WESTPORT, Conn.--(BUSINESS WIRE)--Jul. 24, 2013--
Terex Corporation (NYSE: TEX) today announced income from continuing
operations of $21.3 million, or $0.18 per share for the second quarter
of 2013, as compared to income from continuing operations of $83.6
million, or $0.75 per share for the second quarter of 2012. Excluding
the after-tax impacts of: restructuring and related charges of
approximately $54.1 million, or $0.47 per share, expenses related to
debt retirement of $3.5 million, or $0.03 per share, and the reversal of
an accrual for redeemable non-controlling interest of ($3.1) million, or
($0.03) per share, income from continuing operations as
adjusted was $75.8 million, or $0.65 per share in the second quarter
of 2013. The Glossary at the end of the release contains more details on
these items. There were certain items in the second quarter of 2012
that, in the aggregate, did not have a significant impact on income from
continuing operations.
Net sales were $1,908.2 million in the second quarter of 2013, a
decrease of 5.1% from $2,011.5 million in the second quarter of 2012.
Income from operations was $85.3 million in the second quarter of 2013,
a decrease of $89.7 million when compared to income from operations of
$175.0 million in the second quarter of 2012. Excluding the pre-tax
impact of restructuring and related charges of approximately $65
million, income from operations as adjusted was $150.3 million in
the second quarter of 2013.
All results are for continuing operations, unless stated otherwise. All
per share amounts are on a fully diluted basis. A comprehensive review
of the quarterly financial performance is contained in the presentation
that will accompany the Company’s earnings conference call.
“As we communicated in mid-June, the marketplace overall has softened
compared to what we originally anticipated for 2013,” commented Ron
DeFeo, Terex Chairman and Chief Executive Officer. “The second quarter
results reflect this lighter order environment overall, as our Cranes,
Construction and Material Handling & Port Solutions (MHPS) segments all
experienced lower revenues than originally expected. However, we do
continue to see strong performance from our Aerial Work Platforms (AWP)
business, and good operational execution by our Materials Processing
business in a challenging environment. Overall by geography, North
America continues to improve, but now at a slower pace. Europe remains
challenging, particularly for our Cranes, Construction and MHPS
segments, and the markets in the rest of the world remain mixed.”
Mr. DeFeo continued, “As a result, and as previously previewed, we took
substantive actions in the second quarter to further adjust the cost
structure of the MHPS, Cranes and Construction organizations. While
these actions are difficult, the benefits to our stakeholders are
expected to have a meaningful impact on our future results, particularly
in 2014 and beyond. We expect stronger MHPS performance in the second
half of 2013 as we begin to deliver increased revenue from their large
backlog. These actions provide us with confidence in the near-term
execution of our revised plan, and are necessary as we pursue our longer
term goals.”
Outlook: The Company’s overall outlook for
fiscal year 2013 financial performance is consistent with the guidance
provided on June 17, 2013. Mr. DeFeo added, “Terex remains focused on
improving profit through continued vigilance on pricing and operating
costs. We are working to more thoroughly integrate our businesses and
consistently generate free cash flow. We reiterate our earnings per
share outlook of 2013 to be between $1.90 and $2.10 per share, excluding
restructuring and other unusual items, on net sales of between $7.5
billion and $7.7 billion.”
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 the text or the Glossary at the end of this press
release.
Capital Structure: The Company’s liquidity
at June 30, 2013 decreased by approximately $189 million compared to
March 31, 2013 and totaled $995.9 million, which comprised cash balances
of $548.2 million and borrowing availability under the Company’s
revolving credit facilities of $447.7 million.
Kevin Bradley, Terex Senior Vice President and Chief Financial Officer,
commented, “We generated free cash flow in the second quarter of
approximately $40 million, bringing the free cash flow total to
approximately $175 million for the first six months of 2013. We also
retired approximately $220 million of senior bank debt in May, further
executing our plan of generating cash and deleveraging the Company.
However, based on the lowered outlook for the 2013, we are now
anticipating to generate free cash flow in excess of $400 million as
compared to the previous guidance of over $500 million.”
Terex also announced that it has completed the purchase of approximately
14% of the shares of Terex Material Handling & Port Solutions AG
(formerly Demag Cranes AG) (TMHPSAG). With this acquisition of shares,
the Company now owns over 95% of the TMHPSAG shares. Terex has also
initiated a squeeze-out process that will lead to its owning 100% of the
business. These actions are consistent with the Company’s plans to
simplify its capital structure as this will eliminate the obligation to
make guaranteed payments to the minority shareholders and will also
remove the complexity and financial cost of maintaining the entity as a
German public company.
Return on Invested Capital (ROIC) was 5.6% for the
trailing twelve months ended June 30, 2013.
