Genie shines again for Terex
By Chris Sleight01 May 2014
Terex’s net profits for the first quarter of the year were up +52% on the same period last year at US$ 33.9 million. The company’s revenues for the first three months of the year were unchanged at US$ 1.65 billion.
Once again, the stand-out business for Terex was its aerial work platform (AWP) segment, which saw sales rise +15% to US$ 585 million, while operating profits were up +14% to US$ 82.2 million. Terex AWP sells products under the Genie brand. The only other division which saw sales rise compared to the first quarter of last year was the Terex Materials Handling and Port Solutions (MHPS) segment, where revenues were up +8% to US$ 368 million.
Elsewhere, revenues were down, particularly for Terex Cranes. The division saw sales fall -14% in the first quarter of the year to US$ 394 million, and the business made an operating loss of US$ 0.2 million, compared to a profit of US$ 32.5 million a year ago.
Terex construction saw revenues fall -7% to US$ 196 million for the quarter, although the business’s operating loss narrowed to US$ 5 million, compared to US$ 14.5 million a year ago. There was a marginal slide in revenues of -3% for Terex Materials Processing (MP), to US$ 150 million, with profits slipping to US$ 10.9 million, compared to US$ 11.7 million a year ago.
Commenting on the results, Terex chairman and CEO Ron DeFeo said, “We remain encouraged by the performance of our AWP segment, which delivered excellent results in the first quarter. Performance across our remaining businesses was mixed. The MP and MHPS segments delivered quarters roughly in line with our expectations. While both the MHPS and Construction segments had an operating loss in the quarter, we planned for and continue to expect better operating results from these businesses for the balance of 2014. Our Cranes segment had a disappointing first quarter, but recent order trends suggest improvements as the year progresses, particularly in the second half of the year.”