WESTPORT, Conn.--(BUSINESS WIRE)--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 of
2011. Excluding the costs associated with debt repayment and certain
other items in the fourth quarter of 2012, income from continuing
operations as adjusted would have been $21.9 million, or $0.19 per
share. Excluding the impact of certain items in the fourth quarter of
2011, income from continuing operations as adjusted would have been
$27.3 million, or $0.25 per share.
Net sales were $1,695.5 million in the fourth quarter of 2012, a
decrease of 13.3% from $1,956.6 million in the fourth quarter of 2011.
Income from operations was $27.9 million in the fourth quarter of 2012,
a decrease of $3.2 million when compared to income from operations of
$31.1 million in the fourth quarter of 2011. Excluding the impact of
certain items in the fourth quarter of 2012, income from operations
as adjusted was approximately $77 million. Excluding the impact of
certain items in the fourth quarter of 2011, income from operations
as adjusted was approximately $74 million.
All results are for continuing operations, unless stated otherwise. All
per share amounts are on a fully diluted basis.
“We made significant progress in 2012. Our primary goals were margin
improvement, cash generation and the integration of Demag Cranes AG. We
made excellent advancement in these areas and more during the year,”
commented Ron DeFeo Terex Chairman and CEO. “We were impacted in the
second half of the year by challenging end markets in Europe and Asia
but we still meaningfully improved our profitability, generated
approximately $554 million of free cash flow, restructured and
reduced our debt, and began to realize integration savings as planned.”
Mr. DeFeo continued, “We are optimistic about our business as we begin
2013. We are seeing improvements in many of our end-markets and believe
the macro-economic uncertainty that affected our fourth quarter
performance will abate by the middle of 2013. Three segments performed
well in 2012 and we expect this to continue in 2013. Our Aerial Work
Platforms (AWP) segment is continuing to benefit from North American
rental channel demand. Cranes performance is expected to remain strong
in North America and in certain developing market regions. The Materials
Processing (MP) segment performance remains solid. Both the Cranes and
MP segments delivered double digit operating margin in the fourth
quarter of 2012.”
“The remaining two segments did not perform as well in 2012. We have
made good progress with the integration of our Materials Handling & Port
Solutions (MHPS) segment. Full year 2012 EBITDA as adjusted
for MHPS was approximately $101 million. Benefits are expected from cost
synergies globally to help offset weak European markets. In 2013, we
expect to exceed the originally targeted $35 million in annual savings
and weak markets should stabilize later in the year. The benefits of the
big port projects we have won are also expected to be seen in our
results in the back half of 2013 and 2014.
“We continue to take strategic actions in our Construction segment. We
recently announced an agreement to sell or exit the majority of our
roadbuilding product lines. In addition, we plan to exit a number of
compact construction component manufacturing businesses in Germany. Many
of these businesses were generating poor returns and we expect these
actions to improve operating results as the year progresses. We will
continue to rationalize costs in our Construction businesses while
pursuing non-traditional distribution channels such as the recently
announced supply agreement with Takeuchi.”
Outlook
Entering 2013, the Company remains committed to profitable growth,
generating cash and realizing the integration benefits of MHPS.
Mr. DeFeo commented, “While balancing the different demand environments
in each of our businesses, we are expecting 2013 earnings per share to
be between $2.40 and $2.70 (excluding restructuring and unusual items)
on net sales of between $7.9 billion and $8.3 billion. Similar to 2012,
we expect to generate more than $500 million in free cash flow during
2013, with an aim to further reduce outstanding indebtedness.”
“Over the past several years, we have been diversifying and
repositioning our business portfolio to strengthen the competitiveness
of our Company. We have moved from what was predominantly a mining and
construction equipment company to a more diverse provider of lifting and
material handling solutions that serve numerous end markets where we
have leadership positions. We have established a 2015 earnings per share
goal of $5 from $10 billion in net sales and with a 15% return on
invested capital. We believe these targets can be achieved through
organic growth and operational improvements.”
Fourth Quarter Performance Review
In this press release, Terex refers to various GAAP (U.S. generally
accepted accounting principles) and non-GAAP financial measures. These
non-GAAP measures may not be comparable to similarly titled measures
being disclosed by other companies. Terex believes that this
non-GAAP information is useful to understanding its operating results
and the ongoing performance of its underlying businesses. Certain
financial measures are shown in italics the first time referenced and
are described in a Glossary at the end of this press release. Effective
July 1, 2012, the Company realigned certain operations to provide a
single source for serving port equipment customers. The Company’s
Port Equipment Business and French reach stacker business, both formerly
reported in the Company’s Cranes segment, were consolidated within the
MHPS segment and the results of those businesses are now included in the
results of MHPS. The historical results have been reclassified to
give effect to this change. Subsequent to December 31, 2012, the
Company realigned certain operations in an effort to strengthen its
ability to service customers and to recognize certain organizational
efficiencies. The Utilities business, formerly part of the AWP
segment, will be consolidated within the Cranes segment for financial
reporting periods beginning on or after January 1, 2013. The
Crane America Services business, formerly part of the MHPS segment, and
the legacy services business, formerly part of the AWP segment, will
both be consolidated within the Cranes segment for financial reporting
periods beginning on or after January 1, 2013 and will be run together
as the Company’s North America Services business.
Terex Aerial Work Platforms: Net
sales for the AWP segment for the fourth quarter of 2012 increased $22.0
million, or 5.0%, to $459.4 million versus the fourth quarter of 2011.
This increase was primarily due to continued fleet replenishment in
North America and stronger price realization. Increased service
penetration in the aerials and utilities businesses also contributed to
the increase. This was partially offset by lower sales of telehandlers
due to a planned production shutdown as the business converted to a new
product design that is now in production and shipping.
Income from operations in the fourth quarter of 2012 was $42.6 million,
or 9.3% of net sales, compared to income from operations of $26.2
million, or 6.0% of net sales, during the fourth quarter of 2011. Income
from operations was negatively impacted by increased inventory charges
which was more than offset by benefits from improved price realization
and customer mix.
Terex Construction: Net sales for
the Construction segment for the fourth quarter of 2012 decreased $142.6
million, or 34.9%, to $266.4 million versus the fourth quarter of 2011.
The Company continued to see weakness primarily due to weak order intake
earlier in 2012 for various types of construction equipment,
particularly with softness in material handlers resulting from low steel
scrap prices and decreased utilization on existing equipment. The
Company’s compact construction equipment in Western Europe and rigid
trucks in developing markets also experienced decreased sales when
compared with the same period in 2011.
Loss from operations in the fourth quarter of 2012 was $44.9 million, or
16.9% of net sales, compared to a loss from operations of $2.8 million,
or 0.7% of net sales, during the fourth quarter of 2011. Operating
results were negatively impacted with a fourth quarter charge of $33
million related to the decision to exit or sell certain compact
construction component manufacturing businesses in Germany and
roadbuilding businesses in the U.S. and Brazil. Lower sales volumes,
partially offset by improved price realization and cost savings
initiatives taken in 2011 and 2012, also negatively impacted operating
results. The Company has taken further actions to decrease production to
match current market demand during the first quarter of 2013.
Terex Cranes: Net sales for the
Cranes segment for the fourth quarter of 2012 decreased $40.4 million,
or 9.3%, to $394.9 million versus the fourth quarter of 2011. Net sales
were negatively impacted by reduced demand in Western Europe. This was
partially offset by strong demand in North America, Australia and the
Middle East. Sales in the Middle East more than doubled from the same
period last year, particularly in Turkey and Saudi Arabia.
Income from operations in the fourth quarter of 2012 was $45.7 million,
or 11.6% of net sales, compared with income from operations of $14.0
million, or 3.2% of net sales, during the fourth quarter of 2011.
Operating results benefited from improved price realization, cost
reduction actions implemented in the prior year and an increase in
aftermarket sales.
Terex Material Handling & Port Solutions:
Net sales for the MHPS segment for the fourth quarter of 2012 decreased
$80.3 million, or 15.4%, to $439.6 million versus the fourth quarter of
2011. Net sales decreased primarily due to weakness in sales of port
equipment compared to the same period last year, as well as reduced
volumes of standard material handling cranes and light crane systems.
Loss from operations was $21.9 million, or 5.0% of net sales, as
compared with a loss from operations of $19.8 million, or 3.8% of net
sales, during the fourth quarter of 2011. Operating performance
decreased due to lower volumes, an unfavorable product mix and higher
material costs, as well as approximately $16 million in charges for
restructuring actions and accruals related to Brazilian post-employment
benefit programs. For comparison purposes, approximately $22 million of
acquisition related inventory revaluation charges in 2011 did not recur
in 2012.
Terex Materials Processing: Net sales for
the MP segment for the fourth quarter of 2012 decreased $18.7 million,
or 10.9%, to $152.1 million versus the fourth quarter of 2011. While
there were pockets of weakness globally driven by macroeconomic
uncertainty, many end markets have stabilized. Decreased net sales were
driven primarily by continued softness in Western European markets for
the segment’s screening products. This was partially offset by continued
strength in North America and Australia driven by a broad range of end
markets.