Taxes: The effective tax rate for the
second quarter of 2013 was 58.9% as compared to an effective tax rate of
35.4% for the second quarter of 2012.
Working Capital: Working Capital as
a percent of Trailing Three Month Annualized Net Sales was 23.4%
at June 30, 2013, as compared to 25.7% at March 31, 2013. This decrease
was primarily attributable to improved inventory days across the
businesses. The Company continues to target its Working Capital as a
percent 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 $2,178.9
million at June 30, 2013, essentially stable from March 31, 2013 and an
increase of approximately 5% from June 30, 2012. Strong demand for AWP
products along with existing large port equipment orders for MHPS, which
are now deliverable in the next twelve months contributed positively to
the increased backlog. This was partially offset by lower demand for
Cranes, mainly as a result of softness in Europe, Latin America and
Australia.
The Glossary contains further details regarding backlog.
Conference call
The Company will host a conference call to review the financial results
on Thursday, July 25, 2013 at 8:30 a.m. ET. Ronald M. DeFeo, Chairman
and CEO, will host the call. A simultaneous webcast of this call will be
available on the Company’s website, www.terex.com.
To listen to the call, select “Investor Relations” in the “About Terex”
section on the home page and then click on the webcast microphone link.
Participants are encouraged to access the call 10 minutes prior to the
starting time. The call will also be archived on the Company’s website
under “Audio Archives” in the “Investor Relations” section of the
website.
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 Terex Material Handling & Port
Solutions 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 that arise from operating a multinational
business, 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 AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(unaudited)
(in millions, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30,
|
|
|
Six Months
Ended June 30,
|
|
|
|
|
2013
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
Net sales
|
|
|
$
|
1,908.2
|
|
|
$
|
2,011.5
|
|
|
|
$
|
3,631.3
|
|
|
$
|
3,830.9
|
|
|
Cost of goods sold
|
|
|
|
(1,551.7
|
)
|
|
|
(1,582.9
|
)
|
|
|
|
(2,947.3
|
)
|
|
|
(3,071.5
|
)
|
|
Gross profit
|
|
|
|
356.5
|
|
|
|
428.6
|
|
|
|
|
684.0
|
|
|
|
759.4
|
|
|
Selling, general and administrative expenses
|
|
|
|
(271.2
|
)
|
|
|
(253.6
|
)
|
|
|
|
(530.3
|
)
|
|
|
(520.6
|
)
|
|
Income (loss) from operations
|
|
|
|
85.3
|
|
|
|
175.0
|
|
|
|
|
153.7
|
|
|
|
238.8
|
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
1.8
|
|
|
|
2.5
|
|
|
|
|
3.5
|
|
|
|
5.1
|
|
|
Interest expense
|
|
|
|
(31.4
|
)
|
|
|
(46.9
|
)
|
|
|
|
(64.8
|
)
|
|
|
(87.4
|
)
|
|
Loss on early extinguishment of debt
|
|
|
|
(5.2
|
)
|
|
|
(2.4
|
)
|
|
|
|
(5.2
|
)
|
|
|
(2.4
|
)
|
|
Other income (expense) – net
|
|
|
|
(2.8
|
)
|
|
|
(3.6
|
)
|
|
|
|
(4.9
|
)
|
|
|
0.9
|
|
|
Income (loss) from continuing operations before income taxes
|
|
|
|
47.7
|
|
|
|
124.6
|
|
|
|
|
82.3
|
|
|
|
155.0
|
|
|
(Provision for) benefit from income taxes
|
|
