WESTPORT, Conn.--(BUSINESS WIRE)--Aug. 1, 2017--
Terex Corporation (NYSE: TEX) today announced second quarter 2017 income
from continuing operations of $95.4 million, or $0.98 per share, on net
sales of $1.2 billion. In the second quarter of 2016, the reported
income from continuing operations was $109.6 million, or $1.00 per
share, on net sales of $1.3 billion. Excluding a net after-tax benefit
of $47.0 million largely related to the investment in Konecranes shares,
income from continuing operations, as adjusted, for the second quarter
of 2017 was $49.6 million, or $0.51 per share. This compares to income
from continuing operations, as adjusted, of $60.6 million or $0.55 per
share in the second quarter of 2016. The Glossary at the end of this
press release contains further details regarding these non-GAAP measures.
“We continue to make progress,” said John L. Garrison, Terex President
and CEO. “Our Cranes segment returned to profitability in the second
quarter, realizing benefits from its restructuring program. Our
Materials Processing (MP) segment continued its excellent performance,
growing sales and operating margin for the third consecutive quarter.
Aerial Work Platforms (AWP) sales were better than expected on the
strength of the North American market, however, operating margins
compressed on pricing dynamics, higher steel costs and the strength of
the US dollar.”
“Looking forward, backlog in our three segments grew substantially, up
36% year-over-year. This is the second consecutive quarter that we
increased backlog in each segment,” continued Mr. Garrison. “AWP backlog
grew 46% including growth in North America, Europe and Asia. MP backlog
was up 33% and Cranes backlog grew 29%.”
“We continue to implement our strategy to focus and simplify the
Company, and build capabilities in key commercial and operational
areas,” added Mr. Garrison. “By completing the sales of our UK and
Indian back-hoe loader businesses, we delivered on our commitment to
focus our portfolio on our three core segments. In Germany, we signed an
agreement to sell our Cranes manufacturing location in Bierbach, and
reached agreement with the Works Council to proceed with our footprint
rationalization and cost reduction plans. Our on-going efforts to expand
our capabilities in sales execution and account management through our
Commercial Excellence initiative is starting to be reflected in our
growing bookings and backlog.”
“We continue to follow our disciplined capital allocation strategy. We
monetized $277 million of Konecranes shares for a year-to-date total of
$549 million. We repaid the $254 million remaining on our 6.5% notes and
repurchased 9.4 million Terex shares for $316 million, bringing our
total to 15.9 million shares for $517 million for the first six months
of the year.”
Mr. Garrison concluded, “Combining our first half results, with our
current view of market and operational expectations in the second half
and our on-going capital market actions, we are increasing our full year
adjusted EPS guidance to $1.05 to $1.15. This reflects improved net
sales and operating profit guidance.”
Re-segmentation and Non-GAAP Measures
The current and prior period results reflect the re-segmentation of our
concrete mixer trucks and concrete paver business from our former
Construction segment into MP. Our MHPS business is reported as a
discontinued operation. Remaining product lines of our former
Construction segment, such as mini-excavators, loader backhoes and site
dumpers are included in Corporate and Other.
Results of operations reflect continuing operations. 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.
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. Terex now calculates
its quarterly adjusted effective tax rate by multiplying the adjusted
forecast full year effective tax rate by the adjusted pre-tax income.
Terex believes this more closely aligns with how its investors analyze
quarterly results. 2016 results have been adjusted using the same
approach.
The Company provides guidance on a non-GAAP basis as the Company cannot
predict with a reasonable degree of certainty some elements that are
included in reported GAAP results, such as the impact from periodic
adjustments to fair value in our ownership interest in Konecranes, the
impact of the release of tax valuation allowances and future
restructuring charges.
The Glossary at the end of this press release contains further details
about this subject.
Conference call
The Company has scheduled a one hour conference call to review the
financial results on Wednesday, August 2, 2017 at 10:30 a.m. ET. John L.
Garrison, President 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” from the home page
and click on “Investor Events”. 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 “Investor Events” in the
“Investor Relations” section.