Income from operations in the fourth quarter of 2012 was $16.2 million,
or 10.7% of net sales, compared to income from operations of $13.7
million, or 8.0% of net sales, during the fourth quarter of 2011.
Operating performance improved primarily due to favorable manufacturing
expense driven by supply chain savings as well as lower production and
warranty costs.
Interest and Other income (expense): Net
interest expense decreased by approximately $4 million from the fourth
quarter of 2011 primarily due to the retirement of debt during the past
year. Other expense decreased in the fourth quarter of 2012 by $3.4
million compared to other expense in the prior year quarter.
Additionally, the Company recorded an expense of $30.7 million in the
fourth quarter of 2012, primarily associated with redemption of the
Company’s 8% Senior Subordinated Notes, repricing of the outstanding
term loans and the issuance of the Company’s 6% Senior Notes.
Taxes: The effective tax rate for the
fourth quarter of 2012 was 20.5% as compared to an effective tax rate of
64.2% for the fourth quarter of 2011. The lower effective tax rate for
the fourth quarter of 2012 was primarily attributable to losses for
which no tax benefit was recognized.
Capital Structure: The Company’s liquidity
at December 31, 2012 increased by approximately $149.6 million compared
to September 30, 2012 and totaled $1,132.6 million, which comprised cash
of $678.0 million and borrowing availability under the Company’s
revolving credit facilities of $454.6 million. The increase was mainly
due to operational cash generation. During the quarter, the Company
issued $850 million of 6% Senior Notes and used the proceeds to redeem
all of the $800 million outstanding on the 8% Senior Subordinated notes.
Cash provided by operations in the fourth quarter of 2012 was
approximately $154 million as compared to approximately $130 million for
the fourth quarter of 2011. Debt, less cash and cash equivalents,
decreased approximately $101 million in the fourth quarter of 2012, to
$1,420.7 million, compared to the third quarter of 2012, due to the
positive cash flow generation.
Phil Widman, Senior Vice President and Chief Financial Officer
commented, “I am pleased with our free cash flow generation in 2012.
This allowed us to substantially reshape our capital structure, lower
our interest expense and extend out maturities by an additional four
years. We expect to make further progress in improving our balance sheet
in 2013, by further reducing our debt.”
Return on Invested Capital (ROIC) was 8.0% for the period ended December
31, 2012, reflecting the improved income from operations as well as our
cash generation.
The ratio of Debt, less cash and cash equivalents to EBITDA, as adjusted,
improved from 4.9 at December 31, 2011 to 2.3 at December 31, 2012,
primarily due to the increased earnings of the Company in 2012 versus
2011, as well as the focus on cash generation.
Working Capital: Working Capital as
a percent of Trailing Three Month Annualized Net Sales was 27.2%
at December 31, 2012, as compared to 26.6% at September 30, 2012. The
increase was largely due to seasonal decline and softening demand in
some segments and geographies. The Company now has a significant cash
balance related to customer advances for orders to fund inventory
purchases required for products with long lead times. As a result, the
definition of Working Capital has been modified to include the advance
payments. The Company is targeting its Working Capital as a percentage
of Trailing Three Month Annualized Net Sales to be approximately 22% at
the end of 2013.
Backlog: Backlog for orders
deliverable during the next twelve months was approximately $2,009
million at December 31, 2012, an increase of approximately 17% from
September 30, 2012 and a decrease of approximately 7% from December 31,
2011.
The Company continued to see healthy levels of backlog at year end.
Contributing to the sequential increase were the orders for AWP products
driven largely by the recurring fleet orders the Company referenced
during its third quarter results. For the quarter, AWP had its highest
bookings level in more than four years with some machines now booked for
delivery in the second half of 2013. This contributed to a 73% increase
in AWP backlog from September 30, 2012. Overall, AWP customers continue
to replace historically old fleets in order to have sufficient product
available to meet the current utilization and are displaying confidence
in expected end user demand.
The Company’s Construction segment backlog increased by approximately
56% from September 30, 2012 primarily due to a large annual order for
material handlers in Germany, increased demand for the Company’s new
concrete mixer trucks, and initial orders from the previously announced
supply agreement for eight models of skid steer loaders for Takeuchi.
Backlog decreased year-over-year primarily due to lower demand for
compact construction equipment products during the same quarter in 2012
and the effect of a high backlog in 2011 due to long lead times for
these products.
The Cranes backlog decreased primarily due to the segment’s focus on
margins and from lower demand for all-terrain cranes in most European
markets due to macro-economic headwinds. This was largely offset by
continued strong demand in North America for rough terrain and truck
cranes.
MHPS backlog decreased primarily due to a decrease in orders for mobile
harbor cranes and industrial cranes, mostly due to a dampened European
economic environment. This was partially offset by incremental
components of the large automated port equipment orders placed in July
2012 now being recognized within the reported 12-month backlog.
The Company’s MP segment experienced a quarter-over-quarter increase in
backlog mainly due to increased demand in North America. The
year-over-year backlog decline reflected continued weakness in orders
from European customers as compared to the end of 2011. Macro-economic
uncertainty continued to keep customers on the sidelines and financial
lending requirements for this type of equipment force prospective buyers
in many cases to rent rather than buy. The trend within the industry
continues to move toward more flexible and mobile solutions, and the
type of equipment the segment produces is expected to recover as
customer financing and confidence returns.
The Glossary contains further details regarding backlog.
Conference call
The Company will host a one-hour conference call to review the financial
results on Wednesday, February 20, 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.
Forward-Looking Statements
This press release contains forward-looking information regarding future
events or the Company’s future financial performance based on the
current expectations of Terex Corporation. In addition, when included in
this press release, the words “may,” “expects,” “intends,”
“anticipates,” “plans,” “projects,” “estimates” and the negatives
thereof and analogous or similar expressions are intended to identify
forward-looking statements. However, the absence of these words does not
mean that the statement is not forward-looking. The Company has based
these forward-looking statements on current expectations and projections
about future events. These statements are not guarantees of future
performance.
Because forward-looking statements involve risks and uncertainties,
actual results could differ materially. Such risks and uncertainties,
many of which are beyond the control of Terex, include among others: Our
business is cyclical and weak general economic conditions affect the
sales of our products and financial results; our ability to successfully
integrate acquired businesses, including Demag Cranes AG; the need to
comply with restrictive covenants contained in our debt agreements; our
ability to generate sufficient cash flow to service our debt obligations
and operate our business; our ability to access the capital markets to
raise funds and provide liquidity; our business is sensitive to
government spending; our business is very competitive and is affected by
our cost structure, pricing, product initiatives and other actions taken
by competitors; our ability to timely manufacture and deliver products
to customers; our retention of key management personnel; the financial
condition of suppliers and customers, and their continued access to
capital; our providing financing and credit support for some of our
customers; we may experience losses in excess of recorded reserves;
impairment in the carrying value of goodwill and other indefinite-lived
intangible assets; our ability to obtain parts and components from
suppliers on a timely basis at competitive prices; our business is
global and subject to changes in exchange rates between currencies,
regional economic conditions and trade restrictions; our operations are
subject to a number of potential risks, including compliance with
changing regulatory environments, the Foreign Corrupt Practices Act and
other similar laws and political instability; a material disruption to
one of our significant facilities; possible work stoppages and other
labor matters; compliance with changing laws and regulations,
particularly environmental and tax laws and regulations; litigation,
product liability claims, patent claims, class action lawsuits and other
liabilities; our ability to comply with an injunction and related
obligations resulting from the settlement of an investigation by the
United States Securities and Exchange Commission (“SEC”); our
implementation of a global enterprise system and its performance; and
other factors, risks and uncertainties that are more specifically set
forth in our public filings with the SEC.