|
|
(28.1
|
)
|
|
|
(44.1
|
)
|
|
|
|
(43.4
|
)
|
|
|
(52.9
|
)
|
|
Income (loss) from continuing operations
|
|
|
|
19.6
|
|
|
|
80.5
|
|
|
|
|
38.9
|
|
|
|
102.1
|
|
|
Income (loss) from discontinued operations – net of tax
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
2.5
|
|
|
Gain (loss) on disposition of discontinued operations- net of tax
|
|
|
|
-
|
|
|
|
2.3
|
|
|
|
|
3.0
|
|
|
|
2.3
|
|
|
Net income (loss)
|
|
|
|
19.6
|
|
|
|
82.8
|
|
|
|
|
41.9
|
|
|
|
106.9
|
|
|
Net (income) loss attributable to noncontrolling interest
|
|
|
|
1.7
|
|
|
|
3.1
|
|
|
|
|
3.3
|
|
|
|
2.0
|
|
|
Net income (loss) attributable to Terex Corporation
|
|
|
$
|
21.3
|
|
|
$
|
85.9
|
|
|
|
$
|
45.2
|
|
|
$
|
108.9
|
|
|
Amounts attributable to Terex Corporation common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
21.3
|
|
|
$
|
83.6
|
|
|
|
$
|
42.2
|
|
|
$
|
104.1
|
|
|
Income (loss) from discontinued operations – net of tax
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
2.5
|
|
|
Gain (loss) on disposition of discontinued operations – net of tax
|
|
|
|
-
|
|
|
|
2.3
|
|
|
|
|
3.0
|
|
|
|
2.3
|
|
|
Net income (loss) attributable to Terex Corporation
|
|
|
$
|
21.3
|
|
|
$
|
85.9
|
|
|
|
$
|
45.2
|
|
|
$
|
108.9
|
|
|
Basic Earnings (loss) Per Share Attributable to Terex Corporation
Common Stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
0.19
|
|
|
$
|
0.76
|
|
|
|
$
|
0.38
|
|
|
$
|
0.95
|
|
|
Income (loss) from discontinued operations – net of tax
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
0.02
|
|
|
Gain (loss) on disposition of discontinued operations – net of tax
|
|
|
|
-
|
|
|
|
0.02
|
|
|
|
|
0.03
|
|
|
|
0.02
|
|
|
Net income (loss) attributable to Terex Corporation
|
|
|
$
|
0.19
|
|
|
$
|
0.78
|
|
|
|
$
|
0.41
|
|
|
$
|
0.99
|
|
|
Diluted Earnings (loss) Per Share Attributable to Terex Corporation
Common Stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
0.18
|
|
|
$
|
0.75
|
|
|
|
$
|
0.36
|
|
|
$
|
0.94
|
|
|
Income (loss) from discontinued operations – net of tax
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
0.02
|
|
|
Gain (loss) on disposition of discontinued operations – net of tax
|
|
|
|
-
|
|
|
|
0.02
|
|
|
|
|
0.03
|
|
|
|
0.02
|
|
|
Net income (loss) attributable to Terex Corporation
|
|
|
$
|
0.18
|
|
|
$
|
0.77
|
|
|
|
$
|
0.39
|
|
|
$
|
0.98
|
|
|
Weighted average number of shares outstanding in per share
calculation
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
111.2
|
|
|
|
110.4
|
|
|
|
|
111.0
|
|
|
|
110.2
|
|
|
Diluted
|
|
|
|
115.8
|
|
|
|
111.4
|
|
|
|
|
115.8
|
|
|
|
111.5
|
|
|
|
|
|
|
TEREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(unaudited)
(in millions, except par value)
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2013
|
|
|
December 31,
2012
|
|
Assets
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
548.2
|
|
|
|
$
|
678.0
|
|
|
Trade receivables (net of allowance of $34.9 and $38.8 at June 30,
2013 and December 31, 2012, respectively)
|
|
|
|
1,179.7
|
|
|
|
|
1,077.7
|
|
|
Inventories
|
|
|
|
1,670.0
|
|
|
|
|
1,715.6
|
|
|
Other current assets
|
|
|
|
310.7
|
|
|
|
|
326.1
|
|
|
Total current assets
|
|
|
|
3,708.6
|
|
|