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; 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 highly competitive and is affected by our cost structure, pricing, product initiatives and other actions taken by competitors; 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; the carrying value of goodwill could become impaired; 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, commodity price changes, 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, intellectual property claims, class action lawsuits and other liabilities; our ability to comply with an injunction and related obligations imposed by the United States Securities and Exchange Commission (“SEC”); disruption or breach in our information technology systems; 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.
About Terex
Terex Corporation is a global manufacturer of lifting and material
processing products and services that deliver lifecycle solutions to
maximize customer return on investment. The company reports in
three business segments: Aerial Work Platforms, Cranes, and Materials
Processing. Terex delivers lifecycle solutions to a broad range
of industries, including the construction, infrastructure,
manufacturing, shipping, transportation, refining, energy, utility,
quarrying and mining industries. Terex offers financial products
and services to assist in the acquisition of Terex equipment through
Terex Financial Services. Terex uses its website (www.terex.com)
and its Facebook page (www.facebook.com/TerexCorporation)
to make information available to its investors and the market.
|
|
|
|
|
|
TEREX CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS |
(unaudited)
|
(in millions, except per share data)
|
|
|
|
|
|
|
|
|
Three Months |
|
|
Six Months |
|
|
Ended June 30, |
|
|
Ended June 30, |
|
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
Net sales
|
|
$
|
1,181.7
|
|
$
|
1,297.7
|
|
|
$
|
2,188.6
|
|
$
|
2,412.0
|
Cost of goods sold
|
|
|
(941.0)
|
|
|
(1,055.6)
|
|
|
|
(1,795.6)
|
|
|
(1,988.2)
|
Gross profit
|
|
|
240.7
|
|
|
242.1
|
|
|
|
393.0
|
|
|
423.8
|
Selling, general and administrative expenses
|
|
|
(164.8)
|
|
|
(168.7)
|
|
|
|
(323.4)
|
|
|
(339.1)
|
Income (loss) from operations
|
|
|
75.9
|
|
|
73.4
|
|
|
|
69.6
|
|
|
84.7
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
1.5
|
|
|
1.1
|
|
|
|
3.3
|
|
|
2.3
|
Interest expense
|
|
|
(15.1)
|
|
|
(25.5)
|
|
|
|
(36.5)
|
|
|
(50.2)
|
Loss on early extinguishment of debt
|
|
|
(6.5)
|
|
|
(0.4)
|
|
|
|
(51.9)
|
|
|
(0.4)
|
Other income (expense) – net
|
|
|
62.7
|
|
|
(6.1)
|
|
|
|
45.4
|
|
|
(12.0)
|
Income (loss) from continuing operations before income taxes
|
|
|
118.5
|
|
|
42.5
|
|
|
|
29.9
|
|
|
24.4
|
(Provision for) benefit from income taxes
|
|
|
(23.1)
|
|
|
67.1
|
|
|
|
5.2
|
|
|
63.2
|
Income (loss) from continuing operations
|
|
|
95.4
|
|
|
109.6
|
|
|
|
35.1
|
|
|
87.6
|
Income (loss) from discontinued operations – net of tax
|
|
|
—
|
|
|
(45.1)
|
|
|
|
—
|
|
|
(97.5)
|
Gain (loss) on disposition of discontinued operations- net of tax
|
|
|
5.4
|
|
|
0.1
|
|
|
|
61.1
|
|
|
3.5
|
Net income (loss)
|
|
|
100.8
|
|
|
64.6
|
|
|
|
96.2
|
|
|
(6.4)
|
Net (income) loss from Discontinuing Operations attributable to
non-controlling interest
|
|
|
—
|
|
|
0.5
|
|
|
|
—
|
|
|
0.7
|
Net income (loss) attributable to Terex Corporation
|
|
$
|
100.8
|
|
$
|
65.1
