WESTPORT, Conn.--(BUSINESS WIRE)--
Terex Corporation (NYSE: TEX) today announced fourth quarter 2017 loss
from continuing operations of $31.7 million, or ($0.37) per share, on
net sales of $1.1 billion. The fourth quarter and full year 2017 results
include a one-time $50.4 million charge associated with the new U.S. tax
law. In the fourth quarter of 2016, Terex reported a net loss from
continuing operations of $313.9 million, or ($2.96) per share, on net
sales of $1.0 billion. Income from continuing operations, as adjusted,
for the fourth quarter of 2017 was $28.3 million, or $0.33 per share.
This compares with income from continuing operations, as adjusted, of
$10.7 million or $0.10 per share in the fourth quarter of 2016. The
Glossary at the end of this press release contains further details
regarding these non-GAAP measures.
For the full year 2017, Terex reported income from continuing operations
of $60.0 million, or $0.63 per share, on net sales of $4.4 billion,
compared with a loss from continuing operations of $193.0 million, or
($1.79) per share, on net sales of $4.4 billion for the full year 2016.
Income from continuing operations, as adjusted, for the full year 2017
was $128.4 million, or $1.35 per share, compared with $95.3 million, or
$0.88 per share, in 2016.
“The fourth quarter marked an excellent finish to an important year for
Terex,” remarked John L. Garrison, Terex President and CEO. “We
increased operating margins, bookings and backlog in every segment and
significantly improved earnings per share.”
“We delivered on our commitments in 2017. The sales of MHPS and the
remaining Construction businesses concluded the Focus element of our
strategy and created substantial value for our shareholders,” continued
Mr. Garrison. “We continued to Simplify the company by executing our
footprint rationalization plan, exiting 12 manufacturing locations
totaling 2.6 million square feet. We reduced administrative expenses
while increasing investment in innovation, strategic sourcing, and
commercial excellence. We fundamentally improved our capital structure
by executing our disciplined capital allocation strategy, reducing debt
by $583 million, refinancing at the lowest interest rates in the
Company’s history, and returning capital to shareholders by repurchasing
$924 million of Terex stock.”
Mr. Garrison concluded, “By implementing our strategy, strengthening the
Company, and increasing backlog by 56%, we are well positioned for what
we expect to be an improving global market environment in 2018. We
expect to increase revenue and improve operating margins in every
business segment. We will continue to implement the Simplify and Execute
to Win elements of our strategy, and follow our disciplined capital
allocation strategy. We expect to deliver 2018 earnings per share of
between $2.35 and $2.65, excluding restructuring, transformation
investments, and other unusual items, on net sales approximately 10%
higher than 2017.”
Non-GAAP Measures and Other Items
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 the timing and magnitude
of future charges that would be included in the reported GAAP results.
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, February 14th, 2018 at 8:30
a.m. ET. John L. Garrison, President and CEO, will host the call. A
simultaneous webcast of this call will be available from the Investor
Relations section of www.terex.com,
under Latest Events & Presentations. 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, Investor Relations section,
in the Event Archive.
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; 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; our ability to successfully implement our Execute to
Win strategy; 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
|
|
Full Year
|
|
|
Ended December 31,
|
|
Ended December 31,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Net sales