|
|
3,797.4
|
|
|
Non-Current assets
|
|
|
|
|
|
|
|
Property, plant and equipment - net
|
|
|
|
780.1
|
|
|
|
|
813.3
|
|
|
Goodwill
|
|
|
|
1,207.5
|
|
|
|
|
1,245.3
|
|
|
Intangible assets - net
|
|
|
|
447.2
|
|
|
|
|
474.4
|
|
|
Other assets
|
|
|
|
411.6
|
|
|
|
|
415.8
|
|
|
Total assets
|
|
|
$
|
6,555.0
|
|
|
|
$
|
6,746.2
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
Notes payable and current portion of long-term debt
|
|
|
$
|
70.3
|
|
|
|
$
|
83.8
|
|
|
Trade accounts payable
|
|
|
|
735.8
|
|
|
|
|
635.5
|
|
|
Accrued compensation and benefits
|
|
|
|
239.2
|
|
|
|
|
226.2
|
|
|
Accrued warranties and product liability
|
|
|
|
96.8
|
|
|
|
|
97.6
|
|
|
Customer advances
|
|
|
|
331.1
|
|
|
|
|
312.9
|
|
|
Other current liabilities
|
|
|
|
365.8
|
|
|
|
|
352.8
|
|
|
Total current liabilities
|
|
|
|
1,839.0
|
|
|
|
|
1,708.8
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
|
1,800.1
|
|
|
|
|
2,014.9
|
|
|
Retirement plans
|
|
|
|
421.9
|
|
|
|
|
430.7
|
|
|
Other non-current liabilities
|
|
|
|
285.4
|
|
|
|
|
313.6
|
|
|
Total liabilities
|
|
|
|
4,346.4
|
|
|
|
|
4,468.0
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
Redeemable noncontrolling interest
|
|
|
|
226.6
|
|
|
|
|
246.9
|
|
|
Stockholders’ equity
|
|
|
|
|
|
|
|
Common stock, $.01 par value – authorized 300.0 shares; issued 123.5
and 122.9 shares at June 30, 2013 and December 31, 2012, respectively
|
|
|
|
1.2
|
|
|
|
|
1.2
|
|
|
Additional paid-in capital
|
|
|
|
1,277.2
|
|
|
|
|
1,260.7
|
|
|
Retained earnings
|
|
|
|
1,512.9
|
|
|
|
|
1,467.7
|
|
|
Accumulated other comprehensive income (loss)
|
|
|
|
(235.8
|
)
|
|
|
|
(124.1
|
)
|
|
Less cost of shares of common stock in treasury – 13.0 shares at
June 30, 2013 and December 31, 2012
|
|
|
|
(599.7
|
)
|
|
|
|
(597.8
|
)
|
|
Total Terex Corporation stockholders’ equity
|
|
|
|
1,955.8
|
|
|
|
|
2,007.7
|
|
|
Noncontrolling interest
|
|
|
|
26.2
|
|
|
|
|
23.6
|
|
|
Total stockholders’ equity
|
|
|
|
1,982.0
|
|
|
|
|
2,031.3
|
|
|
Total liabilities, redeemable noncontrolling interest and
stockholders’ equity
|
|
|
$
|
6,555.0
|
|
|
|
$
|
6,746.2
|
|
|
|
|
|
|
TEREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited) (in millions)
|
|
|
|
|
|
|
|
|
|
Six Months
Ended June 30,
|
|
|
|
|
2013
|
|
|
2012
|
|
Operating Activities of Continuing Operations
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
41.9
|
|
|
|
$
|
106.9
|
|
|
Adjustments to reconcile net income to net cash provided by (used
in) operating activities of continuing operations:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
78.3
|
|
|
|
|
76.6
|
|
|
Changes in operating assets and liabilities (net of effects of
acquisitions and divestitures):
|
|
|
|
|
|
|
|
Trade receivables
|
|
|
|
(130.3
|
)
|
|
|
|
(87.9
|
)
|
|
Inventories
|
|
|
|
(71.8
|
)
|
|
|
|
(83.6
|
)
|
|
Trade accounts payable
|
|
|
|
120.9
|
|
|
|
|
91.6
|
|
|
Customer advances
|
|
|
|
25.0
|
|
|
|
|
12.8
|
|
|
Other, net
|
|
|
|
65.9
|
|
|
|
|
(98.6
|
)
|
|
Net cash provided by (used in) operating activities of continuing
operations
|
|
|
|
129.9
|
|
|
|
|
17.8
|
|
|
Investing Activities of Continuing Operations
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
