WESTPORT, Conn.--(BUSINESS WIRE)--Oct. 31, 2016--
Terex Corporation (NYSE:TEX) today announced third quarter 2016 income
from continuing operations of $33.3 million, or $0.31 per share, on net sales of $1.1 billion. In the third quarter of 2015, the reported income from continuing operations was $30.3 million, or $0.28 per share, on net sales of $1.3 billion. Excluding after-tax charges of $3.9 million from restructuring and related actions, $5.3 million from divestiture related activities, and certain tax benefits of $22.0 million, income from
continuing operations as adjusted for the third quarter of 2016 was $20.5 million, or $0.19 per share. This compares to income from continuing operations as adjusted of $48.3 million or $0.44 per share in the third quarter of 2015. The Glossary at the end of this press release
contains further details regarding these non-GAAP measures.
“Our Aerial Work Platforms (AWP) and Materials Processing (MP) segments performed in line with expectations, while our Cranes segment performance was negatively impacted by more challenging markets than we anticipated and operational factors,” said John L. Garrison, Terex President and CEO.
Mr. Garrison continued, “The global capital equipment market remains
challenging. AWP equipment sales continued to soften globally,
particularly in North America. The market for mobile cranes weakened
further than planned in the third quarter, with the primary driver being
the retrenchment in the oil and gas sector in North America and
legislative changes to subsidies in the German wind energy industry. We
are taking actions to improve the Cranes business including the recently
announced leadership changes. In our MP segment, we saw mixed results
with increasing backlog for mobile crushing and screening and concrete
equipment, while the market for material handling equipment remained
weak due to low steel scrap prices.”
“We are reviewing all aspects of our cost structure and have been taking
actions throughout the entire company to reduce costs. These savings
were critical to at least partially offsetting challenging conditions in
our markets,” stated Mr. Garrison.
Mr. Garrison added, “We further tightened the focus of our portfolio
with the sale of our German Compact Construction business, and are
progressing toward the planned completion of the MHPS sale in early
2017. We are also moving forward with the evaluation and simplification
of our manufacturing footprint. During 2016, we successfully moved our
mobile crane production from Waverly, Iowa to Oklahoma City, Oklahoma.
Our AWP segment is consolidating scissor manufacturing from three
locations to two, and reducing its overall manufacturing footprint
including its main campus in Redmond, Washington. AWP also closed its
facility in Stockton, California, and recently announced plans to close
its Waco, Texas facility, consolidating into Oklahoma City.”
“Given the market dynamics and the challenges we are facing in our
Cranes segment, we expect our full year earnings to be $0.70 to $0.80
per share, excluding the restructuring and other unusual items and to
generate free cash flow of $150 to $200 million,” Mr. Garrison concluded.
Re-segmentation and Non-GAAP Measures
The current and prior period results reflect the re-segmentation of our
scrap material handling, concrete mixer trucks and concrete paver
business from our former Construction segment into MP, and part of the
North American services business from Cranes to MHPS and AWP. 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.
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 timing and impact of
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 Tuesday, November 1, 2016 at 8:00 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” 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; 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 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 and other indefinite-lived intangible assets
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.
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
|
|
Nine Months
|
|
|
|
|
Ended September 30,
|
|
Ended September 30,
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Net sales
|
|
|
$
|
1,056.4
|
|
$
|
1,255.4
|
|
$
|
3,468.4
|
|
$
|
3,854.1
|
|
Cost of goods sold
|
|
|
|
(872.5)
|
|
|
(1,003.0)
|
|
|
(2,860.7)
|
|
|
(3,098.2)
|
|
Gross profit
|
|
|
|
183.9
|
|
|
252.4
|
|
|
607.7
|
|
|
755.9
|
|
Selling, general and administrative expenses
|
|
|
|
(144.3)
|
|
|
(160.3)
|
|
|
(483.4)
|
|
|
(489.4)
|
|
Income (loss) from operations
|
|
|
|
39.6
|
|
|
92.1
|
|
|
124.3
|
|
|
266.5
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
1.0
|
|
|
1.0
|
|
|
3.3
|
|
|
2.8
|
|
Interest expense
|
|
|
|
(25.4)
|
|
|
(25.7)
|
|
|
(75.6)
|
|
|
(82.5)
|
|
Loss on early extinguishment of debt
|
|
|
|
—
|
|
|
