October 20, 2015
Oct. 20, 2015- Terex Corporation (NYSE:TEX) today announced income from continuing operations of $44.8 million , or $0.41 per share for the third quarter of 2015, and excluding certain items, income from continuing operations as adjusted was $63.4 million , or $0.58 per share. This compared to income from continuing operations of $58.7 million , or $0.51 per share for the third quarter of 2014, income from operations as adjusted was $67.8 million , or $0.59 per share. The Glossary at the end of the release contains more details on these items. Net sales were $1,641.3 million in the third quarter of 2015, a decrease of $168.5 million, or 9.3%, when compared with $1,809.8 million in the third quarter of 2014. Excluding the impact of currency exchange rates, net sales decreased $17.4 million or 1.0%. Income from operations was $111.9 million in the third quarter of 2015 and excluding certain items, income from operations as adjusted was $126.8 million. This compared to income from ...
October 19, 2015
Oct. 19, 2015- Terex Corporation (NYSE:TEX) today announced that its Board of Directors declared a quarterly dividend of $0.06 per common share. The dividend is to be paid on December 18, 2015 to all stockholders of record as of the close of business on November 10, 2015. About Terex Terex Corporation is a lifting and material handling solutions company reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. Terex uses its website (www.terex.com) and its Facebook page (www.facebook.com/TerexCorporation) to make information available to its investors and the ...
October 15, 2015
Oct. 15, 2015- Terex Corporation (NYSE:TEX) today named John L. Garrison, Jr. Chief Executive Officer and President effective November 2, 2015. He will also become a member of the Terex Board of Directors effective November 2, 2015. Mr. Garrison will succeed outgoing CEO Ronald M. DeFeo, who will continue to serve as Executive Chairman of the Company through December 31, 2015. Mr. DeFeo will continue as a consultant for Terex after December 31, 2015 through December 31, 2016. Mr. Garrison joins Terex from Textron, Inc. (NYSE:TXT) where he served as President and CEO of their Bell Helicopter Segment. Prior to that, Mr. Garrison was President of Textron’s Industrial Segment and E-Z-GO. He was also President and CEO at Azurix Corporation and held senior leadership positions at Case Corporation, and served as an officer in the United States Army. “John is a proven leader with considerable experience across a variety of industries. The Board considered a highly qualified pool of ...
October 13, 2015
Oct. 13, 2015- Terex Corporation (NYSE:TEX) will host a one-hour conference call to review its third quarter 2015 financial results on Wednesday, October 21, 2015 at 8:30 a.m. EDT. Ronald M. DeFeo, Chairman and CEO, will host the call. The Company will release its financial results prior to 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 lifting and material handling solutions company reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing. Terex manufactures a ...
September 08, 2015
Sep. 8, 2015- Terex Corporation (NYSE: TEX) ("Terex") announced today that it has received the requisite consents with respect to its previously announced consent solicitation from holders of its 6.00% Senior Notes due 2021 (the “2021 Notes”) and 6.50% Senior Notes due 2020 (the “2020 Notes” and together with the 2021 Notes, the “Notes”) to certain proposed amendments to the indentures governing the Notes. The consent solicitation was conducted in connection with the previously announced merger (the “Merger”) of Terex with Konecranes Plc, a Finnish public company limited by shares (“Konecranes”). The consent solicitation expired at 5:00 p.m., New York City time, on September 4, 2015 (the “Expiration Time”). As of the Expiration Time, Terex had received the requisite consents needed to approve the proposed amendments to the indentures governing the Notes. These consents cannot be revoked. Having received the requisite consents for each series of Notes, Terex intends to promptly execute ...
August 27, 2015
Aug. 27, 2015- Terex Corporation (NYSE: TEX) ("Terex") announced today that it is soliciting consents from holders of its 6.00% Senior Notes due 2021 (the “2021 Notes”) and 6.50% Senior Notes due 2020 (the “2020 Notes” and together with the 2021 Notes, the “Notes”) to certain proposed amendments to the indentures governing the Notes. The consent solicitation is being conducted in connection with the previously announced merger (the “Merger”) of Terex with Konecranes Plc, a Finnish public company limited by shares (“Konecranes”). Terex is offering cash fees of $17.50 for each $1,000 principal amount of 2021 Notes and $10.00 for each $1,000 principal amount of 2020 Notes (each, a “Consent Fee”) to holders of such Notes who consent to the following proposed amendments (the “Proposed Amendments”): Amend the definition of “Change of Control” set forth in each indenture so that the Merger does not constitute a “Change of Control” under such indenture and to permit Konecranes to insert one ...