Actual events or the actual future results of Terex may differ
materially from any forward-looking statement due to these and other
risks, uncertainties and significant factors. The forward-looking
statements 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 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 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, quarrying, manufacturing, mining,
shipping, transportation, refining, energy and utility industries. Terex
offers financial products and services to assist in the acquisition of
Terex equipment through Terex Financial Services. Terex uses its website
to make information available to its investors and the market at www.terex.com.
|
TEREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(unaudited)
(in millions, except per share data)
|
|
|
|
|
|
|
Three Months
Ended December 31,
|
|
|
|
Twelve Months
Ended December 31,
|
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
2012
|
|
|
|
2011
|
Net sales
|
|
|
|
|
$
|
1,695.5
|
|
|
|
|
$
|
1,956.6
|
|
|
|
|
$
|
7,348.4
|
|
|
|
|
$
|
6,504.6
|
|
Cost of goods sold
|
|
|
|
|
|
(1,387.9
|
)
|
|
|
|
|
(1,654.0
|
)
|
|
|
|
|
(5,902.8
|
)
|
|
|
|
|
(5,544.3
|
)
|
Gross profit
|
|
|
|
|
|
307.6
|
|
|
|
|
|
302.6
|
|
|
|
|
|
1,445.6
|
|
|
|
|
|
960.3
|
|
Selling, general and administrative expenses
|
|
|
|
|
|
(279.7
|
)
|
|
|
|
|
(271.5
|
)
|
|
|
|
|
(1,047.0
|
)
|
|
|
|
|
(879.1
|
)
|
Income (loss) from operations
|
|
|
|
|
|
27.9
|
|
|
|
|
|
31.1
|
|
|
|
|
|
398.6
|
|
|
|
|
|
81.2
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
|
2.4
|
|
|
|
|
|
6.0
|
|
|
|
|
|
8.8
|
|
|
|
|
|
14.3
|
|
Interest expense
|
|
|
|
|
|
(34.6
|
)
|
|
|
|
|
(41.7
|
)
|
|
|
|
|
(164.6
|
)
|
|
|
|
|
(134.9
|
)
|
Loss on early extinguishment of debt
|
|
|
|
|
|
(30.7
|
)
|
|
|
|
|
-
|
|
|
|
|
|
(83.0
|
)
|
|
|
|
|
(7.7
|
)
|
Amortization of debt issuance costs
|
|
|
|
|
|
(2.3
|
)
|
|
|
|
|
(3.0
|
)
|
|
|
|
|
(9.6
|
)
|
|
|
|
|
(8.1
|
)
|
Other income (expense) – net
|
|
|
|
|
|
0.8
|
|
|
|
|
|
(1.9
|
)
|
|
|
|
|
5.4
|
|
|
|
|
|
139.7
|
|
Income (loss) from continuing operations before income taxes
|
|
|
|
|
|
(36.5
|
)
|
|
|
|
|
(9.5
|
)
|
|
|
|
|
155.6
|
|
|
|
|
|
84.5
|
|
(Provision for) benefit from income taxes
|
|
|
|
|
|
7.5
|
|
|
|
|
|
6.1
|
|
|
|
|
|
(54.2
|
)
|
|
|
|
|
(50.4
|
)
|
Income (loss) from continuing operations
|
|
|
|
|
|
(29.0
|
)
|
|
|
|
|
(3.4
|
)
|
|
|
|
|
101.4
|
|
|
|
|
|
34.1
|
|
Income (loss) from discontinued operations – net of tax
|
|
|
|
|
|
(0.7
|
)
|
|
|
|
|
-
|
|
|
|
|
|
1.8
|
|
|
|
|
|
5.8
|
|
Gain (loss) on disposition of discontinued operations- net of tax
|
|
|
|
|
|
(1.9
|
)
|
|
|
|
|
1.3
|
|
|
|
|
|
0.4
|
|
|
|
|
|
0.8
|
|
Net income (loss)
|
|
|
|
|
|
(31.6
|
)
|
|
|
|
|
(2.1
|
)
|
|
|
|
|
103.6
|
|
|
|
|
|
40.7
|
|
Net (income) loss attributable to noncontrolling interest
|
|
|
|
|
|
(1.7
|
)
|
|
|
|
|
(0.8
|
)
|
|
|
|
|
2.2
|
|
|
|
|
|
4.5
|
|
Net income (loss) attributable to Terex Corporation
|
|
|
|
|
$
|
(33.3
|
)
|
|
|
|
$
|
(2.9
|
)
|
|
|
|
$
|
105.8
|
|
|
|
|
$
|
45.2
|
|
Amounts attributable to Terex Corporation common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
|
|
$
|
(30.7
|
)
|
|
|
|
$
|
(4.2
|
)
|
|
|
|
$
|
103.6
|
|
|
|
|
$
|
38.6
|
|
Income (loss) from discontinued operations – net of tax
|
|
|
|
|
|
(0.7
|
)
|
|
|
|
|
-
|
|
|
|
|
|
1.8
|
|
|
|
|
|
5.8
|
|
Gain (loss) on disposition of discontinued operations – net of tax
|
|
|
|
|
|
(1.9
|
)
|
|
|
|
|
1.3
|
|
|
|
|
|
0.4
|
|
|
|
|
|
0.8
|
|
Net income (loss) attributable to Terex Corporation
|
|
|
|
|
$
|
(33.3
|
)
|
|
|
|
$
|
(2.9
|
)
|
|
|
|
$
|
105.8
|
|
|
|
|
$
|
45.2
|
|
Basic Earnings (loss) Per Share Attributable to Terex Corporation
Common Stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
|
|
$
|
(0.28
|
)
|
|
|
|
$
|
(0.04
|
)
|
|
|
|
$
|
0.94
|
|
|
|
|
$
|
0.35
|
|
Income (loss) from discontinued operations – net of tax
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
0.02
|
|
|
|
|
|
0.05
|
|
Gain (loss) on disposition of discontinued operations – net of tax
|
|
|
|
|
|
(0.02
|
)
|
|
|
|
|
0.01
|
|
|
|
|
|
-
|
|
|
|
|
|
0.01
|
|
Net income (loss) attributable to Terex Corporation
|
|
|
|
|
$
|
(0.30
|
)
|
|
|
|
$
|
(0.03
|
)
|
|
|
|
$
|
0.96
|
|
|
|
|
$
|
0.41
|
|
Diluted Earnings (loss) Per Share Attributable to Terex Corporation
Common Stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
|
|
$
|
(0.28
|
)
|
|
|
|
$
|
(0.04
|
)
|
|
|
|
$
|
0.91
|
|
|
|
|
$
|
0.35
|
|
Income (loss) from discontinued operations – net of tax
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
|
0.02
|
|
|
|
|
|
0.05
|
|
Gain (loss) on disposition of discontinued operations – net of tax
|
|
|
|
|
|
(0.02
|
)
|
|
|
|
|
0.01
|
|
|
|
|
|
-
|
|
|
|
|
|
0.01
|
|
Net income (loss) attributable to Terex Corporation
|
|
|
|
|
$
|
(0.30
|
)
|
|
|
|
$
|
(0.03
|
)
|
|
|
|
$
|
0.93
|
|
|
|
|
$
|
0.41
|
|
Weighted average number of shares outstanding in per share
calculation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
110.5
|
|
|
|
|
|
109.7
|
|
|
|
|
|
110.3
|
|
|
|
|
|
109.5
|
|
Diluted
|
|
|
|
|
|
110.5
|
|
|
|
|
|
109.7
|
|
|
|
|
|
113.9
|
|
|
|
|
|
110.7
|
|
|
|
TEREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(unaudited)
(in millions, except par value)
|
|
|
|
|
|
|
December 31,
2012
|
|
|
|
December 31,
2011
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
678.0
|
|
|
|
|
$
|
774.1
|
|
Trade receivables (net of allowance of $38.8 and $42.5 at December
31, 2012 and
2011, respectively)
|
|
|
|
|
|
1,077.7
|
|
|
|
|
|
1,178.1
|
|
Inventories
|
|
|
|
|
|
1,715.6
|
|
|
|
|
|
1,758.1
|
|
Other current assets
|
|
|
|
|
|
326.1
|
|
|
|
|
|
342.9
|
|
Total current assets
|
|
|
|
|
|
3,797.4
|
|
|
|
|
|
4,053.2
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment – net
|
|
|
|
|
|
813.3
|
|
|
|
|
|
835.5
|
|
Goodwill
|
|
|
|
|
|
1,245.3
|
|
|
|
|
|
1,232.9
|
|
Intangible assets – net