|
|
$
|
1,063.6
|
|
$
|
974.7
|
|
$
|
4,363.4
|
|
$
|
4,443.1
|
|
Cost of goods sold
|
|
|
(859.6)
|
|
|
(870.0)
|
|
|
(3,547.4)
|
|
|
(3,730.7)
|
|
Gross profit
|
|
|
204.0
|
|
|
104.7
|
|
|
816.0
|
|
|
712.4
|
|
Selling, general and administrative expenses
|
|
|
(164.2)
|
|
|
(376.8)
|
|
|
(642.4)
|
|
|
(860.2)
|
|
Income (loss) from operations
|
|
|
39.8
|
|
|
(272.1)
|
|
|
173.6
|
|
|
(147.8)
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
1.7
|
|
|
1.0
|
|
|
6.9
|
|
|
4.3
|
|
Interest expense
|
|
|
(15.5)
|
|
|
(26.4)
|
|
|
(67.5)
|
|
|
(102.0)
|
|
Loss on early extinguishment of debt
|
|
|
—
|
|
|
—
|
|
|
(52.6)
|
|
|
(0.4)
|
|
Other income (expense) – net
|
|
|
(0.6)
|
|
|
(11.5)
|
|
|
51.6
|
|
|
(24.8)
|
|
Income (loss) from continuing operations before income taxes
|
|
|
25.4
|
|
|
(309.0)
|
|
|
112.0
|
|
|
(270.7)
|
|
(Provision for) benefit from income taxes
|
|
|
(57.1)
|
|
|
(5.1)
|
|
|
(52.0)
|
|
|
77.4
|
|
Income (loss) from continuing operations
|
|
|
(31.7)
|
|
|
(314.1)
|
|
|
60.0
|
|
|
(193.3)
|
|
Income (loss) from discontinued operations – net of tax
|
|
|
—
|
|
|
47.7
|
|
|
—
|
|
|
14.3
|
|
Gain (loss) on disposition of discontinued operations- net of tax
|
|
|
5.0
|
|
|
—
|
|
|
68.7
|
|
|
3.5
|
|
Net income (loss)
|
|
|
(26.7)
|
|
|
(266.4)
|
|
|
128.7
|
|
|
(175.5)
|
|
Net loss (income) from continuing operations attributable to
non-controlling interest
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.3
|
|
Net loss (income) from discontinued operations attributable to
non-controlling interest
|
|
|
—
|
|
|
(1.0)
|
|
|
—
|
|
|
(0.9)
|
|
Net income (loss) attributable to Terex Corporation
|
|
$
|
(26.7)
|
|
$
|
(267.2)
|
|
$
|
128.7
|
|
$
|
(176.1)
|
|
Amounts attributable to Terex Corporation common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
(31.7)
|
|
$
|
(313.9)
|
|
$
|
60.0
|
|
$
|
(193.0)
|
|
Income (loss) from discontinued operations – net of tax
|
|
|
—
|
|
|
46.7
|
|
|
—
|
|
|
13.4
|
|
Gain (loss) on disposition of discontinued operations – net of tax
|
|
|
5.0
|
|
|
—
|
|
|
68.7
|
|
|
3.5
|
|
Net income (loss) attributable to Terex Corporation
|
|
$
|
(26.7)
|
|
$
|
(267.2)
|
|
$
|
128.7
|
|
$
|
(176.1)
|
Basic Earnings (Loss) per Share Attributable to Terex Corporation
Common
Stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
(0.38)
|
|
$
|
(2.96)
|
|
$
|
0.65
|
|
$
|
(1.79)
|
|
Income (loss) from discontinued operations – net of tax
|
|
|
—
|
|
|
0.44
|
|
|
—
|
|
|
0.13
|
|
Gain (loss) on disposition of discontinued operations – net of tax
|
|
|
0.06
|
|
|
—
|
|
|
0.74
|
|
|
0.03
|
|
Net income (loss) attributable to Terex Corporation
|
|
$
|
(0.32)
|
|
$
|
(2.52)
|
|
$
|
1.39
|
|
$
|
(1.63)
|
Diluted Earnings (Loss) per Share Attributable to Terex Corporation
Common
Stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
$
|
(0.37)
|
|
$
|
(2.96)
|
|
$
|
0.63
|
|
$
|
(1.79)
|
|
Income (loss) from discontinued operations – net of tax
|
|
|
—
|
|
|
0.44
|
|
|
—
|
|
|
0.13
|
|
Gain (loss) on disposition of discontinued operations – net of tax
|
|
|
0.06
|
|
|
—
|
|
|
0.73
|
|
|
0.03
|
|
Net income (loss) attributable to Terex Corporation
|
|
$
|
(0.31)
|
|
$
|
(2.52)
|
|
$
|
1.36
|
|
$
|
(1.63)
|
|
Weighted average number of shares outstanding in per share
calculation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
82.7
|
|
|
105.9
|
|
|
92.8
|
|
|
107.9
|
|
Diluted
|
|
|
85.0
|
|
|
105.9
|
|
|
94.9
|
|
|
107.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET
(unaudited)
(in millions, except par value)
|
|
|
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
2017
|
|
2016
|
|
Assets
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
626.5
|
|
$
|
428.5
|
|
Other current assets
|
|
|
1,752.9
|
|
|
1,539.1
|
|
Current assets held for sale
|
|
|
3.6
|
|
|
732.9
|
|
Total current assets
|
|
|
2,383.0
|
|
|
2,700.5
|
|
Non-current assets
|
|
|
|
|
|
|
|
