December 09, 2013
Dec. 9, 2013- Terex Corporation (NYSE:TEX) today announced that it has agreed to sell its truck business to Volvo Construction Equipment for cash proceeds of approximately $160 million . The truck business manufactures and sells off-highway rigid and articulated haul trucks. Included in the transaction is the manufacturing facility in Motherwell, Scotland . The sale, which is subject to government regulatory approvals and other customary closing conditions, is targeted to close in the first half of 2014. “The truck business has been an important part of our Company for more than three decades and continues to produce world class products with dedicated and talented employees,” said Ron DeFeo, Terex Chairman and Chief Executive Officer. “However, trucks no longer fit within our changing portfolio of lifting and material handling businesses. I am confident that the truck business will benefit by joining a company sharing similar competencies and offering complementary products and ...
December 05, 2013
$200 Million Share Repurchase Program Authorized Dec. 5, 2013- Terex Corporation (NYSE:TEX) today announced its Board of Directors approved the initiation of quarterly cash dividends to its shareholders. The initial quarterly cash dividend of $0.05 per share will be made on December 20, 2013 to shareholders of record as of December 16, 2013. Additionally, the Terex Board of Directors authorized a share repurchase program, allowing the Company to repurchase Terex common stock in total value up to $200 million through December 31, 2015. Ron DeFeo , Terex Chairman and Chief Executive Officer, stated, " We are pleased to be in a position where we can begin to return a portion of our free cash flow to our shareholders on a regular basis. Our shareholders have seen Terex mature into a diversified operating Company, and we feel that this dividend initiation and share repurchase authorization reflects this transformation. Over the past 18 months, our priorities have been to generate cash flow ...
November 13, 2013
Nov. 13, 2013- Terex Corporation (NYSE: TEX) today announced it has completed a repricing of its term loans that is expected to reduce its cash interest costs by approximately $5 million annually. Additionally, the amendment to the credit agreement also provides, among other things, greater flexibility for the Company in financing its equipment sales. Kevin Bradley, Senior Vice President and Chief Financial Officer commented, “The strong credit market and our improved credit profile have enabled us to reduce our cost of debt. One of the three main focuses of our Company is to improve our financial efficiency. We have made very good strides in this area over the past 18 months, reducing both the amount of debt outstanding as well as our interest rates, and this is another step forward in those efforts.” About Terex Terex Corporation is a diversified global manufacturer reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port ...
October 23, 2013
Oct. 23, 2013- Terex Corporation (NYSE:TEX) today announced income from continuing operations of $89.3 million , or $0.77 per share for the third quarter of 2013, as compared to income from continuing operations of $30.2 million , or $0.27 per share for the third quarter of 2012. Income from continuing operations as adjusted in the third quarter of 2012 was $0.62 per share when excluding the costs associated with debt repayments and certain other items in the quarter. The glossary at the end of this press release contains further details regarding these items. Net sales were $1,810.6 million in the third quarter of 2013, a decrease of 0.6% from $1,822.0 million in the third quarter of 2012. Income from operations was $140.9 million in the third quarter of 2013, an increase of $9.0 million when compared to income from operations of $131.9 million in the third quarter of 2012. Excluding the impact of certain items in the third quarter of 2012, income from operations as adjusted was ...
October 14, 2013
Oct. 14, 2013- Terex Corporation (NYSE:TEX) will release its third quarter 2013 financial results on Wednesday, October 23, 2013 , after market close. The Company will host a one-hour conference call to review the financial results on Thursday, October 24, 2013 , at 8:30 a.m. ET . Ronald M. DeFeo , Chairman 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. Terex Corporation is a diversified global manufacturer reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing. ...
July 24, 2013
Jul. 24, 2013- Terex Corporation (NYSE: TEX) today announced income from continuing operations of $21.3 million , or $0.18 per share for the second quarter of 2013, as compared to income from continuing operations of $83.6 million , or $0.75 per share for the second quarter of 2012. Excluding the after-tax impacts of: restructuring and related charges of approximately $54.1 million , or $0.47 per share, expenses related to debt retirement of $3.5 million , or $0.03 per share, and the reversal of an accrual for redeemable non-controlling interest of ($3.1) million , or ($0.03) per share, income from continuing operations as adjusted was $75.8 million , or $0.65 per share in the second quarter of 2013. The Glossary at the end of the release contains more details on these items. There were certain items in the second quarter of 2012 that, in the aggregate, did not have a significant impact on income from continuing operations. Net sales were $1,908.2 million in the second quarter of ...