|
|
|
$
|
96.2
|
|
$
|
(5.7)
|
Amounts attributable to Terex Corporation common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
95.4
|
|
$
|
109.6
|
|
|
$
|
35.1
|
|
$
|
87.6
|
Income (loss) from discontinued operations – net of tax
|
|
|
—
|
|
|
(44.6)
|
|
|
|
—
|
|
|
(96.8)
|
Gain (loss) on disposition of discontinued operations – net of tax
|
|
|
5.4
|
|
|
0.1
|
|
|
|
61.1
|
|
|
3.5
|
Net income (loss) attributable to Terex Corporation
|
|
$
|
100.8
|
|
$
|
65.1
|
|
|
$
|
96.2
|
|
$
|
(5.7)
|
Basic Earnings (Loss) per Share Attributable to Terex Corporation Common
Stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
0.99
|
|
$
|
1.01
|
|
|
$
|
0.35
|
|
$
|
0.81
|
Income (loss) from discontinued operations – net of tax
|
|
|
—
|
|
|
(0.41)
|
|
|
|
—
|
|
|
(0.89)
|
Gain (loss) on disposition of discontinued operations – net of tax
|
|
|
0.06
|
|
|
—
|
|
|
|
0.61
|
|
|
0.03
|
Net income (loss) attributable to Terex Corporation
|
|
$
|
1.05
|
|
$
|
0.60
|
|
|
$
|
0.96
|
|
$
|
(0.05)
|
Diluted Earnings (Loss) per Share Attributable to Terex Corporation Common
Stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
0.98
|
|
$
|
1.00
|
|
|
$
|
0.34
|
|
$
|
0.80
|
Income (loss) from discontinued operations – net of tax
|
|
|
—
|
|
|
(0.41)
|
|
|
|
—
|
|
|
(0.88)
|
Gain (loss) on disposition of discontinued operations – net of tax
|
|
|
0.06
|
|
|
—
|
|
|
|
0.60
|
|
|
0.03
|
Net income (loss) attributable to Terex Corporation
|
|
$
|
1.04
|
|
$
|
0.59
|
|
|
$
|
0.94
|
|
$
|
(0.05)
|
Weighted average number of shares outstanding in per share
calculation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
95.7
|
|
|
109.2
|
|
|
|
100.4
|
|
|
109.0
|
Diluted
|
|
|
97.1
|
|
|
109.6
|
|
|
|
102.2
|
|
|
109.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEREX CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEET |
(unaudited)
|
(in millions, except par value)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
2017 |
|
|
2016 |
Assets
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
|
|
|
555.5
|
|
|
$
|
428.5
|
Other current assets
|
|
|
|
|
|
1,840.1
|
|
|
|
1,539.1
|
Current assets held for sale
|
|
|
|
|
|
8.0
|
|
|
|
732.9
|
Total current assets
|
|
|
|
|
|
2,403.6
|
|
|
|
2,700.5
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment – net
|
|
|
|
|
|
303.7
|
|
|
|
304.6
|
Other non-current assets
|
|
|
|
|
|
1,052.3
|
|
|
|
830.4
|
Non-current assets held for sale
|
|
|
|
|
|
0.4
|
|
|
|
1,171.3
|
Total non-current assets
|
|
|
|
|
|
1,356.4
|
|
|
|
2,306.3
|
Total assets
|
|
$
|
|
|
|
3,760.0
|
|
|
$
|
5,006.8
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
|
Notes payable and current portion of long-term debt
|
|
$
|
|
|
|
11.7
|
|
|
$
|
13.8
|
Other current liabilities
|
|
|
|
|
|
1,005.5
|
|
|
|
939.4
|
Current liabilities held for sale
|
|
|
|
|
|
3.5
|
|
|
|
453.8
|
Total current liabilities
|
|
|
|
|
|
1,020.7
|
|
|
|
1,407.0
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
|
|
|
980.3
|
|
|
|
1,562.0
|
Other non-current liabilities
|
|
|
|
|
|
217.7
|
|
|
|
204.5
|
Non-current liabilities held for sale
|
|
|
|
|
|
1.1
|
|
|
|
312.1
|
Total non-current liabilities
|
|
|
|
|
|
1,199.1
|
|
|
|
2,078.6
|
Total liabilities
|
|
|
|
|
|
2,219.8
|
|
|
|
3,485.6
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity
|
|
|
|
|
|
1,540.2
|
|
|
|
1,521.2
|
Total liabilities and stockholders’ equity
|
|
$
|
|
