Cash generated from operations was $66 million for the quarter
WESTPORT, Conn.--(BUSINESS WIRE)--Oct. 24, 2001--Terex Corporation (NYSE: TEX) today reported third quarter net
income before restructuring charges of $9.0 million, or $0.32 per
share. The restructuring charges recorded in the third quarter
amounted to an after-tax charge of $19.9 million, or $0.71 per share.
As previously announced, the restructuring relates to the
consolidation of 11 facilities and other cost reduction initiatives
with anticipated savings of approximately $40 million annually. Net
income for the third quarter of 2000, excluding special items, was
$17.5 million or $0.63 per share. Net income for the first nine months
of 2001, excluding restructuring charges and special items, was $35.6
million, or $1.29 per share, compared to $63.6 million, or $2.26 per
share, in the first nine months of 2000.
A financial summary is shown below:
Terex Corporation
Third Quarter Year-to-Date
--------------------------------------------
(dollars in millions, except per share amounts)
2001 2000 2001 2000
% of % of % of % of
sales sales sales sales
Net sales $453.7 --- $475.1 --- $1,370.4 --- $1,622.1 ---
====== ====== ======== ========
Gross profit $70.3 15.5% $89.9 18.9% $232.3 17.0% $293.2 18.1%
SG&A 37.9 8.4% 39.5 8.3% 119.5 8.7% 124.3 7.7%
------ ------ ------- -------
Operating
profit(1) 32.4 7.1% 50.4 10.6% 112.8 8.2% 168.9 10.4%
Restructuring
charges and
special items (28.7) 6.3% (3.0) 0.1% (34.2) 2.5% (3.0) ---
Gain on sale
of business --- --- 57.2 12.0% --- --- 57.2 3.5%
Interest and
other (19.7) 4.3% (24.6) 5.2% (61.0) 4.5% (75.4) 4.6%
Income taxes 5.1 1.1% (30.3) 6.4% (6.4) 0.5% (51.9) 3.2%
------ ----- ------ -------
Net income
(loss) $(10.9) 2.4% $49.7 10.5% $11.2 0.8% $95.8 5.9%
======= ====== ====== ======
Earnings (loss)
per share $(0.39) $1.7907 $0.40 $3.41
Adjusted
EPS(2) $0.32 $0.63907 $1.29 $2.26
Backlog $142.6 $242.1 $142.6 $242.1
EBITDA(2) $41.2 9.1% $56.6 11.9% $139.3 10.2% $194.6 12.0%
Shares
Outstanding 27.9 27.8 27.7 28.1
(1) Excludes restructuring charges and special items for 2001 and
2000 and includes an operating loss of $0.5 million related to
businesses held for sale in the three and nine months ended
September 30, 2001.
(2) Adjusted for restructuring charges, businesses held for sale and
special items for 2001 and 2000.
Third Quarter 2001 and Year-To-Date
"We are operating in a challenging economic environment, which was
compounded by the impact of the events of September 11th," said Ronald
M. DeFeo, Terex Chairman and Chief Executive Officer. "We are not
immune to the economic slowdown impacting our industry, and although
we have seen volume declines in the 20% to 25% range in several of our
product lines, we feel that the Terex franchise remains strong. Our
Powerscreen business continues to grow, our construction truck
business, although down in North America, is penetrating markets in
Europe and South Africa, and our mining business had a strong quarter.
During this uncertain time we have maintained solid margins and
profitability through product and geographic diversity and by focusing
on our variable cost structure and low SG&A levels, which have enabled
us to react quickly to market changes."
Mr. DeFeo added, "We do not look at the environment we are
operating in simply as an economic downturn, but as an opportunity to
grow market share if we remain lean, profitable and customer oriented.
Accordingly, during the third quarter we finalized our restructuring
plan that will include a series of actions expected to result in cost
reductions of approximately $40 million annually. Our original
restructuring plan was expanded to include the consolidation of 11
facilities rather than just the four facilities originally
contemplated, and also includes personnel reductions at several of the
Company's other business units. Although these decisions are always
very difficult, we believe that executing these initiatives in the
current market environment will not only improve our competitiveness
today, but will position us to take advantage of an eventual economic
recovery."
Net sales for the third quarter were $453.7 million compared to
$475.1 million during the third quarter of 2000. Excluding the impact
of acquisitions and divestitures, net sales for the quarter decreased
approximately $31 million or 6.8% from the third quarter of 2000.