July 15, 2013
Jul. 15, 2013- Terex Corporation (NYSE:TEX) will release its second quarter 2013 financial results on Wednesday, July 24, 2013 , after market close. The Company will host a one-hour conference call to review the financial results on Thursday, July 25, 2013 , at 8:30 a.m. ET . Ronald M. DeFeo , Chairman 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. Terex Corporation is a diversified global manufacturer reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing. Terex ...
June 17, 2013
Jun. 17, 2013- Terex Corporation (NYSE: TEX) today announced that it is lowering its full year 2013 guidance and providing second quarter guidance. Full year 2013 earnings per share is now expected to be between $1.90 and $2.10 , as adjusted for certain non-recurring items. Previous full year 2013 guidance was an earnings per share of between $2.40 and $2.70 . Due to the timing of this announcement the Company is also providing second quarter 2013 earnings per share guidance of $0.50 - $0.60 per share, excluding certain non-recurring items. “The level of sales growth has softened overall for Terex when compared with the increases we originally anticipated for 2013,” commented Ron DeFeo, Terex Chairman and CEO. “More specifically, we are experiencing a softer marketplace for our Construction, Material Handling & Port Solutions (“MHPS”), and, to a lesser degree, our Cranes operations. We do continue to experience positive replacement demand for Aerial Work Platform products and ...
May 16, 2013
May. 16, 2013- Terex Corporation (NYSE: TEX) today announced that it has repaid $220 million of the Company’s senior term bank debt due 2017, effective today. “As previously communicated, we are focused on improving earnings and generating cash flow to facilitate debt reduction,” says Ron DeFeo, Terex Chairman and CEO. “This latest pay down of debt demonstrates our continued commitment to improving our Company’s capital structure. An additional repayment of $30 million of debt will take place in July. Combined with our prior actions in 2012, this will result in approximately $500 million in debt reduction from the middle of 2012 through the middle of 2013. We continue to anticipate strong free cash flow for 2013 and beyond, and will look for additional opportunities to reduce our future interest expense and improve our overall capital structure as we move forward.” About Terex Terex Corporation is a diversified global manufacturer reporting in five business segments: Aerial Work ...
April 24, 2013
Apr. 24, 2013- Terex Corporation (NYSE: TEX) today announced income from continuing operations of $20.9 million , or $0.18 per share for the first quarter of 2013, as compared to income from continuing operations of $20.5 million , or $0.18 per share for the first quarter of 2012. Excluding the impact of a charge related to the divestiture of certain roadbuilding assets of approximately $3.9 million , or $0.03 per share, and a charge related to the Material Handling & Port Solutions (MHPS) business of $1.9 million , or $0.02 per share, income from continuing operations as adjusted was $26.7 million , or $0.23 per share in the first quarter of 2013. Excluding the write down of an acquisition related note receivable of $12.3 million , income from continuing operations as adjusted was $32.8 million , or $0.29 per share, in the first quarter of 2012. Net sales were $1,723.1 million in the first quarter of 2013, a decrease of 5.3% from $1,819.4 million in the first quarter of 2012. ...
April 12, 2013
Apr. 12, 2013- Terex Corporation (NYSE:TEX) will release its first quarter 2013 financial results on Wednesday April 24, 2013 after market close. The Company will host a one-hour conference call to review the financial results on Thursday, April 25, 2013 at 8:30 a.m. ET . Ronald M. DeFeo , Chairman 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. Terex Corporation is a diversified global manufacturer reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing. Terex ...
March 12, 2013
Mar. 12, 2013- Terex Corporation (NYSE: TEX) today announced that it will host an Analyst Meeting on Wednesday, March 20, 2013 at the Waldorf Astoria Hotel , 301 Park Avenue , New York, NY 10022. As space is limited, Terex asks that investment analysts interested in attending register by sending their business contact information to Elizabeth Gaal at elizabeth.gaal@terex.com. If you require a room reservation please call the hotel directly at 877-476-8792 and mention the Terex room block rate of $369 /night. The meeting will start with a continental breakfast at 9:00 AM ET. Presentations and Q&A will begin at 10:00 AM ET by Ron DeFeo, Chairman and CEO; Kevin Bradley, Senior Vice President and CFO; Matt Fearon, President Terex Aerial Work Platforms; George Ellis, President Terex Construction; Tim Ford, President Terex Cranes; Steve Filipov, President, Material Handling & Port Solutions and Kieran Hegarty, President Terex Materials Processing. A luncheon where management will be ...
