7.5% |
$ |
36.5 |
4.8% |
|
$ |
258.2 |
|
8.9% |
$ |
36.8 |
|
1.6% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Derive sales |
$ |
572.5 |
|
$ |
445.0 |
|
|
$ |
1,644.4 |
|
|
$ |
1,370.6 |
|
|
||
|
Income (loss) from operations |
$ |
34.9 |
6.1% |
$ |
13.3 |
3.0% |
|
$ |
126.7 |
|
7.7% |
$ |
2.4 |
|
0.2% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Derive sales |
$ |
418.7 |
|
$ |
311.3 |
|
|
$ |
1,237.7 |
|
|
$ |
890.5 |
|
|
||
|
Income (loss) from operations |
$ |
57.1 |
13.6% |
$ |
40.3 |
12.9% |
|
$ |
178.3 |
|
14.4% |
$ |
88.7 |
|
10.0% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Derive sales |
$ |
2.6 |
|
$ |
9.3 |
|
|
$ |
14.6 |
|
|
$ |
28.6 |
|
|
||
|
Loss from operations |
$ |
(17.8) |
* |
$ |
(17.1) |
* |
|
$ |
(46.8) |
|
* |
$ |
(54.3) |
|
* |
||
|
No longer a essential proportion |
|
|
|
|
|
|
|
||||||||||
GLOSSARY
So as to offer traders with extra data concerning the Firm’s results, Terex refers to a ramification of GAAP (U.S. in total accredited accounting principles) and non-GAAP financial measures which administration believes gives priceless data to traders. These non-GAAP measures would possibly no longer be reminiscent of in an identical trend titled measures being disclosed by other corporations. Moreover, the Firm believes that non-GAAP financial measures needs to be regarded as as well to, and never in lieu of, GAAP financial measures. Terex believes that this non-GAAP data is priceless to understanding its operating results and the ongoing efficiency of its underlying companies. Management of Terex makes spend of both GAAP and non-GAAP financial measures to set inner budgets and targets and to think the Firm’s financial efficiency in opposition to such budgets and targets.
The quantities described beneath are unaudited, are reported in hundreds and hundreds of U.S. bucks (besides fragment records and percentages), and are as of or for the duration ended September 30, 2021, unless in every other case indicated.
2021 Outlook
The Firm’s 2021 outlook for earnings per fragment is a non-GAAP financial measure because of it excludes the affect of capability future acquisitions, divestitures, restructuring, and other odd items. The Firm is no longer ready to reconcile this forward-attempting non-GAAP financial measure to its most straight away comparable forward-attempting GAAP financial measures with out unreasonable efforts due to the Firm is unable to predict with an affordable diploma of certainty the exact timing and affect of such items. The unavailable data would possibly like a essential affect on the Firm’s fleshy-Twelve months 2021 GAAP financial results. This forward attempting data gives steering to traders about the Firm’s EPS expectations rather then odd items that the Firm would no longer ponder is reflective of its ongoing operations.
Free Money Go
The Firm calculates a non-GAAP measure of free cash waft. The Firm defines free cash waft as Derive cash equipped by (broken-down in) operating actions, plus (minus) increases (decreases) in Terex Financial Products and services finance receivables consisting of sales-form leases and industrial loans (“TFS Resources”), much less Capital expenditures, procure of proceeds from sale of capital sources. The Firm believes that this measure of free cash waft gives administration and traders further priceless data on cash abilities or spend in our most essential operations. The following desk reconciles Derive cash equipped by (broken-down in) operating actions to free cash waft (in hundreds and hundreds):
|
|
|
Three Months Ended September 30, 2021 |
|
9 Months Ended September 30, 2021 |
|
||||
|
Derive cash equipped by (broken-down in) operating actions |
|
$ |
54.9 |
|
|
$ |
324.1 |
|
|
|
Amplify (decrease) in TFS sources |
|
(4.6) |
|
|
(110.2) |
|
|
||
|
Capital expenditures, procure of proceeds from sale of capital sources |
|
(7.8) |
|
|
(30.5) |
|
|
||
|
Free cash waft |
|
$ |
42.5 |
|
|
$ |
183.4 |
|
|
Glimpse novel shriek to win multimedia: https://www.prnewswire.com/records-releases/terex-corporation-announces-third-quarter-2021-results-301411455.html
SOURCE Terex Corporation