Operating profit was $32.4 million in the third quarter (excluding the
impact of the restructuring charge) compared to $50.4 million in the
third quarter of last year (excluding the impact of non-recurring
items). The overall decline in revenues in the North American
construction truck and lifting businesses continue to adversely impact
the operating performance of the Company. This decline was somewhat
offset by the continued strong performance of the lattice boom cranes
business, a strong quarter from the mining group and double digit
growth in sales and operating profit in the BL Pegson business that
manufactures mobile tracked crushing equipment. Operating expenses,
before restructuring and special items, fell from $39.5 million in the
third quarter of 2000 to $37.9 million this quarter. Operating
expenses as a percentage of sales increased slightly to 8.4%. Net
interest expense decreased to $19.1 million from $24.4 million as a
result of lower interest rates.
Net sales for the first nine months of 2001 were $1,370.4 million,
compared to $1,622.1 million for the first nine months of last year.
Excluding the impact of acquisitions and divestitures, net sales
decreased approximately 18% for the nine months ended September 2001
compared to the prior year. Operating profit for the first nine months
of 2001, excluding restructuring charges and special items, decreased
$56.1 million from the prior year to $112.8 million, reflecting the
double digit volume declines in many of Terex's businesses. Operating
expenses, before restructuring and special items, decreased to $119.5
million, compared to $124.3 million for the first nine months of 2000,
as a result of Terex's continued emphasis on cost control.
Segment Performance
Terex Americas
Third Quarter Year-to-Date
---------------------------------------------------
(dollars in millions)
2001 2000 2001 2000
% of % of % of % of
sales sales sales sales
Net sales $187.8 --- $252.0 --- $661.6 --- $845.8 ---
Gross profit 27.1 14.4% 44.1 17.5% 97.1 14.7% 133.8 15.8%
SG&A 15.0 8.0% 16.7 6.6% 48.1 7.3% 50.0 5.9%
Operating
profit(1) 12.1 6.4% 27.4 10.9% 49.0 7.4% 83.8 9.9%
Backlog 56.5 148.0 56.5 148.0
(1) Excludes restructuring charges and special items for 2001
and 2000.
Net sales in the Terex Americas group for the quarter decreased
$64.2 million to $187.8 million from $252.0 million in the third
quarter of 2000. Excluding the impact of acquisitions and
divestitures, sales declined by approximately 27% from the prior year.
Net sales continue to be impacted by double-digit revenue declines in
the construction truck and lifting businesses, offset somewhat by the
performance of the lattice boom cranes operation, which had another
strong quarter with revenues up approximately 8%. The mobile hydraulic
cranes business continues to operate under difficult conditions, but
still grew market share during the first nine months of the year.
Operating profit for the quarter was $12.1 million, or 6.4% of
sales, as compared to $27.4 million, or 10.9% of sales, for the third
quarter of 2000. Excluding acquisitions and divestitures, operating
profit was $11.9 million for the third quarter of 2001 and $28.6
million for the third quarter of 2000. Declining revenues continue to
impact the operating performance of the group. The lifting business,
although down over 20% in revenue for the quarter, maintained
double-digit operating margins, while the light construction business
reported margin improvements on declining revenues. The Cedarapids
business, however, had a negative impact on margins, as its revenues
declined over 50% and it recorded an operating loss for the quarter.
"Too much inventory remains in the Cedarapids distribution channel,
which negatively affected the third quarter," commented Ernie
Verebelyi, President, Terex Americas. "We have put plans in place to
address this issue and will work on this item over the coming months."
Operating expenses were $15.0 million, or 8% of sales, a decrease over
the third quarter of 2000. Excluding the impact of acquisitions and
divestitures, operating expenses decreased during the quarter as a
result of continued emphasis on cost control.
"The operating results for the third quarter reflect our continued
execution of Terex's variable cost structure model," said
Mr.Verebelyi. "The recently announced restructuring actions, which
include the consolidation of four facilities as well as other cost
reduction initiatives within the Terex Americas group, represents
implementation of this philosophy and will not only improve the
manufacturing efficiencies and profitability of the Company, but
position us to take full advantage of any market rebound."