Property, plant and equipment – net
|
|
|
311.0
|
|
|
304.6
|
|
Other non-current assets
|
|
|
768.5
|
|
|
830.4
|
|
Non-current assets held for sale
|
|
|
—
|
|
|
1,171.3
|
|
Total non-current assets
|
|
|
1,079.5
|
|
|
2,306.3
|
|
Total assets
|
|
$
|
3,462.5
|
|
$
|
5,006.8
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
Notes payable and current portion of long-term debt
|
|
$
|
5.2
|
|
$
|
13.8
|
|
Other current liabilities
|
|
|
1,028.3
|
|
|
939.4
|
|
Current liabilities held for sale
|
|
|
2.0
|
|
|
453.8
|
|
Total current liabilities
|
|
|
1,035.5
|
|
|
1,407.0
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
979.6
|
|
|
1,562.0
|
|
Other non-current liabilities
|
|
|
223.9
|
|
|
204.5
|
|
Non-current liabilities held for sale
|
|
|
1.0
|
|
|
312.1
|
|
Total non-current liabilities
|
|
|
1,204.5
|
|
|
2,078.6
|
|
Total liabilities
|
|
|
2,240.0
|
|
|
3,485.6
|
|
|
|
|
|
|
|
|
Total stockholders’ equity
|
|
|
1,222.5
|
|
|
1,521.2
|
|
Total liabilities and stockholders’ equity
|
|
$
|
3,462.5
|
|
$
|
5,006.8
|
|
|
|
|
|
|
|
|
|
|
TEREX CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
(in millions)
|
|
|
|
|
|
Full Year
|
|
Ended December 31,
|
|
|
2017
|
|
2016
|
|
Operating Activities
|
|
|
|
|
|
Net income (loss)
|
|
$
|
128.7
|
|
$
|
(175.5)
|
|
Depreciation and amortization
|
|
|
66.5
|
|
|
96.7
|
|
Changes in operating assets and liabilities and non-cash charges
|
|
|
(42.2)
|
|
|
455.9
|
|
Net cash provided by (used in) operating activities
|
|
|
153.0
|
|
|
377.1
|
|
Investing Activities
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
(43.5)
|
|
|
(73.0)
|
|
Other investing activities, net
|
|
|
1,579.1
|
|
|
61.2
|
|
Net cash (used in) provided by investing activities
|
|
|
1,535.6
|
|
|
(11.8)
|
|
Financing Activities
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
(1,606.5)
|
|
|
(310.2)
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
46.1
|
|
|
(19.7)
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
128.2
|
|
|
35.4
|
|
Cash and cash equivalents at beginning of period
|
|
|
501.9
|
|
|
466.5
|
|
Cash and cash equivalents at end of period
|
|
$
|
630.1
|
|
$
|
501.9
|
|
|
|
|
|
|
|
|
|
|
TEREX CORPORATION AND SUBSIDIARIES
SEGMENT RESULTS DISCLOSURE
(unaudited)
(in millions)
|
|
|
|
|
|
|
|
Q4
|
|
Year-to-Date
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
Net Sales
|
|
|
Net Sales
|
|
|
Net Sales
|
|
|
Net Sales
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
1,063.6
|
|
|
|
$
|
974.7
|
|
|
|
$
|
4,363.4
|
|
|
|
$
|
4,443.1
|
|
|
|
Income from operations
|
|
$
|
39.8
|
|
3.7%
|
|
$
|
(272.1)
|
|
(27.9%)
|
|
$
|
173.6
|
|
4.0%
|
|
$
|
(147.8)
|
|
(3.3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AWP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
449.4
|
|
|
|
$
|
379.0
|
|
|
|
$
|
2,071.5
|
|
|
|
$
|
1,977.8
|
|
|
|
Income from operations
|
|
$
|
30.3
|
|
6.7%
|
|
$
|
18.2
|
|
4.8%
|
|
$
|
170.3
|
|
8.2%
|
|
$
|
177.4
|
|
9.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cranes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
324.4
|
|
|
|
$
|
327.0
|
|
|
|
$
|
1,194.0
|
|
|
|
$
|
1,274.5
|
|
|
|
Income (loss) from operations
|
|
$
|
1.8
|
|
0.6%
|
|
$
|
(280.2)
|
|
(85.7%)
|
|
$
|
(17.8)
|
|
(1.5%)
|
|
$
|
(321.7)
|
|
(25.2%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
283.0
|
|
|
|
$
|
236.3
|
|
|
|
$
|
1,072.5
|
|
|
|
$
|
944.5
|
|
|
|
Income from operations
|
|
$
|
35.5
|
|
12.5%
|
|
$
|
22.4
|
|
9.5%
|
|
$
|
124.8
|
|
11.6%
|
|
$
|
86.3
|
|
9.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corp and Other / Eliminations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
$
|
6.8
|
|
|
|
$
|
32.4
|
|
|
|
$
|
25.4
|
|
|
|
$
|
246.3
|
|
|
|
Loss from operations
|
|
$
|
(27.8)
|
|
N/A
|
|
$
|
(32.5)
|
|
N/A
|
|
$
|
(103.7)
|
|
N/A
|
|
$
|
(89.8)
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 December, 2017, unless otherwise indicated.