|
|
|
|
|
|
474.4
|
|
|
|
|
|
519.5
|
|
Other assets
|
|
|
|
|
|
418.7
|
|
|
|
|
|
422.3
|
|
Total assets
|
|
|
|
|
$
|
6,749.1
|
|
|
|
|
$
|
7,063.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Notes payable and current portion of long-term debt
|
|
|
|
|
$
|
83.8
|
|
|
|
|
$
|
77.0
|
|
Trade accounts payable
|
|
|
|
|
|
635.5
|
|
|
|
|
|
764.6
|
|
Accrued compensation and benefits
|
|
|
|
|
|
226.2
|
|
|
|
|
|
222.3
|
|
Accrued warranties and product liability
|
|
|
|
|
|
97.6
|
|
|
|
|
|
111.0
|
|
Customer advances
|
|
|
|
|
|
312.9
|
|
|
|
|
|
223.2
|
|
Income taxes payable
|
|
|
|
|
|
87.7
|
|
|
|
|
|
185.2
|
|
Other current liabilities
|
|
|
|
|
|
272.3
|
|
|
|
|
|
307.6
|
|
Total current liabilities
|
|
|
|
|
|
1,716.0
|
|
|
|
|
|
1,890.9
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
|
|
|
2,014.9
|
|
|
|
|
|
2,223.4
|
|
Retirement plans
|
|
|
|
|
|
430.7
|
|
|
|
|
|
344.6
|
|
Other non-current liabilities
|
|
|
|
|
|
309.3
|
|
|
|
|
|
416.1
|
|
Total liabilities
|
|
|
|
|
|
4,470.9
|
|
|
|
|
|
4,875.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable noncontrolling interest
|
|
|
|
|
|
246.9
|
|
|
|
|
|
-
|
|
Stockholders’ equity
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, $.01 par value – authorized 300.0 shares; issued
122.9 and 121.9
shares at December 31, 2012 and 2011, respectively
|
|
|
|
|
|
1.2
|
|
|
|
|
|
1.2
|
|
Additional paid-in capital
|
|
|
|
|
|
1,260.7
|
|
|
|
|
|
1,271.8
|
|
Retained earnings
|
|
|
|
|
|
1,467.7
|
|
|
|
|
|
1,361.9
|
|
Accumulated other comprehensive (loss) income
|
|
|
|
|
|
(124.1
|
)
|
|
|
|
|
(125.5
|
)
|
Less cost of shares of common stock in treasury – 13.0 and 13.1
shares at December
31, 2012 and 2011, respectively
|
|
|
|
|
|
(597.8
|
)
|
|
|
|
|
(599.1
|
)
|
Total Terex Corporation stockholders’ equity
|
|
|
|
|
|
2,007.7
|
|
|
|
|
|
1,910.3
|
|
Noncontrolling interest
|
|
|
|
|
|
23.6
|
|
|
|
|
|
278.1
|
|
Total stockholders’ equity
|
|
|
|
|
|
2,031.3
|
|
|
|
|
|
2,188.4
|
|
Total liabilities, redeemable noncontrolling interest and
stockholders’ equity
|
|
|
|
|
$
|
6,749.1
|
|
|
|
|
$
|
7,063.4
|
|
|
|
TEREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited) (in millions)
|
|
|
|
|
|
|
Twelve Months
Ended December 31,
|
|
|
|
|
|
2012
|
|
|
|
2011
|
Operating Activities of Continuing Operations
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
|
|
$
|
103.6
|
|
|
|
|
$
|
40.7
|
|
Adjustments to reconcile net income to net cash provided by (used
in) operating
activities of continuing operations:
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations
|
|
|
|
|
|
(2.2
|
)
|
|
|
|
|
(6.6
|
)
|
Depreciation and amortization
|
|
|
|
|
|
153.0
|
|
|
|
|
|
126.6
|
|
Deferred taxes
|
|
|
|
|
|
(25.2
|
)
|
|
|
|
|
(2.0
|
)
|
Gain on sale of assets
|
|
|
|
|
|
(5.9
|
)
|
|
|
|
|
(173.5
|
)
|
Loss on early extinguishment of debt
|
|
|
|
|
|
99.0
|
|
|
|
|
|
7.7
|
|
Stock-based compensation expense
|
|
|
|
|
|
29.1
|
|
|
|
|
|
23.4
|
|
Changes in operating assets and liabilities (net of effects of
acquisitions and divestitures):
|
|
|
|
|
|
|
|
|
|
|
|
Trade receivables
|
|
|
|
|
|
122.5
|
|
|
|
|
|
(181.2
|
)
|
Inventories
|
|
|
|
|
|
(55.0
|
)
|
|
|
|
|
(26.1
|
)
|
Trade accounts payable
|
|
|
|
|
|
(126.3
|
)
|
|
|
|
|
64.6
|
|
Other, net
|
|
|
|
|
|
(0.3
|
)
|
|
|
|
|
149.1
|
|
Net cash provided by (used in) operating activities of continuing
operations
|
|
|
|
|
|
292.3
|
|
|
|
|
|
22.7
|
|
Investing Activities of Continuing Operations
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
|
|
(82.5
|
)
|
|
|
|
|
(79.1
|
)
|
Acquisitions of businesses, net of cash acquired
|
|
|
|
|
|
(3.4
|
)
|
|
|
|
|
(1,035.2
|
)
|
Other investments
|
|
|
|
|
|
(24.1
|
)
|
|
|
|
|
(16.1
|
)
|
Proceeds from disposition of discontinued operations
|
|
|
|
|
|
3.5
|
|
|
|
|
|
0.5
|
|
Proceeds from sale of assets
|
|
|
|
|
|
34.6
|
|
|
|
|
|
539.6
|
|
Other investing activities, net
|
|
|
|
|
|
(4.4
|
)
|
|
|
|
|
(2.2
|
)
|
Net cash (used in) provided by investing activities of continuing
operations
|
|
|
|
|
|
(76.3
|
)
|
|
|
|
|
(592.5
|
)
|
Financing Activities of Continuing Operations
|
|
|
|
|
|
|
|
|
|
|
|
Repayments of debt
|
|
|
|
|
|
(1,533.0
|
)
|
|
|
|
|
(447.8
|
)
|
Proceeds from issuance of debt
|
|
|
|
|
|
1,234.3
|
|
|
|
|
|
926.7
|
|
Payment of debt issuance costs
|
|
|
|
|
|
(20.7
|
)
|
|
|
|
|
(26.6
|
)
|
Purchase of noncontrolling interest
|
|
|
|
|
|
(3.5
|
)
|
|
|
|
|
(6.3
|
)
|
Distributions to noncontrolling interest
|
|
|
|
|
|
(4.9
|
)
|
|
|
|
|
-
|
|
Other financing activities, net
|
|
|
|
|
|
4.5
|
|
|
|
|
|
4.6
|
|
Net cash provided by (used in) financing activities of continuing
operations
|
|
|
|
|
|
(323.3
|
)
|
|
|
|
|
450.6
|
|
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
|
|
|
|
|
11.2
|
|
|
|
|
|
(0.9
|
)
|
Net Increase (Decrease) in Cash and Cash Equivalents
|
|
|
|
|
|
(96.1
|
)
|
|
|
|
|
(120.1
|
)
|
Cash and Cash Equivalents at Beginning of Period
|
|
|
|
|
|
774.1
|
|
|
|
|
|
894.2
|
|
Cash and Cash Equivalents at End of Period
|
|
|
|
|
$
|
678.0
|
|
|
|
|
$
|
774.1
|
|
|
|
TEREX CORPORATION AND SUBSIDIARIES
SEGMENT RESULTS DISCLOSURE
(unaudited)
(in millions)
|
|
|
|
|
|
|
Fourth Quarter
|
|
|
Year-to-Date
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
|
|
|
|
|
|
|
|
|
% of
Net Sales
|
|
|
|
|
|
|
% of
Net Sales
|
|
|
|
|
|
|
% of
Net Sales
|
|
|
|
|
|
|
% of
Net Sales
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
$
|
1,695.5
|
|
|
|
|
|
|
$
|
1,956.6
|
|
|
|
|
|
|
$
|
7,348.4
|
|
|
|
|
|
|
$
|
6,504.6
|
|
|
|
|
Gross profit
|
|
|
|
|
|
307.6
|
|
|
|
18.1
|
%
|
|
|
|
302.6
|
|
|
|
15.5
|
%
|
|
|
|
1,445.6
|
|
|
|
19.7
|
%
|
|
|
|
960.3
|
|
|
|
14.8
|
%
|
SG&A
|
|
|
|
|
|
279.7
|
|
|
|
16.5
|
%
|
|
|
|
271.5
|
|
|
|
13.9
|
%
|
|
|
|
1,047.0
|
|
|
|
14.2
|
%
|
|
|
|
879.1
|
|
|
|
13.5
|
%
|
Income from operations
|
|
|
|
|
$
|
27.9
|
|
|
|
1.6
|
%
|
|
|
$
|
31.1
|
|
|