(41.4
|
)
|
|
|
|
(35.3
|
)
|
|
Other investing activities, net
|
|
|
|
40.0
|
|
|
|
|
(5.7
|
)
|
|
Net cash (used in) provided by investing activities of continuing
operations
|
|
|
|
(1.4
|
)
|
|
|
|
(41.0
|
)
|
|
Financing Activities of Continuing Operations
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities of continuing
operations
|
|
|
|
(240.2
|
)
|
|
|
|
100.9
|
|
|
Effect of Exchange Rate Changes on Cash and Cash Equivalents
|
|
|
|
(18.1
|
)
|
|
|
|
(10.3
|
)
|
|
Net Increase (Decrease) in Cash and Cash Equivalents
|
|
|
|
(129.8
|
)
|
|
|
|
67.4
|
|
|
Cash and Cash Equivalents at Beginning of Period
|
|
|
|
678.0
|
|
|
|
|
774.1
|
|
|
Cash and Cash Equivalents at End of Period
|
|
|
$
|
548.2
|
|
|
|
$
|
841.5
|
|
|
|
|
|
|
TEREX CORPORATION AND SUBSIDIARIES
SEGMENT RESULTS DISCLOSURE
(unaudited)
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter
|
|
|
Year-to-Date
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
% of
Net Sales
|
|
|
|
|
% of
Net Sales
|
|
|
|
|
% of
Net Sales
|
|
|
|
|
% of
Net Sales
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
1,908.2
|
|
|
|
|
|
$
|
2,011.5
|
|
|
|
|
|
$
|
3,631.3
|
|
|
|
|
|
$
|
3,830.9
|
|
|
|
|
Gross profit
|
|
|
|
356.5
|
|
|
18.7
|
%
|
|
|
|
428.6
|
|
|
21.3
|
%
|
|
|
|
684.0
|
|
|
18.8
|
%
|
|
|
|
759.4
|
|
|
19.8
|
%
|
|
SG&A
|
|
|
|
271.2
|
|
|
14.2
|
%
|
|
|
|
253.6
|
|
|
12.6
|
%
|
|
|
|
530.3
|
|
|
14.6
|
%
|
|
|
|
520.6
|
|
|
13.6
|
%
|
|
Income from operations
|
|
|
$
|
85.3
|
|
|
4.5
|
%
|
|
|
$
|
175.0
|
|
|
8.7
|
%
|
|
|
$
|
153.7
|
|
|
4.2
|
%
|
|
|
$
|
238.8
|
|
|
6.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AWP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
606.6
|
|
|
|
|
|
$
|
516.6
|
|
|
|
|
|
$
|
1,115.7
|
|
|
|
|
|
$
|
936.4
|
|
|
|
|
Gross profit
|
|
|
|
147.0
|
|
|
24.2
|
%
|
|
|
|
121.3
|
|
|
23.5
|
%
|
|
|
|
265.5
|
|
|
23.8
|
%
|
|
|
|
200.4
|
|
|
21.4
|
%
|
|
SG&A
|
|
|
|
45.8
|
|
|
7.6
|
%
|
|
|
|
43.2
|
|
|
8.4
|
%
|
|
|
|
91.9
|
|
|
8.2
|
%
|
|
|
|
83.1
|
|
|
8.9
|
%
|
|
Income from operations
|
|
|
$
|
101.2
|
|
|
16.7
|
%
|
|
|
$
|
78.1
|
|
|
15.1
|
%
|
|
|
$
|
173.6
|
|
|
15.6
|
%
|
|
|
$
|
117.3
|
|
|
12.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
274.8
|
|
|
|
|
|
$
|
388.8
|
|
|
|
|
|
$
|
554.6
|
|
|
|
|
|
$
|
751.9
|
|
|
|
|
Gross profit
|
|
|
|
31.1
|
|
|
11.3
|
%
|
|
|
|
48.7
|
|
|
12.5
|
%
|
|
|
|
52.0
|
|
|
9.4
|
%
|
|
|
|
85.6
|
|
|
11.4
|
%
|
|
SG&A
|
|
|
|
36.1
|
|
|
13.1
|
%
|
|
|
|
39.1
|
|
|
10.1
|
%
|
|
|
|
70.1
|
|
|
12.6
|
%
|
|
|
|
76.0
|
|
|
10.1
|
%
|
|
Income (loss) from operations
|
|
|
$
|
(5.0
|
)
|
|
(1.8
|
%)
|
|
|
$
|
9.6
|
|
|
2.5
|
%
|
|
|
$
|
(18.1
|
)
|
|
(3.3
|
%)
|
|
|
$
|
9.6
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cranes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
521.2
|
|
|
|
|
|
$
|
505.1
|
|
|
|
|
|
$
|
992.1
|
|
|
|
|
|
$
|
960.3
|
|
|
|
|
Gross profit
|
|
|
|
84.8
|
|
|
16.3
|
%
|
|
|
|
102.9
|
|
|
20.4
|
%
|
|
|
|
170.7
|
|
|
17.2
|
%
|
|
|
|
177.8
|
|
|
18.5
|
%
|
|
SG&A
|
|
|
|
61.4
|
|
|
11.8
|
%
|
|
|
|
53.3
|
|
|
10.6
|
%
|
|
|
|
114.8
|
|
|
11.6
|
%
|
|
|
|
115.2
|
|
|
12.0
|
%
|
|
Income from operations
|
|