Terex Europe
Third Quarter Year-to-Date
--------------------------------------------------
(dollars in millions)
2001 2000 2001 2000
% of % of % of % of
sales sales sales sales
Net sales $214.1 --- $205.3 --- $669.0 --- $716.7 ---
Gross profit 28.0 13.1% 35.3 17.2% 98.6 14.7% 121.4 16.9%
SG&A 16.5 7.7% 14.1 6.9% 47.9 7.2% 47.4 6.6%
Operating profit(1) 11.5 5.4% 21.2 10.3% 50.7 7.6% 74.0 10.3%
Backlog 71.5 72.2 71.5 72.2
(1) Excludes restructuring charges and special items for 2001 and 2000
and includes an operating loss of $0.5 million related to
businesses held for sale in the three and nine months ended
September 30, 2001.
Net sales in the Terex Europe segment reached $214.1 million
during the quarter, a 4.3% increase from last year's third quarter net
sales of $205.3 million. The Terex Europe segment benefited from the
continued strong performance of Powerscreen, the acquisition of Fermec
and the introduction of the Terex branded loader backhoe in the United
States, and the improved performance of the Company's Italian
operations, offset, however, by double-digit declines in the European
lifting business. Excluding the impact of acquisitions and
divestitures, net sales for the segment remained relatively flat with
the year ago period.
Operating profit was $11.5 million, or 5.4% of sales, during the
third quarter of 2001, compared to $21.2 million, or 10.3% of sales,
for the third quarter of 2000. Lower volume in the lifting business, a
change in the geographic mix in the construction businesses (as less
equipment was sold into the higher margin U.S. market), and foreign
exchange gains recorded in the third quarter 2000 all impacted the
comparisons. Operating expenses as a percent of sales increased to
"Although our construction business continues to be impacted by
the slowdown in the North American markets, we have been able to
penetrate and broaden our customer base throughout Europe," said Colin
Robertson, President, Terex Europe. "Given the competitive environment
in which we operate, we have also taken the necessary steps to
consolidate or close facilities where appropriate. For example, we
have announced the consolidation of the operations of our Warwick and
Tetbury facilities in the U.K. into our Manchester, U.K. facility. We
have also announced that we will be closing our Cork, Ireland facility
as we continue to exit the aerials business in Europe. These actions
are designed to improve manufacturing efficiencies, cost structure and
our competitiveness in today's business environment."
Terex Mining
Third Quarter Year-to-Date
--------------------------------------------------
(dollars in millions)
2001 2000 2001 2000
% of % of % of % of
sales sales sales sales
Net sales $91.7 --- $60.8 --- $183.5 --- $249.8 ---
Gross profit 14.8 16.1% 9.4 15.5% 37.5 20.4% 36.1 14.4%
SG&A 5.8 6.3% 9.4 15.5% 23.2 12.6% 27.8 11.1%
Operating
profit(1) 9.0 9.8% --- --- 14.3 7.8% 8.3 3.3%
Backlog 30.2 37.1 30.2 37.1
(1) Excludes restructuring charges and special items for
2001 and 2000.
Net sales in the Mining segment reached $91.7 million during the
quarter, compared to $60.8 million for the third quarter of 2000. The
results for this quarter reflected increases in sales of both new
machines and spare parts in the surface mining truck business, as well
as improvement in spare parts sales associated with the large
hydraulic shovel business. The increase in truck sales was driven by a
few large orders from companies mining coal, iron ore and diamonds.
Operating profit for the quarter was $9.0 million, or 9.8% of
sales, compared to a break-even performance (excluding special items)
for the third quarter of 2000. The performance of the Mining group was
impacted by increased volumes in the surface mining truck business, an
increase in higher margin part sales for trucks and hydraulic shovels,
and realized cost savings from restructuring actions taken in the
third quarter of 2000. Operating expenses for the quarter, excluding
special items, decreased $3.6 million to $5.8 million, or 6.3% of
sales, which relates to the reclassification of certain service
expenses from operating expenses to cost of sales, and cost savings
from restructuring actions undertaken in the third quarter of 2000.
"Mining had a strong third quarter," commented Thys De Beer,
President Terex Mining. "The orders received during the third quarter
not only helped with third quarter results but will have a positive
impact on the fourth quarter as there is approximately $30 million of
backlog in the Mining group at the end of September. Our parts
business has also performed well for us, up over 50% quarter over
quarter. We continue to see activity in the coal, iron ore and diamond
markets, with coal having the majority of the prospects over the next
year. We need to continue to focus on the customer and deliver on the
Terex value proposition."