February 19, 2013
Feb. 19, 2013- Terex Corporation (NYSE: TEX) today announced income from continuing operations of $103.6 million , or $0.91 per share, on net sales of $7,348.4 million for the full year 2012, as compared to income from continuing operations of $38.6 million , or $0.35 per share, on net sales of $6,504.6 million for the full year 2011. Excluding the costs associated with debt repayments and certain other items during the year, income from continuing operations as adjusted in the full year 2012 was $1.83 per share. Excluding the gain on the sale of Bucyrus International shares and certain other items, income from continuing operations as adjusted for the full year 2011 was $0.46 per share. The Glossary at the end of this press release contains further details regarding these items. For the fourth quarter of 2012 loss from continuing operations was $30.7 million, or $0.28 per share, compared to a loss from continuing operations of $4.2 million, or $0.04 per share for the fourth quarter ...
February 11, 2013
Feb. 11, 2013- Terex Corporation (NYSE: TEX) today announced that it has entered into a contract to divest its Roadbuilding operations in Brazil and certain mobile roadbuilding product lines in the U.S. to the Fayat Group (Bomag and Marini). Product lines being divested include asphalt plants and pavers manufactured in Porto Allegre, Brazil , and assets for the asphalt paver, reclaimer stabilizer and material transfer product lines which are currently manufactured in Oklahoma City . The transaction is anticipated to close during the first quarter. Terex has determined that it will be exiting the remaining roadbuilding product lines that it manufactures in Oklahoma City, and has taken charges in connection with the business assets being sold and the remaining Oklahoma City roadbuilding assets to reflect the likely realizable value in a transaction. The amount of these charges that will impact the fourth quarter 2012 results, when reported, is approximately $15 million. Terex will ...
February 11, 2013
Feb. 11, 2013- Terex Corporation (NYSE: TEX) will release its fourth quarter and year-end 2012 financial results on Tuesday, February 19, 2013 after market close. The Company will host a one-hour conference call to review the financial results on Wednesday, February 20, 2013 at 8:30 a.m. EST . Ronald M. DeFeo , Chairman 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. Terex Corporation is a diversified global manufacturer reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials ...
January 29, 2013
Jan. 29, 2013- Terex Corporation (NYSE: TEX) today announced that it will host an Analyst Meeting on March 20, 2013 , at the Waldorf Astoria Hotel in New York City . Registration and breakfast will begin at 9:00 AM . Presentations will be followed by a lunch with management and conclude at approximately 2:00 PM . Ronald M. DeFeo, Terex Chairman and Chief Executive Officer, along with Kevin Bradley, newly appointed Senior Vice President and Chief Financial Officer, business segment presidents, and other key executives, will provide insight into the Company’s operational and financial topics, longer term strategies and an update on current market trends. As space is limited, Terex asks that investment analysts interested in attending the day’s events to “save the date” and send their business contact information to Elizabeth Gaal at elizabeth.gaal@terex.com . Details will follow in the coming weeks. Terex Corporation is a diversified global manufacturer reporting in five business ...
January 14, 2013
Jan. 14, 2013- Terex Corporation (NYSE:TEX) announced the following leadership changes: Kevin Bradley, currently President, Terex Cranes, will transition to the role of Senior Vice President and Chief Financial Officer effective immediately after the filing of the Company’s Annual Report on Form 10-K for 2012. Mr. Bradley was named President, Terex Cranes in January 2011. Prior to this appointment, Mr. Bradley had served as President, Terex Financial Services since joining Terex in 2005. Prior to joining Terex, Mr. Bradley had financial roles of increasing responsibility at GE Capital and AT&T Capital. Terex previously announced that Phil Widman would be retiring as Senior Vice President and Chief Financial Officer effective March 31, 2013. Tim Ford, currently President, Terex Aerial Work Platforms (AWP), will become President of Terex Cranes effective immediately. The Terex Utilities business and the recently established Terex Services North America business will continue to be ...