|
$
|
23.4
|
|
|
4.5
|
%
|
|
|
$
|
49.6
|
|
|
9.8
|
%
|
|
|
$
|
55.9
|
|
|
5.6
|
%
|
|
|
$
|
62.6
|
|
|
6.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MHPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
369.8
|
|
|
|
|
|
$
|
442.8
|
|
|
|
|
|
$
|
709.0
|
|
|
|
|
|
$
|
880.9
|
|
|
|
|
Gross profit
|
|
|
|
48.6
|
|
|
13.1
|
%
|
|
|
|
102.0
|
|
|
23.0
|
%
|
|
|
|
117.3
|
|
|
16.5
|
%
|
|
|
|
202.1
|
|
|
22.9
|
%
|
|
SG&A
|
|
|
|
105.8
|
|
|
28.6
|
%
|
|
|
|
91.2
|
|
|
20.6
|
%
|
|
|
|
203.6
|
|
|
28.7
|
%
|
|
|
|
190.7
|
|
|
21.6
|
%
|
|
Income (loss) from operations
|
|
|
$
|
(57.2
|
)
|
|
(15.5
|
%)
|
|
|
$
|
10.8
|
|
|
2.4
|
%
|
|
|
$
|
(86.3
|
)
|
|
(12.2
|
%)
|
|
|
$
|
11.4
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
176.3
|
|
|
|
|
|
$
|
190.3
|
|
|
|
|
|
$
|
330.6
|
|
|
|
|
|
$
|
359.5
|
|
|
|
|
Gross profit
|
|
|
|
42.0
|
|
|
23.8
|
%
|
|
|
|
45.9
|
|
|
24.1
|
%
|
|
|
|
73.7
|
|
|
22.3
|
%
|
|
|
|
81.0
|
|
|
22.5
|
%
|
|
SG&A
|
|
|
|
17.5
|
|
|
9.9
|
%
|
|
|
|
17.3
|
|
|
9.1
|
%
|
|
|
|
37.5
|
|
|
11.3
|
%
|
|
|
|
37.1
|
|
|
10.3
|
%
|
|
Income from operations
|
|
|
$
|
24.5
|
|
|
13.9
|
%
|
|
|
$
|
28.6
|
|
|
15.0
|
%
|
|
|
$
|
36.2
|
|
|
10.9
|
%
|
|
|
$
|
43.9
|
|
|
12.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate/Eliminations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
(40.5
|
)
|
|
|
|
|
$
|
(32.1
|
)
|
|
|
|
|
$
|
(70.7
|
)
|
|
|
|
|
$
|
(58.1
|
)
|
|
|
|
Gross profit
|
|
|
|
3.0
|
|
|
(7.4
|
%)
|
|
|
|
7.8
|
|
|
(24.3
|
%)
|
|
|
|
4.8
|
|
|
(6.8
|
%)
|
|
|
|
12.5
|
|
|
(21.5
|
%)
|
|
SG&A
|
|
|
|
4.6
|
|
|
(11.4
|
%)
|
|
|
|
9.5
|
|
|
(29.6
|
%)
|
|
|
|
12.4
|
|
|
(17.5
|
%)
|
|
|
|
18.5
|
|
|
(31.8
|
%)
|
|
Loss from operations
|
|
|
$
|
(1.6
|
)
|
|
4.0
|
%
|
|
|
$
|
(1.7
|
)
|
|
5.3
|
%
|
|
|
$
|
(7.6
|
)
|
|
10.7
|
%
|
|
|
$
|
(6.0
|
)
|
|
10.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 the translation of 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter 2013
|
|
|
Pre-Tax
|
|
|
Tax Rate
|
|
After-Tax
|
|
|
EPS*
|
|
|
Corporate Debt Reduction
|
|
|
$
|
(5.2
|
)
|
|
|
**
|
|
$
|
(3.5
|
)
|
|
|
$
|
(0.03
|
)
|
|
|
Construction Restructuring & Other
|
|
|
|
(8.0
|
)
|
|
|
**
|
|
|
(5.6
|
)
|
|
|
|
(0.05
|
)
|
|
|
Cranes Restructuring & Related
|
|
|
|
(15.0
|
)
|
|
|
30.55%
|
|
|
(10.4
|
)
|
|
|
|
(0.09
|
)
|
|
|
MHPS Restructuring & Related
|
|
|
|
(46.5
|
)
|
|
|
**
|
|
|
(38.1
|
)
|
|
|
|
(0.33
|
)
|
|
|
MHPS Redeemable NCI
|
|
|
|
3.1
|
|
|
|
-
|
|
|
3.1
|
|
|
|
|
0.03
|
|
|
|
Total EPS Effect
|
|
|
$
|
(71.6
|
)
|
|
|
|
|
$
|
(54.5
|
)
|
|
|
$
|
(0.47
|
)
|
|
|
*
|
|
Based on weighted average diluted shares of 115.8M
|
**
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jun 30,
2013
|
|
|
|
Jun 30,
2012
|
|
|
%
change
|
|
|
|
Mar 31,
2013
|
|
|
%
change
|
Consolidated Backlog
|
|
|
$
|
2,178.9
|
|
|
$
|
2,075.7
|
|
|
5
|
%
|
|
|
$
|
2,166.1
|
|
|
1
|
%
|
AWP
|
|
|
$
|
497.3
|
|
|
$
|
361.5
|
|
|
38
|
%
|
|
|
$
|
577.3
|
|
|
(14
|
%)
|
Construction
|
|
|
$
|
179.5
|
|
|
$
|
179.5
|
|
|
0
|
%
|
|
|
$
|
190.6
|
|
|
(6
|
%)
|
Cranes
|
|
|
$
|
581.2
|
|
|
$
|
814.7
|
|
|
(29
|
%)
|
|
|
$
|
634.2
|
|
|
(8
|
%)
|
MHPS
|
|
|
$
|
860.3
|
|
|
$
|
635.2
|
|
|
35
|
%