|
|
3,760.0
|
|
|
$
|
5,006.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEREX CORPORATION AND SUBSIDIARIES |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS |
(unaudited)
|
(in millions)
|
|
|
|
|
|
Six Months |
|
Ended June 30, |
|
|
2017 |
|
|
2016 |
Operating Activities
|
|
|
|
|
|
Net income (loss)
|
|
$
|
96.2
|
|
|
$
|
(6.4)
|
Depreciation and amortization
|
|
|
31.3
|
|
|
|
57.7
|
Changes in operating assets and liabilities and non-cash charges
|
|
|
(286.4)
|
|
|
|
(57.7)
|
Net cash provided by (used in) operating activities
|
|
|
(158.9)
|
|
|
|
(6.4)
|
Investing Activities
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(17.6)
|
|
|
|
(44.1)
|
Other investing activities, net
|
|
|
1,346.7
|
|
|
|
0.2
|
Net cash (used in) provided by investing activities
|
|
|
1,329.1
|
|
|
|
(43.9)
|
Financing Activities
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
(1,138.7)
|
|
|
|
(122.6)
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
25.2
|
|
|
|
4.5
|
Net increase (decrease) in cash and cash equivalents
|
|
|
56.7
|
|
|
|
(168.4)
|
Cash and cash equivalents at beginning of period
|
|
|
501.9
|
|
|
|
466.5
|
Cash and cash equivalents at end of period
|
|
$
|
558.6
|
|
|
$
|
298.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEREX CORPORATION AND SUBSIDIARIES |
SEGMENT RESULTS DISCLOSURE |
(unaudited)
|
(in millions)
|
|
|
|
|
|
|
|
|
Q2 |
|
|
Year-to-Date |
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
% of |
|
|
|
|
|
|
% of |
|
|
|
|
|
|
% of |
|
|
|
|
|
|
% of |
|
|
|
Net Sales |
|
|
|
|
Net Sales |
|
|
|
|
Net Sales |
|
|
|
|
Net Sales |
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
1,181.7
|
|
|
|
|
|
$
|
1,297.7
|
|
|
|
|
|
$
|
2,188.6
|
|
|
|
|
|
$
|
2,412.0
|
|
|
|
Income from operations
|
|
$
|
75.9
|
|
|
6.4%
|
|
|
$
|
73.4
|
|
|
5.7%
|
|
|
$
|
69.6
|
|
|
3.2%
|
|
|
$
|
84.7
|
|
|
3.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AWP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
593.0
|
|
|
|
|
|
$
|
593.7
|
|
|
|
|
|
$
|
1,065.4
|
|
|
|
|
|
$
|
1,114.4
|
|
|
|
Income from operations
|
|
$
|
60.8
|
|
|
10.3%
|
|
|
$
|
72.5
|
|
|
12.2%
|
|
|
$
|
82.5
|
|
|
7.7%
|
|
|
$
|
110.6
|
|
|
9.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cranes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
303.8
|
|
|
|
|
|
$
|
357.4
|
|
|
|
|
|
$
|
567.7
|
|
|
|
|
|
$
|
664.7
|
|
|
|
Income (loss) from operations
|
|
$
|
14.5
|
|
|
4.8%
|
|
|
$
|
(12.8)
|
|
|
(3.6%)
|
|
|
$
|
(18.3)
|
|
|
(3.2%)
|
|
|
$
|
(29.4)
|
|
|
(4.4%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
280.5
|
|
|
|
|
|
$
|
256.2
|
|
|
|
|
|
$
|
529.6
|
|
|
|
|
|
$
|
480.0
|
|
|
|
Income from operations
|
|
$
|
35.4
|
|
|
12.6%
|
|
|
$
|
28.6
|
|
|
11.2%
|
|
|
$
|
60.9
|
|
|
11.5%
|
|
|
$
|
44.4
|
|
|
9.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corp and Other / Eliminations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
4.4
|
|
|
|
|
|
$
|
90.4
|
|
|
|
|
|
$
|
25.9
|
|
|
|
|
|
$
|
152.9
|
|
|
|
Loss from operations
|
|
$
|
(34.8)
|
|
|
(790.9%)
|
|
|
$
|
(14.9)
|
|
|
(16.5%)
|
|
|
$
|
(55.5)
|
|
|
(214.3%)
|
|
|
$
|
(40.9)
|
|
|
(26.7%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
The amounts described below are unaudited, are reported in millions of
U.S. dollars (except share data and percentages), and are as of or for
the period ended June 30, 2017, unless otherwise indicated.