|
1.6
|
%
|
|
|
$
|
398.6
|
|
|
|
5.4
|
%
|
|
|
$
|
81.2
|
|
|
|
1.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AWP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
$
|
459.4
|
|
|
|
|
|
|
$
|
437.4
|
|
|
|
|
|
|
$
|
2,104.6
|
|
|
|
|
|
|
$
|
1,750.0
|
|
|
|
|
Gross profit
|
|
|
|
|
|
96.6
|
|
|
|
21.0
|
%
|
|
|
|
80.3
|
|
|
|
18.4
|
%
|
|
|
|
437.2
|
|
|
|
20.8
|
%
|
|
|
|
278.3
|
|
|
|
15.9
|
%
|
SG&A
|
|
|
|
|
|
54.0
|
|
|
|
11.8
|
%
|
|
|
|
54.1
|
|
|
|
12.4
|
%
|
|
|
|
209.5
|
|
|
|
10.0
|
%
|
|
|
|
192.0
|
|
|
|
11.0
|
%
|
Income from operations
|
|
|
|
|
$
|
42.6
|
|
|
|
9.3
|
%
|
|
|
$
|
26.2
|
|
|
|
6.0
|
%
|
|
|
$
|
227.7
|
|
|
|
10.8
|
%
|
|
|
$
|
86.3
|
|
|
|
4.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
$
|
266.4
|
|
|
|
|
|
|
$
|
409.0
|
|
|
|
|
|
|
$
|
1,308.7
|
|
|
|
|
|
|
$
|
1,505.6
|
|
|
|
|
Gross profit
|
|
|
|
|
|
2.1
|
|
|
|
0.8
|
%
|
|
|
|
44.2
|
|
|
|
10.8
|
%
|
|
|
|
113.7
|
|
|
|
8.7
|
%
|
|
|
|
163.1
|
|
|
|
10.8
|
%
|
SG&A
|
|
|
|
|
|
47.0
|
|
|
|
17.6
|
%
|
|
|
|
47.0
|
|
|
|
11.5
|
%
|
|
|
|
157.3
|
|
|
|
12.0
|
%
|
|
|
|
181.5
|
|
|
|
12.1
|
%
|
Loss from operations
|
|
|
|
|
$
|
(44.9
|
)
|
|
|
(16.9
|
%)
|
|
|
$
|
(2.8
|
)
|
|
|
(0.7
|
%)
|
|
|
$
|
(43.6
|
)
|
|
|
(3.3
|
%)
|
|
|
$
|
(18.4
|
)
|
|
|
(1.2
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cranes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
$
|
394.9
|
|
|
|
|
|
|
$
|
435.3
|
|
|
|
|
|
|
$
|
1,491.9
|
|
|
|
|
|
|
$
|
1,543.0
|
|
|
|
|
Gross profit
|
|
|
|
|
|
93.4
|
|
|
|
23.7
|
%
|
|
|
|
62.5
|
|
|
|
14.4
|
%
|
|
|
|
317.4
|
|
|
|
21.3
|
%
|
|
|
|
220.4
|
|
|
|
14.3
|
%
|
SG&A
|
|
|
|
|
|
47.7
|
|
|
|
12.1
|
%
|
|
|
|
48.5
|
|
|
|
11.1
|
%
|
|
|
|
174.0
|
|
|
|
11.7
|
%
|
|
|
|
194.7
|
|
|
|
12.6
|
%
|
Income from operations
|
|
|
|
|
$
|
45.7
|
|
|
|
11.6
|
%
|
|
|
$
|
14.0
|
|
|
|
3.2
|
%
|
|
|
$
|
143.4
|
|
|
|
9.6
|
%
|
|
|
$
|
25.7
|
|
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MHPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
$
|
439.6
|
|
|
|
|
|
|
$
|
519.9
|
|
|
|
|
|
|
$
|
1,840.3
|
|
|
|
|
|
|
$
|
1,077.3
|
|
|
|
|
Gross profit
|
|
|
|
|
|
77.4
|
|
|
|
17.6
|
%
|
|
|
|
77.0
|
|
|
|
14.8
|
%
|
|
|
|
406.9
|
|
|
|
22.1
|
%
|
|
|
|
142.8
|
|
|
|
13.3
|
%
|
SG&A
|
|
|
|
|
|
99.3
|
|
|
|
22.6
|
%
|
|
|
|
96.8
|
|
|
|
18.6
|
%
|
|
|
|
393.5
|
|
|
|
21.4
|
%
|
|
|
|
207.5
|
|
|
|
19.3
|
%
|
Income (loss) from operations
|
|
|
|
|
$
|
(21.9
|
)
|
|
|
(5.0
|
%)
|
|
|
$
|
(19.8
|
)
|
|
|
(3.8
|
%)
|
|
|
$
|
13.4
|
|
|
|
0.7
|
%
|
|
|
$
|
(64.7
|
)
|
|
|
(6.0
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
$
|
152.1
|
|
|
|
|
|
|
$
|
170.8
|
|
|
|
|
|
|
$
|
661.5
|
|
|
|
|
|
|
$
|
682.8
|
|
|
|
|
Gross profit
|
|
|
|
|
|
34.5
|
|
|
|
22.7
|
%
|
|
|
|
30.7
|
|
|
|
18.0
|
%
|
|
|
|
149.6
|
|
|
|
22.6
|
%
|
|
|
|
135.8
|
|
|
|
19.9
|
%
|
SG&A
|
|
|
|
|
|
18.3
|
|
|
|
12.0
|
%
|
|
|
|
17.0
|
|
|
|
10.0
|
%
|
|
|
|
74.3
|
|
|
|
11.2
|
%
|
|
|
|
76.3
|
|
|
|
11.2
|
%
|
Income from operations
|
|
|
|
|
$
|
16.2
|
|
|
|
10.7
|
%
|
|
|
$
|
13.7
|
|
|
|
8.0
|
%
|
|
|
$
|
75.3
|
|
|
|
11.4
|
%
|
|
|
$
|
59.5
|
|
|
|
8.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate/Eliminations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
|
|
$
|
(16.9
|
)
|
|
|
|
|
|
$
|
(15.8
|
)
|
|
|
|
|
|
$
|
(58.6
|
)
|
|
|
|
|
|
$
|
(54.1
|
)
|
|
|
|
Gross profit
|
|
|
|
|
|
3.6
|
|
|
|
(21.3
|
%)
|
|
|
|
7.9
|
|
|
|
(50.0
|
%)
|
|
|
|
20.8
|
|
|
|
(35.5
|
%)
|
|
|
|
19.9
|
|
|
|
(36.8
|
%)
|
SG&A
|
|
|
|
|
|
13.4
|
|
|
|
(79.3
|
%)
|
|
|
|
8.1
|
|
|
|
(51.3
|
%)
|
|
|
|
38.4
|
|
|
|
(65.5
|
%)
|
|
|
|
27.1
|
|
|
|
(50.1
|
%)
|
Loss from operations
|
|
|
|
|
$
|
(9.8
|
)
|
|
|
58.0
|
%
|
|
|
$
|
(0.2
|
)
|
|
|
1.3
|
%
|
|
|
$
|
(17.6
|
)
|
|
|
30.0
|
%
|
|
|
$
|
(7.2
|
)
|
|
|
13.3
|
%
|
|
GLOSSARY
In an effort to provide investors with additional information regarding
the Company’s results, Terex refers to various GAAP (U.S. generally
accepted accounting principles) and non-GAAP financial measures which
management believes provides useful information to investors. These
non-GAAP measures may not be comparable to similarly titled measures
being disclosed by other companies. In addition, the Company believes
that non-GAAP financial measures should be considered in addition to,
and not in lieu of, GAAP financial measures. Terex believes that this
non-GAAP information is useful to understanding its operating results
and the ongoing performance of its underlying businesses. Management of
Terex uses both GAAP and non-GAAP financial measures to establish
internal budgets and targets and to evaluate the Company’s financial
performance against such budgets and targets.
As changes in foreign currency exchange rates have a non-operating
impact on our financial results, we believe excluding the effect of
these changes assists in the assessment of our business results between
periods. We calculate the translation effect of foreign currency
exchange rate changes by translating the current period results at the
rates that the comparable prior periods were translated to isolate the
foreign exchange component of the fluctuation from the operational
component. Similarly, the impact of changes in our results from
acquisitions that were not included in comparable prior periods is
subtracted from the absolute change in results to allow for better
comparability of results between periods.
After-tax gains or expense and per share amounts (Income from
continuing operations as adjusted) are calculated using pre-tax amounts,
applying a tax rate based on jurisdictional rates to arrive at an
after-tax amount. This number is divided by the weighted average diluted
shares to provide the impact on earnings per share. The Company assesses
the impact of these items because when discussing earnings per share,
the Company adjusts for items it believes are not reflective of
operating activities in the periods.