August 19, 2015
Aug. 19, 2015- Terex Corporation (NYSE:TEX) today announced the following senior executive changes: Tim Ford, currently President, Terex Cranes, is leaving the Company to pursue other opportunities. With Mr. Ford’s departure, Ken Lousberg, currently President of Terex China, will take on the role of President of Terex Cranes as well as the responsibility for Latin America previously with Mr. Ford. While Mr. Lousberg will retain responsibility for China, a Country Leader for our Chinese business will be named as soon as possible to help coordinate our business in China reporting to Mr. Lousberg. Mr. Lousberg joined Terex through the Genie acquisition in 2002 and has held several senior management positions at various Terex operations. George Ellis will take on a new role as Senior Vice President, Operations Planning and President, Terex Construction. In addition to retaining his current responsibilities for Terex Construction, Government Programs and India, Mr. Ellis will assume global ...
August 11, 2015
Combination of Two Highly Complementary Businesses to Create a Global Leader in Lifting & Material Handling Solutions Creates an industry leader with expected $10.0 billion in pro forma 2014 revenue Results in a stronger more competitive global lifting and material handling company Expected to be accretive to both companies' shareholders in first full year Identified annual after-tax synergies of at least $119 million New Company plans to authorize a $1.5 billion share repurchase and initial annual dividend of approximately $1.15 per share Aug. 11, 2015- Terex Corporation (NYSE:TEX) (" Terex ") and Konecranes Plc ( Helsinki : KCR1V.HE) (" Konecranes ") today jointly announced that their respective Boards of Directors have unanimously approved a definitive business combination agreement and the resulting all-stock merger of equals. Konecranes and Terex will combine to create a single company with estimated pro forma 2014 revenues and EBITDA of $10.0 billion and $845 million, ...
July 29, 2015
Jul. 29, 2015- Terex Corporation (NYSE:TEX) today announced income from continuing operations of $85.2 million , or $0.78 per share for the second quarter of 2015, as compared to income from continuing operations of $87.8 million , or $0.76 per share for the second quarter of 2014. Net sales were $1,828.5 million in the second quarter of 2015, a decrease of $226.6 million , or 11.0%, when compared with $2,055.1 million in the second quarter of 2014. Excluding the impact of currency, net sales declined approximately 2.0%. Income from operations was $148.3 million in the second quarter of 2015, a decrease of $12.6 million when compared to income from operations of $160.9 million in the second quarter of 2014. “The second quarter was a solid quarter in terms of financial performance,” commented Ron DeFeo, Terex Chairman and Chief Executive Officer. “Our AWP segment operating margin returned to the mid-teens as anticipated, benefiting from increased productivity and seasonally strong ...
July 20, 2015
Jul. 20, 2015- Terex Corporation (NYSE:TEX) will host a one-hour conference call to review its second quarter 2015 financial results on Thursday, July 30, 2015 at 8:00 a.m. EDT. Ronald M. DeFeo, Chairman and CEO, will host the call. The Company will release its financial results prior to 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 lifting and material handling solutions company reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing. Terex manufactures a broad ...
July 17, 2015
Jul. 17, 2015- Terex Corporation (NYSE:TEX) today announced that its Board of Directors declared a quarterly dividend of $0.06 per common share. The dividend is to be paid on September 18, 2015 to all stockholders of record as of the close of business on August 10, 2015. About Terex Terex Corporation is a lifting and material handling solutions company reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. Terex uses its website (www.terex.com) and its Facebook page (www.facebook.com/TerexCorporation) to make information available to its investors and ...
June 01, 2015
Jun. 1, 2015- Terex Corporation (NYSE: TEX) today announced that it has closed a new $350 million asset-backed securitization transaction. The Company also announced it has completed a re-pricing of its Euro term loan that is expected to reduce its cash interest costs by approximately $1 million annually. “We are pleased to announce the completion of our first securitization facility,” said Kevin Bradley, Terex Chief Financial Officer. “As we continue to grow and expand our Terex Financial Services (TFS) business, achieving a lower cost of funding is very important to our success. The additional liquidity afforded by this facility provides us with a new source of lower cost funds that will be deployed to help our customers secure equipment financing at competitive rates. It also strengthens our capacity to grow organically. The closing of our new securitization facility, coupled with the re-pricing of our Euro term loans, marks another milestone as we continue to improve our Company’s ...