2017 Outlook: The Company’s 2017 outlook for earnings per share
and 2017 full year adjusted forecasted tax rate are non-GAAP financial
measures because they exclude items such as restructuring and other
related charges, impact from periodic adjustments to fair value in
ownership interest in Konecranes, deal related costs, the impact of the
release of tax valuation allowances, and gains and losses on
divestitures. The Company is not able to reconcile these forward-looking
non-GAAP financial measures to their most directly comparable
forward-looking GAAP financial measures without unreasonable efforts
because the Company is unable to predict with a reasonable degree of
certainty the exact timing and impact of such items. The unavailable
information could have a significant impact on the Company’s full-year
2017 GAAP financial results.
After-tax gains or losses and per share amounts 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 diluted
weighted average shares outstanding to provide the impact on earnings
per share. The Company highlights the impact of these items because when
discussing earnings per share, the Company adjusts for items it believes
are not reflective of ongoing operating activities in the periods.
Restructuring and related charges are a recurring item as Terex’s
restructuring programs usually require more than one year to fully
implement and the Company is continually seeking to take actions that
could enhance its efficiency. Although recurring, these charges are
subject to significant fluctuations from period to period due to varying
levels of restructuring activity and the inherent imprecision in the
estimates used to recognize the costs and taxes associated with
severance and termination benefits in the countries in which the
restructuring actions occur.
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2017 |
|
|
Income (loss) from Continuing Operations before Taxes
|
|
(Provision for) benefit from Income Taxes*
|
|
Income (loss) from Continuing Operations
|
|
Earnings (loss) per share**
|
|
As Reported (GAAP)
|
|
|
$
|
118.5
|
|
(23.1)
|
|
95.4
|
|
$
|
0.98
|
|
Deal Related
|
|
|
|
(57.7)
|
|
3.7
|
|
(54.0)
|
|
|
(0.56)
|
|
Restructuring & Related
|
|
|
|
(12.6)
|
|
1.0
|
|
(11.6)
|
|
|
(0.12)
|
|
Transformation
|
|
|
|
17.9
|
|
(2.7)
|
|
15.2
|
|
|
0.16
|
|
Extinguishment of Debt
|
|
|
|
6.5
|
|
(2.4)
|
|
4.1
|
|
|
0.04
|
|
Asset Impairment
|
|
|
|
(1.6)
|
|
0.6
|
|
(1.0)
|
|
|
(0.01)
|
|
Tax & Interim Period***
|
|
|
|
-
|
|
1.5
|
|
1.5
|
|
|
0.02
|
|
As Adjusted (Non-GAAP)
|
|
|
$
|
71.0
|
|
(21.4)
|
|
49.6
|
|
$
|
0.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Tax effect on adjustments is calculated using the applicable
jurisdictional blended tax rate
|
** Based on diluted weighted average shares outstanding of 97.1
million
|
*** Includes adjustments (1) without related pre-tax amounts, and
(2) tax amount necessary to align tax expense/(benefit) with the
forecasted full year as adjusted effective tax rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD 2017 |
|
|
Income (loss) from Continuing Operations before Taxes
|
|