|
Fourth Quarter 2012
|
|
|
|
|
|
|
Pre-Tax
|
|
|
|
|
Tax Rate
|
|
|
|
|
After-Tax
|
|
|
|
|
EPS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt – Early Extinguishment
|
|
|
|
|
|
$
|
(30.7
|
)
|
|
|
|
|
35.7
|
%
|
|
|
|
$
|
(19.7
|
)
|
|
|
|
$
|
(0.18
|
)
|
Restructuring and related items
|
|
|
|
|
|
|
(22.5
|
)
|
|
|
|
|
**
|
|
|
|
|
(15.7
|
)
|
|
|
|
|
(0.14
|
)
|
Roadbuilding Related
|
|
|
|
|
|
|
(15.3
|
)
|
|
|
|
|
**
|
|
|
|
|
(10.0
|
)
|
|
|
|
|
(0.09
|
)
|
Post-Employment Benefits and Other
|
|
|
|
|
|
|
(10.8
|
)
|
|
|
|
|
**
|
|
|
|
|
(7.2
|
)
|
|
|
|
|
(0.06
|
)
|
Total EPS Effect
|
|
|
|
|
|
$
|
(79.3
|
)
|
|
|
|
|
|
|
|
|
$
|
(52.6
|
)
|
|
|
|
$
|
(0.47
|
)
|
|
*
|
Based on weighted average diluted shares of 114.2M
|
**
|
Based on a jurisdictional blend
|
|
|
|
Fourth Quarter 2011
|
|
|
|
|
|
|
Pre-Tax
|
|
|
|
|
Tax Rate
|
|
|
|
|
After-Tax
|
|
|
|
|
EPS*
|
Acquisition inventory step-up amortization
|
|
|
|
|
|
$
|
(22.1
|
)
|
|
|
|
|
30.7
|
%
|
|
|
|
$
|
(15.3
|
)
|
|
|
|
$
|
(0.14
|
)
|
Supplier quality issues
|
|
|
|
|
|
|
(5.2
|
)
|
|
|
|
|
35.8
|
%
|
|
|
|
|
(3.3
|
)
|
|
|
|
|
(0.03
|
)
|
Restructuring and related items
|
|
|
|
|
|
|
(15.6
|
)
|
|
|
|
|
**
|
|
|
|
|
(12.9
|
)
|
|
|
|
|
(0.12
|
)
|
Total EPS Effect
|
|
|
|
|
|
$
|
(42.9
|
)
|
|
|
|
|
|
|
|
|
$
|
(31.5
|
)
|
|
|
|
$
|
(0.29
|
)
|
|
*
|
Based on weighted average diluted shares of 110.4M
|
**
|
Based on a jurisdictional blend
|
|
|
Full Year 2012
|
|
|
|
|
|
|
Pre-Tax
|
|
|
|
|
Tax Rate
|
|
|
|
|
After-Tax
|
|
|
|
|
EPS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt – Early Extinguishment
|
|
|
|
|
|
$
|
(80.6
|
)
|
|
|
|
|
**
|
|
|
|
$
|
(52.0
|
)
|
|
|
|
$
|
(0.46
|
)
|
Restructuring and related items
|
|
|
|
|
|
|
(30.7
|
)
|
|
|
|
|
**
|
|
|
|
|
(21.4
|
)
|
|
|
|
|
(0.19
|
)
|
Change in UK rate
|
|
|
|
|
|
|
-
|
|
|
|
|
|
-
|
|
|
|
|
(1.6
|
)
|
|
|
|
|
(0.01
|
)
|
Write down of acquisition related note
|
|
|
|
|
|
|
(12.3
|
)
|
|
|
|
|
-
|
|
|
|
|
(12.3
|
)
|
|
|
|
|
(0.11
|
)
|
Roadbuilding related
|
|
|
|
|
|
|
(15.3
|
)
|
|
|
|
|
**
|
|
|
|
|
(10.0
|
)
|
|
|
|
|
(0.09
|
)
|
Post-Employment benefits and other
|
|
|
|
|
|
|
(10.8
|
)
|
|
|
|
|
**
|
|
|
|
|
(7.1
|
)
|
|
|
|
|
(0.06
|
)
|
Total EPS Effect
|
|
|
|
|
|
$
|
(149.7
|
)
|
|
|
|
|
|
|
|
|
$
|
(104.4
|
)
|
|
|
|
$
|
(0.92
|
)
|
|
*
|
Based on weighted average diluted shares of 113.9M
|
**
|
Based on a jurisdictional blend
|
|
|
Full Year 2011
|
|
|
|
|
|
|
Pre-Tax
|
|
|
|
|
Tax Rate
|
|
|
|
|
After-Tax
|
|
|
|
|
EPS*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition Related Costs
|
|
|
|
|
|
$
|
(74.4
|
)
|
|
|
|
|
**
|
|
|
|
$
|
(55.8
|
)
|
|
|
|
$
|
(0.50
|
)
|
Supplier quality issues
|
|
|
|
|
|
|
(5.2
|
)
|
|
|
|
|
35.8
|
%
|
|
|
|
|
(3.3
|
)
|
|
|
|
|
(0.03
|
)
|
Restructuring and related items
|
|
|
|
|
|
|
(63.5
|
)
|
|
|
|
|
**
|
|
|
|
|
(54.3
|
)
|
|
|
|
|
(0.49
|
)
|
Gain on sale of BUCY shares
|
|
|
|
|
|
|
167.8
|
|
|
|
|
|
35.8
|
%
|
|
|
|
|
107.7
|
|
|
|
|
|
0.97
|
|
Debt – Early Extinguishment
|
|
|
|
|
|
|
(7.7
|
)
|
|
|
|
|
35.8
|
%
|
|
|
|
|
(4.9
|
)
|
|
|
|
|
(0.04
|
)
|
Other
|
|
|
|
|
|
|
0.9
|
|
|
|
|
|
**
|
|
|
|
|
(1.8
|
)
|
|
|
|
|
(0.02
|
)
|
Total EPS Effect
|
|
|
|
|
|
$
|
17.9
|
|
|
|
|
|
|
|
|
|
$
|
(12.4
|
)
|
|
|
|
$
|
(0.11
|
)
|
|
*
|
Based on weighted average diluted shares of 110.7M
|
**
|
Based on a jurisdictional blend
|
|
Backlog is defined as firm orders that are expected to be filled
within one year. The disclosure of backlog aids in the analysis of the
Company’s customers’ demand for product, as well as the ability of the
Company to meet that demand. The backlog of the various Terex businesses
is not necessarily indicative of sales to be recognized in a specified
future period.
|
|
|
|
|
|
|
|
Dec 31,
2012
|
|
|
|
|
Dec 31,
2011
|
|
|
|
%
change
|
|
|
|
|
|
Sept 30,
2012
|
|
|
|
%
change
|
Consolidated Backlog
|
|
|
|
|
|
$
|
2,009.1
|
|
|
|
$
|
2,160.7
|
|
|
|
(7
|
%)
|
|
|
|
|
$
|
1,717.6
|
|
|
|
17
|
%
|
AWP
|
|
|
|
|
|
$
|
652.3
|
|
|
|
$
|
652.1
|
|
|
|
-
|
|
|
|
|
|
$
|
376.2
|
|
|
|
73
|
%
|
Construction
|
|
|
|
|
|
$
|
209.0
|
|
|
|
$
|
243.1
|
|
|
|
(14
|
%)
|
|
|
|
|
$
|
133.7
|
|
|
|
56
|
%
|
Cranes
|
|
|
|
|
|
$
|
482.2
|
|
|
|
$
|
532.7
|
|
|
|
(9
|
%)
|
|
|
|
|
$
|
506.4
|
|
|
|
(5
|
%)
|
MHPS
|
|
|
|
|
|
$
|
595.2
|
|
|
|
$
|
652.1
|
|
|
|
(9
|
%)
|
|
|
|
|
$
|
636.2
|
|
|
|
(6
|
%)
|
MP
|
|
|
|
|
|
$
|
70.4
|
|
|
|
$
|
80.7
|
|
|
|
(13
|
%)
|
|
|
|
|
$
|
65.1
|
|
|
|
8
|
%
|
|
Days Payable Outstanding is calculated by dividing Trade accounts
payable by the product of the trailing three months Cost of goods sold
multiplied by four, which ratio is multiplied by 365 days.
|
Days Payable Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 31, 2012
|
|
|
|
Sept 30, 2012
|
Trade Accounts Payable
|
|
|
|
|
$
|
635.5
|
|
|
|
$
|
738.9
|
Cost of goods sold for the three months ended
|
|
|
|
|
|
1,387.9
|
|
|
|
|
1,443.4
|
|
|
|
|
|
|
x 4
|
|
|
|
|
x 4
|
Annualized cost of goods sold
|
|
|
|
|
$
|
5,551.6
|
|
|
|
$
|
5,773.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Quotient
|
|
|
|
|
|
0.1145
|
|
|
|
|
0.1280
|
|
|
|
|
|
|
X 365 days
|
|
|
|
|
X 365 days
|
Days Payable Outstanding
|
|
|
|
|
|
42 days
|
|
|
|
|
47 days
|
|
Days Sales Outstanding is calculated by dividing Trade
receivables by the trailing three months Net sales multiplied by four,
which ratio is multiplied by 365 days.
|
Days Sales Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 31, 2012
|
|
|
|
Sept 30, 2012
|
Trade Receivables
|
|
|
|
|
$
|
1,077.7
|
|
|
|
$
|
1,174.1
|
Net sales for the three months ended
|
|
|
|
|
|
1,695.5
|
|
|
|
|
1,822.0
|
|
|
|
|
|
|
x 4
|
|
|
|
|
x 4
|
Annualized net sales
|
|
|
|
|
$
|
6,782.0
|
|
|
|
$
|
7,288.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Quotient
|
|
|
|
|
|
0.1589
|
|
|
|
|
0.1611
|
|
|
|
|
|
|
x 365 days
|
|
|
|
|
x 365 days
|
Days Sales Outstanding
|
|
|
|
|
|
58 days
|
|
|
|
|
59 days
|
|
Debt is calculated using the Condensed Consolidated Balance Sheet
amounts for Notes payable and current portion of long-term debt plus
Long-term debt, less current portion. It is a measure that aids in the
evaluation of the Company’s financial condition.