2018 Outlook: The Company’s 2018 outlook for earnings per share
and 2018 full year adjusted forecasted tax rate are non-GAAP financial
measures because they exclude items such as restructuring and other
related charges, transformation costs, the impact of the release of tax
valuation allowances, gains and losses on divestitures and other unusual
items. 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
2018 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
Q4 2017
|
|
Income (loss) from
Continuing Operations
before Taxes
|
|
|
(Provision for)
benefit from
Income Taxes (1)
|
|
|
Income (loss)
from Continuing
Operations
|
|
|
Earnings (loss)
per share (2)
|
|
As Reported (GAAP)
|
|
$
|
25.4
|
|
|
|
(57.1
|
)
|
|
|
(31.7)
|
|
|
|
$
|
(0.37
|
)
|
|
Restructuring & Related
|
|
(7.8
|
)
|
|
|
0.3
|
|
|
|
(7.5
|
)
|
|
|
(0.09
|
)
|
|
Deal Related
|
|
7.2
|
|
|
|
(0.2
|
)
|
|
|
7.0
|
|
|
|
0.08
|
|
|
Transformation
|
|
9.8
|
|
|
|
(2.5
|
)
|
|
|
7.3
|
|
|
|
0.09
|
|
|
2017 Tax Act
|
|
—
|
|
|
|
50.4
|
|
|
|
50.4
|
|
|
|
0.59
|
|
|
Tax & Interim Period (3)
|
|
—
|
|
|
|
2.8
|
|
|
|
2.8
|
|
|
|
0.03
|
|
|
As Adjusted (Non-GAAP)
|
|
$
|
34.6
|
|
|
|
(6.3
|
)
|
|
|
28.3
|
|
|
|
$
|
0.33
|
|
|
(1) Tax effect on adjustments is calculated using the applicable
jurisdictional blended tax rate
|
|
(2) Based on diluted average shares outstanding of 85.0 million
|
|
(3) Includes adjustments without related pre-tax amounts and the
tax amount necessary to align quarterly 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 (1)
|
|
|
Income (loss)
from Continuing
Operations
|
|
|
Earnings (loss)
per share (2)
|
|
As Reported (GAAP)
|
|
$
|
112.0
|
|
|
|
(52.0
|
)
|
|
|
60.0
|
|
|
|
$
|
0.63
|
|
|
Restructuring & Related
|
|
(12.2
|
)
|
|
|
(0.5
|
)
|
|
|
(12.7
|
)
|
|
|
(0.13
|
)
|
|
Deal Related
|
|
(20.9
|
)
|
|
|
(11.3
|
)
|
|
|
(32.2
|
)
|
|
|
(0.34
|
)
|
|
Transformation
|
|
45.2
|
|
|
|
(10.1
|
)
|
|
|
35.1
|
|
|
|
0.37
|
|
|
Extinguishment of Debt
|
|
53.1
|
|
|
|
(19.0
|
)
|
|
|
34.1
|
|
|
|
0.36
|
|
|
Asset Impairment
|
|
(1.6
|
)
|
|
|
0.6
|
|
|
|
(1.0
|
)
|
|
|
(0.01
|
)
|
|
2017 Tax Act
|
|
—
|
|
|
|
50.4
|
|
|
|
50.4
|
|
|
|
0.53
|
|
|
Tax Related (3)
|
|
—
|
|
|
|
(5.3
|
)
|
|
|
(5.3
|
)
|
|
|
(0.06
|
)
|
|
As Adjusted (Non-GAAP)
|
|
$
|
175.6
|
|
|
|
(47.2
|
)
|
|
|
128.4
|
|
|
|
$
|
1.35
|
|
|
(1) Tax effect on adjustments is calculated using the applicable
jurisdictional blended tax rate
|
|
(2) Based on diluted average shares outstanding of 94.9 million
|
|
(3) Includes adjustments without related pre-tax amounts and the tax
amount necessary to align quarterly tax expense