May 15, 2015
May 15, 2015- Terex Corporation (NYSE: TEX) today announced that its Board of Directors declared a quarterly dividend of $0.06 per common share. The dividend is to be paid on June 19, 2015 to all stockholders of record as of the close of business on June 10, 2015. About Terex Terex Corporation is a lifting and material handling solutions company reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing. Terex manufactures a broad range of equipment for use in various industries, including the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries. Terex offers financial products and services to assist in the acquisition of Terex equipment through Terex Financial Services. Terex uses its website (www.terex.com) and its Facebook page (www.facebook.com/TerexCorporation) to make information available to its investors and the market. ...
April 29, 2015
Apr. 29, 2015- Terex Corporation (NYSE:TEX) today announced a loss from continuing operations of $2.1 million , or $0.02 per share for the first quarter of 2015, as compared to income from continuing operations of $32.6 million , or $0.28 per share for the first quarter of 2014. The effective tax rate for the first quarter of 2015 was 114.9% as compared to an effective tax rate of 26.7% for the first quarter of 2014. Net sales were $1,495.6 million in the first quarter of 2015, a decrease of $159.0 million when compared with the $1,654.6 million in the first quarter of 2014. Net sales were essentially flat on a currency neutral basis. Income from operations was $44.2 million in the first quarter of 2015, a decrease of $30.8 million when compared to income from operations of $75.0 million in the first quarter of 2014. “Operationally the first quarter was generally in-line with our expectations in most of our businesses, and we are encouraged by our order and backlog trends. However, ...
April 17, 2015
Apr. 17, 2015- Terex Corporation (NYSE:TEX) will release its first quarter 2015 financial results on Wednesday, April 29, 2015 after market close. The Company will host a one-hour conference call to review the financial results on Thursday, April 30, 2015 at 8:30 a.m. EDT. 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 lifting and material handling solutions company reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and Materials Processing. ...
February 17, 2015
Feb. 17, 2015- Terex Corporation (NYSE:TEX) today announced income from continuing operations of $259.0 million , or $2.27 per share, on net sales of $7.3 billion for the full year 2014, as compared to income from continuing operations of $209.0 million , or $1.79 per share, on net sales of $7.1 billion for the full year 2013. Excluding the $0.49 per share tax benefit related to the ASV disposition and certain other items, income from continuing operations as adjusted for the full year 2014 was $268.5 million , or $2.35 per share, compared to $261.2 million , or $2.23 per share, in 2013. The Glossary at the end of this press release contains further details regarding these items and all per share amounts are on a fully diluted basis. For the fourth quarter of 2014 income from continuing operations was $79.9 million, or $0.71 per share, on net sales of $1.8 billion, compared to income from continuing operations of $84.8 million, or $0.72 per share, on net sales of $1.8 billion for the ...
February 17, 2015
WESTPORT, Conn., Feb 17, 2015 (BUSINESS WIRE) -Terex Corporation (NYSE: TEX) today announced its Board of Directors approved a quarterly dividend increase to its shareholders. The new quarterly cash dividend of $0.06 per share is an increase of 20% over the 2014 quarterly dividend amount. The dividend will be made on March 19, 2015 to shareholders of record as of March 10, 2015. The Company’s previous $200 million share repurchase program initiated in December 2013 was completed in December 2014. Accordingly, the Company today announced a new share repurchase program, allowing the Company to repurchase an additional $200 million of Terex common stock. Ron DeFeo, Terex Chairman and Chief Executive Officer, stated, "We are pleased to be in a position where we can increase the amount of cash returned to our shareholders. We feel this increased dividend and new share repurchase program demonstrates our confidence in our ability to maintain strong free cash flow and our ongoing commitment ...
January 28, 2015
Jan. 28, 2015- Terex Corporation (NYSE:TEX) will release its fourth quarter and year-end 2014 financial results on Tuesday, February 17, 2015 after market close. The Company will host a one-hour conference call to review the financial results on Wednesday, February 18, 2015 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 lifting and material handling solutions company reporting in five business segments: Aerial Work Platforms, Construction, Cranes, Material Handling & Port Solutions and ...