|
|
|
|
|
|
Dec 31, 2012
|
Long term debt, less current portion
|
|
|
|
|
$
|
2,014.9
|
Notes payable and current portion of long-term debt
|
|
|
|
|
|
83.8
|
Debt
|
|
|
|
|
$
|
2,098.7
|
|
EBITDA is defined as earnings, before interest, taxes,
depreciation and amortization. The Company calculates this by adding the
amount of depreciation and amortization expenses that have been deducted
from income from operations back into income from operations to arrive
at EBITDA. Depreciation and amortization amounts reported in the
Condensed Consolidated Statement of Cash Flows include amortization of
debt issuance costs that are recorded in Other income (expense) - net
and, therefore, are not included in EBITDA. Terex believes that
disclosure of EBITDA will be helpful to those reviewing its performance,
as EBITDA provides information on Terex’s ability to meet debt service,
capital expenditure and working capital requirements, and is also an
indicator of profitability.
|
|
|
|
|
|
|
Three months ended
December 31,
|
|
|
|
Twelve months ended
December 31,
|
|
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
2012
|
|
|
|
2011
|
Income (loss) from operations
|
|
|
|
|
|
$
|
27.9
|
|
|
|
|
$
|
31.1
|
|
|
|
|
$
|
398.6
|
|
|
|
|
$
|
81.2
|
Depreciation
|
|
|
|
|
|
|
27.4
|
|
|
|
|
|
22.5
|
|
|
|
|
|
100.4
|
|
|
|
|
|
89.5
|
Amortization
|
|
|
|
|
|
|
13.3
|
|
|
|
|
|
14.8
|
|
|
|
|
|
52.6
|
|
|
|
|
|
37.1
|
Bank fee amortization not included in Income (loss) from
operations
|
|
|
|
|
|
|
(2.3)
|
|
|
|
|
|
(3.0)
|
|
|
|
|
|
(9.6)
|
|
|
|
|
|
(8.1)
|
EBITDA
|
|
|
|
|
|
$
|
66.3
|
|
|
|
|
$
|
65.4
|
|
|
|
|
$
|
542.0
|
|
|
|
|
$
|
199.7
|
Operating profit adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
69.1
|
|
|
|
|
|
111.9
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
611.1
|
|
|
|
|
$
|
311.6
|
|
|
MHPS - EBITDA
|
|
|
|
|
Twelve months ended
December 31,2012
|
Income (loss) from operations - MHPS
|
|
|
|
|
$
|
13.4
|
|
Depreciation
|
|
|
|
|
|
35.4
|
|
Amortization
|
|
|
|
|
|
30.1
|
|
Bank fee amortization not included in Income (loss) from
operations
|
|
|
|
|
|
(0.5
|
)
|
EBITDA - MHPS
|
|
|
|
|
$
|
78.4
|
|
Operating profit adjustments
|
|
|
|
|
|
22.3
|
|
Adjusted EBITDA - MHPS
|
|
|
|
|
$
|
100.7
|
|
|
Free cash flow is defined as income from operations plus
depreciation and amortization, proceeds from the sale of assets, certain
impairments and write-downs, plus or minus changes in working capital,
customer advances and rental/demo equipment and less capital
expenditures.
|
|
|
|
|
|
Three months ended
December 31, 2012
|
Income from operations
|
|
|
|
|
$
|
27.9
|
|
Depreciation and amortization
|
|
|
|
|
|
40.7
|
|
Proceeds from sale of assets
|
|
|
|
|
|
3.3
|
|
Changes in working capital
|
|
|
|
|
|
38.1
|
|
Customer advances
|
|
|
|
|
|
55.6
|
|
Rental/demo equipment
|
|
|
|
|
|
0.3
|
|
Capital expenditures
|
|
|
|
|
|
(26.4
|
)
|
Free cash flow
|
|
|
|
|
$
|
139.5
|
|
|
Income (loss) from operations as adjusted: The Company adjusts
income (loss) from operations for items it believes are not reflective
of operating activities in the periods.
|
|
|
|
|
|
Three months ended Dec 31,
|
|
|
|
Twelve Months ended Dec 31
|
|
|
|
|
|
|
2012
|
|
|
|
|
2011
|
|
|
|
|
2012
|
|
|
|
2011
|
Income (loss) from operations as reported
|
|
|
|
|
$
|
27.9
|
|
|
|
$
|
31.1
|
|
|
|
$
|
398.6
|
|
|
$
|
81.2
|
Write Down of Acquisition Related Note
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
12.3
|
|
|
|
-
|
Acquisition Related
|
|
|
|
|
|
-
|
|
|
|
|
22.1
|
|
|
|
|
-
|
|
|
|
41.4
|
Roadbuilding Related
|
|
|
|
|
|
15.3
|
|
|
|
|
-
|
|
|
|
|
15.3
|
|
|
|
-
|
Restructuring and Related Items
|
|
|
|
|
|
22.5
|
|
|
|
|
15.6
|
|
|
|
|
30.7
|
|
|
|
63.5
|
Other Items
|
|
|
|
|
|
10.8
|
|
|
|
|
5.2
|
|
|
|
|
10.8
|
|
|
|
7.0
|
Income (loss) from operations as adjusted
|
|
|
|
|
$
|
76.5
|
|
|
|
$
|
74.0
|
|
|
|
$
|
$ 467.7
|
|
|
$
|
193.1
|
|
Inventory Turns and Days: Inventory Turns is calculated by
dividing annualized cost of sales by the inventory balance. Days
inventory is calculated by dividing 365 days by the inventory turns
result.
|
Inventory Turns and Days
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 31, 2012
|
|
|
|
Sept 30, 2012
|
Inventory
|
|
|
|
|
$
|
1,715.6
|
|
|
|
$
|
1,760.9
|
Cost of goods sold for the three months ended
|
|
|
|
|
|
1,387.9
|
|
|
|
|
1,443.4
|
|
|
|
|
|
|
x 4
|
|
|
|
|
x 4
|
Annualized cost of sales
|
|
|
|
|
$
|
5,551.6
|
|
|
|
$
|
5,773.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
365 days/
|
|
|
|
|
365 days/
|
Inventory turns
|
|
|
|
|
|
3.24x
|
|
|
|
|
3.28 x
|
Days Inventory
|
|
|
|
|
|
113 days
|
|
|
|
|
111 days
|
|
Operating Margin is defined as the ratio of Income (Loss) from
Operations to Net Sales.
Return on Invested Capital (“ROIC”) is determined by dividing the
sum of Net Operating Profit After Tax (“NOPAT”) (as defined below) for
each of the previous four quarters by the average of the sum of Total
Terex Corporation Stockholders’ equity plus Debt (as defined above) less
Cash and cash equivalents for the previous five quarters. NOPAT, which
is a non-GAAP measure, for each quarter is calculated by multiplying
Income (loss) from continuing operations by a figure equal to one minus
the effective tax rate of the Company. The Company believes that returns
on capital deployed in Terex Financial Services (“TFS”) do not represent
management of the Company’s primary operations and, therefore, TFS
finance receivable assets and results of operations have been excluded
from the calculation below. Additionally, the Company does not believe
that the deferred gain on marketable securities is reflective of its
ongoing operations and has been excluded from the calculation below. The
effective tax rate is equal to the (Provision for) benefit from income
taxes divided by Income (loss) before income taxes for the respective
quarter. Total Terex Corporation Stockholders’ equity is adjusted to
include redeemable noncontrolling interest as this item is deemed to be
temporary equity and therefore the Company believes it should be
included in the denominator of the ROIC ratio. The Company calculates
ROIC using the last four quarters’ NOPAT as this represents the most
recent twelve-month period at any given point of determination. In order
for the denominator of the ROIC ratio to properly match the operational
period reflected in the numerator, the Company includes the average of
five quarters’ ending balance sheet amounts so that the denominator
includes the average of the opening through ending balances (on a
quarterly basis) thereby providing, over the same time period as the
numerator, four quarters of average invested capital.
Terex management and the Board of Directors use ROIC as one of the
primary measures to assess operational performance and in connection
with certain compensation programs. Terex utilizes ROIC as a unifying
metric because management believes that it measures how effectively the
Company invests its capital and provides a better measure to compare the
Company to peer companies to assist in assessing how it drives
operational improvement. ROIC measures return on the amount of capital
invested in the Company’s primary businesses, excluding TFS, as opposed
to another metric such as return on Terex Corporation stockholders’
equity that only incorporates book equity, and is thus a more accurate
and descriptive measure of the Company’s performance. Terex also
believes that adding Debt less Cash and cash equivalents to Total Terex
Corporation stockholders’ equity provides a better comparison across
similar businesses regarding total capitalization, and that ROIC
highlights the level of value creation as a percentage of capital
invested.