|
|
(benefit) with the forecasted full year as adjusted effective tax
rate
|
|
|
|
Q4 2016
|
|
Income (loss) from
Continuing Operations
before Taxes
|
|
|
(Provision for)
benefit from
Income Taxes (1)
|
|
|
Income (loss)
from Continuing
Operations (2)
|
|
|
Earnings (loss)
per share (3)
|
|
As Reported (GAAP)
|
|
$
|
(309.0
|
)
|
|
|
(5.1
|
)
|
|
|
(313.9
|
)
|
|
|
$
|
(2.96
|
)
|
|
Deal Related
|
|
(9.0
|
)
|
|
|
3.0
|
|
|
|
(6.0
|
)
|
|
|
(0.06
|
)
|
|
Restructuring & Related
|
|
89.2
|
|
|
|
(5.5
|
)
|
|
|
83.7
|
|
|
|
0.79
|
|
|
Transformation
|
|
9.3
|
|
|
|
(2.6
|
)
|
|
|
6.7
|
|
|
|
0.06
|
|
|
Goodwill/Asset Impairment
|
|
219.6
|
|
|
|
(16.6
|
)
|
|
|
203.0
|
|
|
|
1.92
|
|
|
Tax & Interim Period (4)
|
|
—
|
|
|
|
37.2
|
|
|
|
37.2
|
|
|
|
0.35
|
|
|
As Adjusted (Non-GAAP)
|
|
$
|
0.1
|
|
|
|
10.4
|
|
|
|
10.7
|
|
|
|
$
|
0.10
|
|
|
(1) Tax effect on adjustments is calculated using the applicable
jurisdictional blended tax rate
|
|
(2) Excludes $0.2 million net loss attributable to non-controlling
interest
|
|
(3) Based on diluted weighted average shares outstanding of 105.9
million
|
|
(4) Includes adjustments without related pre-tax amounts and the tax
amount necessary to align quarterly tax expense (benefit)
|
|
with the forecasted full year as adjusted effective tax rate
(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 (1)
|
|
|
Income (loss)
from Continuing
Operations (2)
|
|
|
Earnings (loss)
per share (3)
|
|
As Reported (GAAP)
|
|
$
|
(270.7
|
)
|
|
|
77.4
|
|
|
|
(193.0
|
)
|
|
|
$
|
(1.79
|
)
|
|
Deal Related
|
|
20.5
|
|
|
|
(3.4
|
)
|
|
|
17.1
|
|
|
|
0.16
|
|
|
Restructuring & Related
|
|
137.2
|
|
|
|
(19.9
|
)
|
|
|
117.3
|
|
|
|
1.09
|
|
|
Transformation
|
|
9.3
|
|
|
|
(2.6
|
)
|
|
|
6.7
|
|
|
|
0.06
|
|
|
Goodwill/Asset Impairment
|
|
219.6
|
|
|
|
(16.6
|
)
|
|
|
203.0
|
|
|
|
1.88
|
|
|
Tax Related (4)
|
|
—
|
|
|
|
(55.8
|
)
|
|
|
(55.8
|
)
|
|
|
(0.52
|
)
|
|
As Adjusted (Non-GAAP)
|
|
$
|
115.9
|
|
|
|
(20.9
|
)
|
|
|
95.3
|
|
|
|
$
|
0.88
|
|
|
(1) Tax effect on adjustments is calculate d using the applicable
jurisdictional blended tax rate
|
|
(2) Excludes $0.3 million net loss attributable to non-controlling
interest
|
|
(3) Based on diluted weighted average shares outstanding of 107.9
million
|
|
(4) Includes adjustments without related pre-tax amounts and the tax
amount necessary to align quarterly 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/20180213006489/en/
Terex Corporation
Brian Henry, 203-222-5954
Senior Vice
President, Business Development and Investor Relations
[email protected]
Source: Terex Corporation