(Provision for) benefit from Income Taxes*
|
|
Income (loss) from Continuing Operations
|
|
Earnings (loss) per share**
|
|
As Reported (GAAP)
|
|
|
$
|
29.9
|
|
5.2
|
|
35.1
|
|
$
|
0.34
|
|
Restructuring & Related
|
|
|
|
(3.6)
|
|
(0.5)
|
|
(4.1)
|
|
|
(0.04)
|
|
Deal Related
|
|
|
|
(24.9)
|
|
(9.0)
|
|
(33.9)
|
|
|
(0.33)
|
|
Transformation
|
|
|
|
26.3
|
|
(5.7)
|
|
20.6
|
|
|
0.20
|
|
Extinguishment of Debt
|
|
|
|
52.4
|
|
(18.8)
|
|
33.6
|
|
|
0.33
|
|
Asset Impairment
|
|
|
|
(1.6)
|
|
0.6
|
|
(1.0)
|
|
|
(0.01)
|
|
Tax & Interim Period***
|
|
|
|
-
|
|
4.7
|
|
4.7
|
|
|
0.05
|
|
As Adjusted (Non-GAAP)
|
|
|
$
|
78.5
|
|
(23.5)
|
|
55.0
|
|
$
|
0.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Tax effect on adjustments is calculated using the applicable
jurisdictional blended tax rate
|
|
** Based on diluted weighted average shares outstanding of 102.2
million
|
|
*** Includes adjustments (1) without related pre-tax amounts, and
(2) tax amount necessary to align tax expense/(benefit) with the
forecasted full year as adjusted effective tax rate
|
|
|
|
|
|
|
|
|
|
|
Q2 2016 |
|
|
Income (loss) from Continuing Operations before Taxes
|
|
(Provision for) benefit from Income Taxes*
|
|
Income (loss) from Continuing Operations
|
|
Earnings (loss) per share**
|
As Reported
|
|
|
$
|
42.5
|
|
67.1
|
|
109.6
|
|
$
|
1.00
|
Deal Related
|
|
|
|
12.8
|
|
(3.9)
|
|
8.9
|
|
|
0.08
|
Restructuring & Related
|
|
|
|
27.7
|
|
(8.2)
|
|
19.5
|
|
|
0.18
|
Tax & Interim Period***
|
|
|
|
-
|
|
(77.4)
|
|
(77.4)
|
|
|
(0.71)
|
As Adjusted
|
|
|
$
|
83.0
|
|
(22.4)
|
|
60.6
|
|
$
|
0.55
|
|
|
|
|
|
|
|
|
|
|
|
|
* Tax effect on adjustments is calculated using the applicable
jurisdictional blended tax rate
|
** Based on diluted weighted average shares outstanding of 109.6
million
|
*** Includes adjustments (1) without related pre-tax amounts, and
(2) tax amount necessary to align tax expense/(benefit) with the
forecasted full year as adjusted effective tax rate
|
|
|
|
|
|
|
|
|
|
|
|
YTD 2016 |
|
|
Income (loss) from Continuing Operations before Taxes
|
|
(Provision for) benefit from Income Taxes*
|
|
Income (loss) from Continuing Operations
|
|
Earnings (loss) per share**
|
As Reported (GAAP)
|
|
|
$
|
24.4
|
|
63.2
|
|
87.6
|
|
$
|
0.80
|
Deal Related
|
|
|
|
23.3
|
|
(5.5)
|
|
17.8
|
|
|
0.16
|
Restructuring & Related
|
|
|
|
42.2
|
|
(12.3)
|
|
29.9
|
|
|
0.27
|
Tax & Interim Period***
|
|
|
|
-
|
|
(69.7)
|
|
(69.7)
|
|
|
(0.63)
|
As Adjusted (Non-GAAP)
|
|
|
$
|
89.9
|
|
(24.3)
|
|
65.6
|
|
$
|
0.60
|
|
|
|
|
|
|
|
|
|
|
|
|
* Tax effect on adjustments is calculated using the applicable
jurisdictional blended tax rate
|
** Based on diluted weighted average shares outstanding of 109.6
million
|
*** Includes adjustments (1) without related pre-tax amounts, and
(2) tax amount necessary to align tax expense/(benefit) with the
forecasted full year as adjusted effective tax rate
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170801006634/en/
Source: Terex Corporation
Terex Corporation
Brian Henry, 203-222-5954
Senior Vice
President, Business Development and Investor Relations
[email protected]