|
|
|
$
|
679.1
|
|
|
27
|
%
|
MP
|
|
|
$
|
60.6
|
|
|
$
|
84.8
|
|
|
(29
|
%)
|
|
|
$
|
84.9
|
|
|
(29
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
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
June 30,
|
|
|
Six months ended
June 30,
|
|
|
|
|
|
2013
|
|
2012
|
|
|
2013
|
|
2012
|
|
Income (loss) from operations
|
|
|
|
$
|
85.3
|
|
|
$
|
175.0
|
|
|
|
$
|
153.7
|
|
|
$
|
238.8
|
|
|
Depreciation
|
|
|
|
|
26.5
|
|
|
|
24.5
|
|
|
|
|
52.1
|
|
|
|
49.9
|
|
|
Amortization
|
|
|
|
|
13.4
|
|
|
|
13.3
|
|
|
|
|
26.2
|
|
|
|
26.7
|
|
|
Bank fee amortization not included in Income (loss) from operations
|
|
|
|
|
(2.1
|
)
|
|
|
(2.6
|
)
|
|
|
|
(4.3
|
)
|
|
|
(5.0
|
)
|
|
EBITDA
|
|
|
|
$
|
123.1
|
|
|
$
|
210.2
|
|
|
|
$
|
227.7
|
|
|
$
|
310.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow is defined as income from operations plus
depreciation and amortization, proceeds from the sale of assets, plus or
minus changes in working capital, less capital expenditures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
June 30, 2013
|
|
|
|
Six Months
ended
June 30, 2013
|
|
|
|
Income from operations
|
|
|
|
|
|
$
|
85.3
|
|
|
|
|
$
|
153.7
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
|
|
39.9
|
|
|
|
|
|
78.3
|
|
|
|
|
Proceeds from sale of assets
|
|
|
|
|
|
|
7.7
|
|
|
|
|
|
40.7
|
|
|
|
|
Changes in working capital
|
|
|
|
|
|
|
(73.7
|
)
|
|
|
|
|
(56.2
|
)
|
|
|
|
Capital expenditures
|
|
|
|
|
|
|
(18.9
|
)
|
|
|
|
|
(41.4
|
)
|
|
|
|
Free cash flow
|
|
|
|
|
|
$
|
40.3
|
|
|
|
|
$
|
175.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 below) less
Cash and cash equivalents for the previous five quarters. Debt is
calculated using the Consolidated Balance Sheet amounts for Notes
payable and current portion of long-term debt plus Long-term debt, less
current portion. NOPAT 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”) does not
represent its primary operations and, therefore, TFS finance receivable
assets and results from operations have 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 non-controlling interest as
this item is deemed to be temporary equity and therefore 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 12-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.
|
|
|
Jun ‘13
|
|
|
Mar ‘13
|
|
|
Dec ‘12
|
|
|
Sept ‘12
|
|
|
Jun ‘12
|
|
Provision for (benefit from) income taxes
|
|
|
$
|
28.1
|
|
|
|
$
|
15.3
|
|
|
|
$
|
(7.5
|
)
|
|
|
$
|
8.8
|
|
|
|
|
|
Divided by: Income (loss) before income taxes
|
|
|
|
47.7
|
|
|
|
|
34.6
|
|
|
|
|
(36.5
|
)
|
|
|
|
37.1
|
|
|
|
|
|
Effective tax rate
|
|
|
|
58.9
|
%
|
|
|
|
44.2
|
%
|
|
|
|
20.5
|
%
|
|
|
|
23.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) income from operations as adjusted
|
|
|
$
|
85.6
|
|
|
|
$
|
68.9
|
|
|
|
$
|
26.3
|
|
|
|
$
|
132.6
|
|
|
|
|
|
Multiplied by: 1 minus Effective tax rate
|
|
|
|
41.1
|
%
|
|
|
|
55.8
|
%
|
|
|
|
79.5
|
%
|
|
|
|
76.3
|
%
|
|
|
|
|
Adjusted net operating income (loss) after tax
|
|
|
$
|
35.2
|
|
|
|
$
|
38.4
|
|
|
|
$
|
20.9
|
|
|
|
$
|
101.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt (as defined above)
|
|
|
$
|
1,870.4
|
|
|
|
$
|
2,082.5
|
|
|
|
$
|
2,098.7