See reconciliation of adjusted amounts below on table following ROIC
table. Amounts are as of and for the three months ended for the periods
referenced in the table below.
|
|
|
|
|
|
|
|
Dec ‘12
|
|
|
|
|
Sept ‘12
|
|
|
|
|
Jun ‘12
|
|
|
|
|
Mar ‘12
|
|
|
|
|
Dec ‘11
|
Provision for (benefit from) income taxes
|
|
|
|
|
|
$
|
(7.5
|
)
|
|
|
|
$
|
8.8
|
|
|
|
|
$
|
44.1
|
|
|
|
|
$
|
8.8
|
|
|
|
|
|
|
Divided by: Income (loss) before income taxes
|
|
|
|
|
|
|
(36.5
|
)
|
|
|
|
|
37.1
|
|
|
|
|
|
124.6
|
|
|
|
|
|
30.4
|
|
|
|
|
|
|
Effective tax rate
|
|
|
|
|
|
|
20.5
|
%
|
|
|
|
|
23.7
|
%
|
|
|
|
|
35.4
|
%
|
|
|
|
|
28.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations as adjusted
|
|
|
|
|
|
$
|
26.3
|
|
|
|
|
$
|
132.6
|
|
|
|
|
$
|
175.5
|
|
|
|
|
$
|
64.2
|
|
|
|
|
|
|
Multiplied by: 1 minus Effective tax rate
|
|
|
|
|
|
|
79.5
|
%
|
|
|
|
|
76.3
|
%
|
|
|
|
|
64.6
|
%
|
|
|
|
|
71.1
|
%
|
|
|
|
|
|
Adjusted net operating income after tax
|
|
|
|
|
|
$
|
20.9
|
|
|
|
|
$
|
101.2
|
|
|
|
|
$
|
113.4
|
|
|
|
|
$
|
45.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt (as defined above)
|
|
|
|
|
|
$
|
2,098.7
|
|
|
|
|
$
|
2,063.8
|
|
|
|
|
$
|
2,402.8
|
|
|
|
|
$
|
2,608.5
|
|
|
|
|
$
|
2,300.4
|
|
Less: Cash and cash equivalents
|
|
|
|
|
|
|
(678.0
|
)
|
|
|
|
|
(542.6
|
)
|
|
|
|
|
(841.5
|
)
|
|
|
|
|
(973.2
|
)
|
|
|
|
|
(774.1
|
)
|
Debt less Cash and cash equivalents
|
|
|
|
|
|
$
|
1,420.7
|
|
|
|
|
$
|
1,521.2
|
|
|
|
|
$
|
1,561.3
|
|
|
|
|
$
|
1,635.3
|
|
|
|
|
$
|
1,526.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Terex Corporation stockholders’
equity as adjusted
|
|
|
|
|
|
$
|
2,103.7
|
|
|
|
|
$
|
2,149.2
|
|
|
|
|
$
|
2,089.2
|
|
|
|
|
$
|
1,881.0
|
|
|
|
|
$
|
1,785.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt less Cash and cash equivalents
plus Total Terex Corporation
stockholders’ equity as adjusted
|
|
|
|
|
|
$
|
3,524.4
|
|
|
|
|
$
|
3,670.4
|
|
|
|
|
$
|
3,650.5
|
|
|
|
|
$
|
3,516.3
|
|
|
|
|
$
|
3,311.7
|
|
|
December 31, 2012 ROIC
|
|
|
|
|
|
8.0%
|
Adjusted net operating income (loss) after tax (last 4 quarters)
|
|
|
|
|
$
|
281.1
|
Average Debt less Cash and cash equivalents plus Total Terex
Corporation stockholders’ equity as adjusted (5 quarters)
|
|
|
|
|
$
|
3,534.7
|
|
|
|
|
|
|
|
|
|
Three months
ended
12/31/12
|
|
|
|
|
Three months
ended
9/30/12
|
|
|
|
|
Three months
ended
6/30/12
|
|
|
|
Three months
ended
3/31/12
|
Reconciliation of income (loss) from
operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations as reported
|
|
|
|
|
|
$
|
27.9
|
|
|
|
$
|
131.9
|
|
|
|
$
|
175.0
|
|
|
|
$
|
63.8
|
(Income) loss from operations for TFS
|
|
|
|
|
|
|
(1.6)
|
|
|
|
|
0.7
|
|
|
|
|
0.5
|
|
|
|
|
0.4
|
Income from operations as adjusted
|
|
|
|
|
|
$
|
26.3
|
|
|
|
$
|
132.6
|
|
|
|
$
|
175.5
|
|
|
|
$
|
64.2
|
|
|
Reconciliation of Terex Corporation
stockholders’ equity:
|
|
|
|
|
|
|
As of
12/31/12
|
|
|
|
|
As of
9/30/12
|
|
|
|
|
As of
6/30/12
|
|
|
|
|
As of
3/31/12
|
|
|
|
As of
12/31/11
|
Terex Corporation stockholders’ equity as
reported
|
|
|
|
|
|
$
|
2,007.7
|
|
|
|
$
|
2,054.6
|
|
|
|
$
|
1,989.6
|
|
|
|
$
|
1,996.7
|
|
|
|
$
|
1,910.3
|
Less: TFS assets
|
|
|
|
|
|
|
(150.9)
|
|
|
|
|
(142.3)
|
|
|
|
|
(129.9)
|
|
|
|
|
(115.7)
|
|
|
|
|
(124.6)
|
Redeemable noncontrolling interest
|
|
|
|
|
|
|
246.9
|
|
|
|
|
236.9
|
|
|
|
|
229.5
|
|
|
|
|
-
|
|
|
|
|
-
|
Deferred (gain) loss on marketable securities
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
(0.3)
|
Terex Corporation stockholders’ equity as
adjusted
|
|
|
|
|
|
$
|
2,103.7
|
|
|
|
$
|
2,149.2
|
|
|
|
$
|
2,089.2
|
|
|
|
$
|
1,881.0
|
|
|
|
$
|
1,785.4
|
|
Total Capitalization is a measure that aids in the evaluation of
the Company’s balance sheet. It is an integral component of certain
financial metrics that are often used to evaluate the Company’s
valuation, liquidity and overall health. Total capitalization as of
December 31, 2012 is defined as the sum of:
· Total Terex Corporation stockholders’ equity; and
· Debt (as
defined above);
· Less: Cash and cash equivalents.
|
Total Terex Corporation stockholders' equity
|
|
|
|
|
$
|
2,007.7
|
Debt (as defined above)
|
|
|
|
|
|
2,098.7
|
Less: Cash and cash equivalents
|
|
|
|
|
|
(678.0)
|
|
|
|
|
|
|
|
Total Capitalization
|
|
|
|
|
$
|
3,428.4
|
|
Trailing Three Month Annualized Net Sales is calculated using the
net sales for the quarter multiplied by four.
|
Fourth Quarter 2012 Net Sales
|
|
|
|
|
$
|
1,695.5
|
|
|
|
|
|
x
|
4
|
Trailing Three Month Annualized Net Sales
|
|
|
|
|
$
|
6,782.0
|
|
Working Capital is calculated using the Consolidated Balance
Sheet amounts for Trade receivables (net of allowance) plus Inventories
less Trade accounts payable and Customer Advances. The Company views
excessive working capital as an inefficient use of resources, and seeks
to minimize the level of investment without adversely impacting the
ongoing operations of the business. For the periods stated below,
working capital was:
|
|
|
|
|
|
|
Dec 31, 2012
|
|
|
|
Sept 30, 2012
|
|
|
|
Dec 31, 2011
|
Inventories
|
|
|
|
|
$
|
1,715.6
|
|
|
|
|
$
|
1,760.9
|
|
|
|
|
$
|
1,758.1
|
|
Trade Receivables
|
|
|
|
|
|
1,077.7
|
|
|
|
|
|
1,174.1
|
|
|
|
|
|
1,178.1
|
|
Less: Trade Accounts Payable
|
|
|
|
|
|
(635.5
|
)
|
|
|
|
|
(738.9
|
)
|
|
|
|
|
(764.6
|
)
|
Less: Customer Advances
|
|
|
|
|
|
(312.9
|
)
|
|
|
|
|
(254.2
|
)
|
|
|
|
|
(223.2
|
)
|
Total Working Capital
|
|
|
|
|
$
|
1,844.9
|
|
|
|
|
$
|
1,941.9
|
|
|
|
|
$
|
1,948.4
|
|
|
Terex Corporation
200 Nyala Farm Road, Westport, Connecticut 06880
Telephone:
(203) 222-7170, Fax: (203) 222-7976, www.terex.com
Source: Terex Corporation
Terex Corporation
Tom Gelston, 203-222-5943
Vice President,
Investor Relations
thomas.gelston@terex.com