Capital Structure
"During the third quarter, we generated $66 million in cash from
operations, reduced our leverage and strengthen our financial
condition," said Joseph F. Apuzzo, Chief Financial Officer. Net debt
at the end of the third quarter was $777.3 million, a decrease of
approximately $61 million from the second quarter of 2001. As a
result, net debt to book capitalization decreased to 63.8% at the end
of the third quarter from 66.5% at the end of the second quarter of
2001. Mr. Apuzzo added, "Reduction in working capital continues to
remain a focus of management. These results reflect our progress in
reducing financial leverage and risk through better asset utilization
and conversion of operating profit into cash flow."
Recent Development
Terex announced on October 1, 2001 that it completed the
acquisition of CMI Corporation, a manufacturer and marketer of a wide
variety of mobile equipment and materials processing equipment for the
road building and heavy construction industry. As the closing
consolidated net debt of CMI was less than the $75.25 million
threshold included in the merger agreement, each outstanding share of
CMI common stock was converted into 0.16 of a share of Terex common
stock in connection with the merger. Accordingly, Terex issued
approximately 3.6 million shares of Terex common stock in connection
with the merger. CMI now operates as a subsidiary of Terex.
Outlook
Outlook for the balance of 2001
"We continue to be faced with a challenging economic environment,"
said Ron DeFeo. "Visibility is difficult for many of our businesses at
this time. We expect continued soft activity in the North American
construction markets during the fourth quarter of 2001 as customers
defer purchases as a result of the economic uncertainty and the events
of September 11th. Based on our current forecast, we expect full-year
results from continuing operations to be in the range of $1.39 to
$1.45 per share."
Preliminary outlook for 2002
"We are in the process of building our 2002 business plan and will
be reviewing the operating assumptions for next year in depth over the
next several weeks," stated Mr. DeFeo. "At this time, absent any
further material shocks to the world economy, we believe that
operating conditions will continue to be challenging, with many of our
markets off an additional 10% or more. Nevertheless, we expect to
continue building our market share in many product categories and will
build on the acquisitions we have made and may make in the future."
Safe Harbor Statement
The above contains forward-looking information based on Terex's
current expectations. Because forward-looking statements involve risks
and uncertainties, actual results could differ materially. Such risks
and uncertainties, many of which are beyond Terex's control, include
among others, the sensitivity of construction and mining activity to
interest rates, government spending and downward economic cycles and
general economic conditions; the success of the integration of
acquired businesses; the retention of key management; foreign currency
fluctuations; pricing, product initiatives, and other actions taken by
competitors; the effect of changes in laws and regulations, including
environmental laws and regulations; the effect of debt and restrictive
covenants; and other factors, risks, uncertainties more specifically
set forth in Terex's public filings with the SEC. The forward-looking
statements herein speak only as of the date of this release. Terex
expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any forward-looking statement included in
this release to reflect any changes in Terex's expectations with
regard thereto or any changes in events, conditions, or circumstances
on which any such statement is based.
Terex Corporation is a diversified global manufacturer based in
Westport, Connecticut, with 2000 revenues in excess of $2 billion.
Terex is involved in a broad range of construction, infrastructure,
recycling and mining-related capital equipment under the brand names
of Terex, Unit Rig, Payhauler, O&K, Fermec, Benford, Powerscreen,
Finlay, B.L. Pegson, Simplicity, Cedarapids, Grayhound, CMI, Bid-Well,
Load King, Cifali, Jaques, Canica-Jaques, Lorain, PPM, P&H, Franna,
Marklift, Koehring, Bendini, RO, Telelect, Square Shooter, American,
Italmacchine, Peiner, Comedil, Matbro, Amida, Bartell, Coleman, Muller
and Morrison. More information on Terex can be found at www.terex.com.
TEREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in millions, except per share data)
(unaudited)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
-------------------------------------------------
2001 2000 2001 2000
Net sales $453.7 $475.1 $1,370.4 $1,622.1
Cost of goods sold 408.2 388.4 1,166.1 1,332.1
------- -------- --------- ---------
Gross profit 45.5 86.7 204.3 290.0
Selling, general and
administrative
expenses 41.8 39.3 123.4 124.1
------- --------- --------- ---------
Income from
operations 3.7 47.4 80.9 165.9
Other income (expense):
Interest income 2.8 1.6 6.6 4.1
Interest expense (21.9) (26.0) (66.1) (77.7)
Gain on sales of
businesses --- 57.2 --- 57.2
Other income (expense)
- net (0.6) (0.2) (1.5) (1.8)
-------- -------- --------- --------
Income (loss) before
income taxes
and extraordinary
items (16.0) 80.0 19.9 147.7
Provision for income
taxes 5.1 (30.3) (6.4) (51.9)
-------- --------- -------- --------
Income (loss) before
extraordinary items (10.9) 49.7 13.5 95.8
Extraordinary loss on
retirement of debt --- --- (2.3) ---
---------- --------- ---------- --------
Net income (loss) $(10.9) $49.7 $11.2 $95.8
========== ========= ========== ========
EARNINGS PER SHARE:-
Basic:
Income (loss) before
extraordinary
items $(0.41) $1.84 $0.50 $3.51
Extraordinary loss
on retirement
of debt --- --- (0.08) ---
Net income
(loss) $(0.41) $1.84 $0.42 $3.51
Diluted:
Income (loss) before
extraordinary
items $(0.39) $1.79 $0.48 $3.41
Extraordinary loss
on retirement
of debt --- --- (0.08) ---
Net income (loss) $(0.39) $1.79 $0.40 $3.41
============ ========== ========== ======
Weighted average number of
common and common
equivalent shares
outstanding in per share
calculation
Basic 26.9 27.0 26.9 27.3
Diluted 27.9 27.8 27.7 28.1
TEREX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(In millions, except par value)
(Unaudited)
September 30, December 31,
2001 2000
------------------------------
CURRENT ASSETS
Cash and cash equivalents $260.8 $181.4
Trade receivables 349.8 360.2
Inventories 656.6 598.1
Deferred taxes 51.5 51.0
Other current assets 54.1 51.7
---------- ------------
Total Current Assets 1,372.8 1,242.4
LONG-TERM ASSETS
Property, plant and equipment 137.0 153.9
Goodwill 484.1 491.4
Deferred taxes 27.2 21.2
Other assets 104.9 74.8
------------ ------------
TOTAL ASSETS $2,126.0 $1,983.7
============= ============
CURRENT LIABILITIES
Notes payable and current portion of
long-term debt $28.9 $20.5
Trade accounts payable 322.5 311.2
Accrued compensation and benefits 28.7 25.9
Accrued warranties and product liability 63.1 65.2
Other current liabilities 168.4 152.8
---------------- ---------
Total Current Liabilities 611.6 575.6
NON CURRENT LIABILITIES
Long-term debt, less current portion 1,009.2 882.0
Other 63.3 74.6
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Equity rights 0.7 0.7
Common Stock, $0.01 par value -
Authorized 150.0 shares; issued 28.0 and 27.9
shares at September 30, 2001 and
December 31, 2000,
respectively 0.3 0.3
Additional paid-in capital 360.9 358.9
Retained earnings 198.3 187.1
Accumulated other comprehensive income (100.8) (78.5)
Less cost of shares of common stock in
treasury (1.1 shares) (17.5) (17.0)
----------- -----------
Total Stockholders' Equity 441.9 451.5
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $2,126.0 $1,983.7
=========== ===========
TEREX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)
(unaudited)
Nine Months Ended
September 30,
---------------------
2001 2000
OPERATING ACTIVITIES
Net income $11.2 $95.8
Adjustments to reconcile net income to cash
provided by (used in)
operating activities:
Depreciation 16.2 16.6
Amortization 13.0 14.8