|
|
|
|
$
|
2,063.8
|
|
|
|
$
|
2,402.8
|
|
|
Less: Cash and cash equivalents
|
|
|
|
(548.2
|
)
|
|
|
|
(729.7
|
)
|
|
|
|
(678.0
|
)
|
|
|
|
(542.6
|
)
|
|
|
|
(841.5
|
)
|
|
Debt less Cash and cash equivalents
|
|
|
$
|
1,322.2
|
|
|
|
$
|
1,352.8
|
|
|
|
$
|
1,420.7
|
|
|
|
$
|
1,521.2
|
|
|
|
$
|
1,561.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Terex Corporation stockholders’ equity as adjusted
|
|
|
$
|
2,042.7
|
|
|
|
$
|
2,053.8
|
|
|
|
$
|
2,103.7
|
|
|
|
$
|
2,149.2
|
|
|
|
$
|
2,089.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt less Cash and cash equivalents plus Total Terex Corporation
stockholders’ equity as adjusted
|
|
|
$
|
3,364.9
|
|
|
|
$
|
3,406.6
|
|
|
|
$
|
3,524.4
|
|
|
|
$
|
3,670.4
|
|
|
|
$
|
3,650.5
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2013 ROIC
|
|
|
|
|
|
5.6
|
%
|
|
Adjusted net operating income (loss) after tax (last 4 quarters)
|
|
|
|
$
|
|
195.7
|
|
|
Average Debt less Cash and cash equivalents plus Total Terex
Corporation stockholders’ equity as adjusted (5 quarters)
|
|
|
|
$
|
|
3,523.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
6/30/13
|
|
Three months
ended
3/31/13
|
|
Three
months
ended
12/31/12
|
|
Three
months
ended
9/30/12
|
|
|
|
Reconciliation of income (loss) from operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations as reported
|
|
|
$
|
85.3
|
|
|
$
|
68.4
|
|
|
$
|
27.9
|
|
|
$
|
131.9
|
|
|
|
|
(Income) loss from operations for TFS
|
|
|
|
0.3
|
|
|
|
0.5
|
|
|
|
(1.6
|
)
|
|
|
0.7
|
|
|
|
|
Income (loss) from operations as adjusted
|
|
|
$
|
85.6
|
|
|
$
|
68.9
|
|
|
$
|
26.3
|
|
|
$
|
132.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Terex Corporation stockholders’ equity:
|
|
|
As of
6/30/13
|
|
As of
3/31/13
|
|
As of
12/31/12
|
|
As of
9/30/12
|
|
As of
6/30/12
|
|
Terex Corporation stockholders’ equity as reported
|
|
|
$
|
1,955.8
|
|
|
$
|
1,957.5
|
|
|
$
|
2,007.7
|
|
|
$
|
2,054.6
|
|
|
$
|
1,989.6
|
|
|
TFS assets
|
|
|
|
(139.7
|
)
|
|
|
(147.5
|
)
|
|
|
(150.9
|
)
|
|
|
(142.3
|
)
|
|
|
(129.9
|
)
|
|
Redeemable noncontrolling interest
|
|
|
|
226.6
|
|
|
|
243.8
|
|
|
|
246.9
|
|
|
|
236.9
|
|
|
|
229.5
|
|
|
Terex Corporation stockholders’ equity as adjusted
|
|
|
$
|
2,042.7
|
|
|
$
|
2,053.8
|
|
|
$
|
2,103.7
|
|
|
$
|
2,149.2
|
|
|
$
|
2,089.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing Three Month Annualized Net Sales is calculated using the
net sales for the quarter multiplied by four.
|
|
|
|
|
|
|
|
Second Quarter 2013 Net Sales
|
|
|
|
$
|
|
1,908.2
|
|
|
|
|
|
x
|
|
4
|
|
Trailing Three Month Annualized Net Sales
|
|
|
|
$
|
|
7,632.8
|
|
|
|
|
|
|
|
|
|
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. As of June 30, 2013, working capital
was:
|
|
|
|
|
|
|
|
|
|
|
Inventories
|
|
|
|
|
$
|
|
|
1,670.0
|
|
|
Trade Receivables
|
|
|
|
|
|
|
|
1,179.7
|
|
|
Less: Trade Accounts Payable
|
|
|
|
|
|
|
|
(735.8)
|
|
|
Less: Customer Advances
|
|
|
|
|
|
|
|
(331.1)
|
|
|
Total Working Capital
|
|
|
|
|
$
|
|
|
1,782.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: Terex Corporation
Terex Corporation
Tom Gelston, 203-222-5943
Vice President,
Investor Relations
thomas.gelston@terex.com