Extraordinary loss on retirement of debt 2.3 ---
Gain on sale of businesses --- (34.2)
Gain on sale of fixed assets (1.3) (0.4)
Restructuring charges 19.5 ---
Changes in operating assets and liabilities
(net of effects of acquisitions):
Trade receivables 13.8 5.9
Net inventories (56.4) 32.5
Trade accounts payable 5.4 34.7
Other, net (47.7) (34.0)
---------------------
Net cash provided by (used in)
operating activities (24.0) 131.7
---------------------
INVESTING ACTIVITIES
Acquisition of businesses, net of cash
acquired (10.4) (4.1)
Proceeds from sale of businesses --- 144.3
Capital expenditures (9.3) (17.7)
Proceeds from sale of assets 3.7 9.2
Other (3.4) ---
--------------------
Net cash provided by (used in)
investing activities (19.4) 131.7
--------------------
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt,
net of issuance costs 287.9 ---
Principal repayments of long-term debt (194.2) (58.3)
Net borrowings (repayments) under revolving
line of credit agreements 29.2 (56.0)
Purchase of common stock held in treasury --- (14.7)
Other (1.0) (3.3)
--------------------
Net cash provided by (used in)
financing activities 121.9 (132.3)
--------------------
EFFECT OF EXCHANGE RATE CHANGES ON
CASH AND CASH EQUIVALENTS 0.9 (3.6)
--------------------
NET INCREASE IN CASH AND CASH EQUIVALENTS 79.4 127.5
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 181.4 133.3
--------------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $260.8 $260.8
====================
TEREX CORPORATION AND SUBSIDIARIES
BUSINESS SEGMENT INFORMATION
(in millions)
(unaudited)
Sales
Q3-01 Q2-01 Q1-01 Q4-00 Q3-00 Q2-00 Q1-00
----- ----- ----- ----- ----- ----- -----
Americas $187.8 $235.5 $238.3 $249.6 $252.0 $306.3 $287.5
Europe 214.1 231.0 223.9 178.4 205.3 269.0 242.4
Mining 91.7 30.7 61.1 69.5 60.8 95.5 93.5
Eliminations/Corp (39.9) (57.9) (45.9) (50.9) (43.0) (77.3) (69.9)
------ ------ ------ ------ ------ ------ ------
Total $453.7 $439.3 $477.4 $446.6 $475.1 $593.5 $553.5
====== ====== ====== ======= ====== ====== ======
Income from Operations
Americas $1.2 $17.8 $19.1 $21.8 $29.2 $29.0 $27.4
Europe (5.6) 23.2 16.0 9.1 21.2 31.5 21.3
Mining 8.3 (0.9) 3.0 3.4 (4.8) 2.7 5.6
Eliminations/Corp (0.2) (0.9) (0.1) (1.9) 1.8 0.3 0.7
------ ------ ------ ------ ------ ------ -----
Total $3.7 $39.2 $38.0 $32.4 $47.4 $63.5 $55.0
======= ====== ====== ====== ====== ====== =====
Income from Operations
(Excluding Non-Recurring)
Americas $12.1 $17.8 $19.1 $26.6 $27.4 $29.0 $27.4
Europe 11.5 23.2 16.0 12.0 21.2 31.5 21.3
Mining 9.0 2.3 3.0 3.4 --- 2.7 5.6
Eliminations/Corp (0.2) (0.9) (0.1) 0.7 1.8 0.3 0.7
------- ------ ------- ----- ------ ----- ------
Total $32.4 $42.4 $38.0 $42.7 $50.4 $63.5 $55.0
====== ======= ====== ====== ====== ====== ======
Depreciation and Amortization
Americas $3.1 $3.1 $3.6 $3.6 $3.7 $3.3 $3.6
Europe 4.1 4.0 4.2 4.6 3.9 4.3 5.2
Mining 1.5 1.4 1.4 1.1 1.6 1.6 1.5
Eliminations/Corp 1.1 1.1 0.6 0.8 0.9 0.9 0.9
------ ----- ------ ------ ------ ----- -----
Total $9.8 $9.6 $9.8 $10.1 $10.1 $10.1 $11.2
======= ===== ===== ======== ===== ===== =====
Capital Expenditures
Americas $0.3 $1.5 $2.4 $2.9 $6.1 $1.9 $2.6
Europe 1.4 2.1 1.0 3.4 1.1 2.5 2.1
Mining 0.2 0.1 0.1 0.2 0.4 0.3 0.7
Eliminations/Corp 0.1 --- 0.1 --- --- --- ---
------ ----- ------ ------ ------ ------ ----
Total $2.0 $3.7 $3.6 $6.5 $7.6 $4.7 $5.4
======= ====== ======= ======= ====== ====== ====
| CONTACT: |
TEREX CORPORATION |
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| |
Kevin O'Reilly |
|---|
| |
Vice President |
|---|
| |
(203) 222-5943 |
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|
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