—
|
|
|
(0.4)
|
|
|
—
|
|
Other income (expense) – net
|
|
|
|
(1.3)
|
|
|
(11.5)
|
|
|
(13.3)
|
|
|
(17.8)
|
|
Income (loss) from continuing operations before income taxes
|
|
|
|
13.9
|
|
|
55.9
|
|
|
38.3
|
|
|
169.0
|
|
(Provision for) benefit from income taxes
|
|
|
|
19.3
|
|
|
(25.6)
|
|
|
82.5
|
|
|
(64.5)
|
|
Income (loss) from continuing operations
|
|
|
|
33.2
|
|
|
30.3
|
|
|
120.8
|
|
|
104.5
|
|
Income (loss) from discontinued operations – net of tax
|
|
|
|
64.1
|
|
|
15.8
|
|
|
(33.4)
|
|
|
26.4
|
|
Gain (loss) on disposition of discontinued operations- net of tax
|
|
|
|
—
|
|
|
(1.2)
|
|
|
3.5
|
|
|
1.5
|
|
Net income (loss)
|
|
|
|
97.3
|
|
|
44.9
|
|
|
90.9
|
|
|
132.4
|
|
Net loss (income) from Continuing Operations attributable to
noncontrolling interest
|
|
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
Net loss (income) from Discontinued Operations attributable to
noncontrolling interest
|
|
|
|
(0.6)
|
|
|
(1.3)
|
|
|
0.1
|
|
|
(3.1)
|
|
Net income (loss) attributable to Terex Corporation
|
|
|
$
|
96.8
|
|
$
|
43.6
|
|
$
|
91.1
|
|
$
|
129.4
|
|
Amounts attributable to Terex Corporation common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
33.3
|
|
$
|
30.3
|
|
$
|
120.9
|
|
$
|
104.6
|
|
Income (loss) from discontinued operations – net of tax
|
|
|
|
63.5
|
|
|
14.5
|
|
|
(33.3)
|
|
|
23.3
|
|
Gain (loss) on disposition of discontinued operations – net of tax
|
|
|
|
—
|
|
|
(1.2)
|
|
|
3.5
|
|
|
1.5
|
|
Net income (loss) attributable to Terex Corporation
|
|
|
$
|
96.8
|
|
$
|
43.6
|
|
$
|
91.1
|
|
$
|
129.4
|
Basic Earnings (Loss) per Share Attributable to Terex Corporation
Common
Stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
0.31
|
|
$
|
0.28
|
|
$
|
1.12
|
|
$
|
0.98
|
|
Income (loss) from discontinued operations – net of tax
|
|
|
|
0.59
|
|
|
0.13
|
|
|
(0.31)
|
|
|
0.22
|
|
Gain (loss) on disposition of discontinued operations – net of tax
|
|
|
|
—
|
|
|
(0.01)
|
|
|
0.03
|
|
|
0.01
|
|
Net income (loss) attributable to Terex Corporation
|
|
|
$
|
0.90
|
|
$
|
0.40
|
|
$
|
0.84
|
|
$
|
1.21
|
Diluted Earnings (Loss) per Share Attributable to Terex Corporation
Common
Stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
$
|
0.31
|
|
$
|
0.28
|
|
$
|
1.10
|
|
$
|
0.95
|
|
Income (loss) from discontinued operations – net of tax
|
|
|
|
0.58
|
|
|
0.13
|
|
|
(0.30)
|
|
|
0.22
|
|
Gain (loss) on disposition of discontinued operations – net of tax
|
|
|
|
—
|
|
|
(0.01)
|
|
|
0.03
|
|
|
0.01
|
|
Net income (loss) attributable to Terex Corporation
|
|
|
$
|
0.89
|
|
$
|
0.40
|
|
$
|
0.83
|
|
$
|
1.18
|
|
Weighted average number of shares outstanding in per share
calculation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
107.6
|
|
|
108.5
|
|
|
108.5
|
|
|
107.0
|
|
Diluted
|
|
|
|
108.6
|
|
|
109.2
|
|
|
109.3
|
|
|
109.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEREX CORPORATION AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED BALANCE SHEET
|
|
(unaudited)
|
|
(in millions, except par value)
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
|
2016
|
|
2015
|
|
Assets
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
248.8
|
|
$
|
371.2
|
|
Other current assets
|
|
|
|
1,864.8
|
|
|
2,019.4
|
|
Current assets held for sale
|
|
|
|
806.8
|
|
|
749.6
|
|
Total current assets
|
|
|
|
2,920.4
|
|
|
3,140.2
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
Property, plant and equipment – net
|
|
|
|
355.8
|
|
|
371.9
|
|
Other non-current assets
|
|
|
|
1,061.7
|
|
|
943.4
|
|
Non-current assets held for sale
|
|
|
|
1,231.4
|
|
|
1,160.5
|
|
Total non-current assets
|
|
|
|
2,648.9
|
|
|
2,475.8
|
|
Total assets
|
|
|
$
|
5,569.3
|
|
$
|
5,616.0
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
Notes Payable and current portion of long-term debt
|
|
|
$
|
10.5
|
|
$
|
66.4
|
|
Other current liabilities
|
|
|
|
967.9
|
|
|
946.2
|
|
Current liabilities held for sale
|
|
|
|
497.0
|
|
|
446.0
|
|
Total current liabilities
|
|
|
|
1,475.4
|
|
|
1,458.6
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
Long-term debt, less current portion
|
|
|
|
1,653.0
|
|
|
1,729.8
|
|
Other non-current liabilities
|
|
|
|
212.3
|
|
|
217.1
|
|
Non-current liabilities held for sale
|
|
|
|
315.0
|
|
|
298.5
|
|
Total non-current liabilities
|
|
|
|
2,180.3
|
|
|
2,245.4
|
|
Total liabilities
|
|
|
|
3,655.7
|
|
|
3,704.0
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
Total stockholders’ equity
|
|
|
|
1,913.6
|
|
|
1,912.0
|
|
Total liabilities and stockholders’ equity
|
|
|
$
|
5,569.3
|
|
$
|
5,616.0
|
|
|
|
|
|
|
|
|
|
|
|
|
TEREX CORPORATION AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
(unaudited)
|
|
(in millions)
|
|
|
|
|
|
|
Nine Months
|
|
|
|
Ended September 30,
|
|
|
|
|
2016
|
|
2015
|
|
Operating Activities
|
|
|
|
|
|
|
Net income (loss)
|
|
|
$
|
90.9
|
|
$
|
132.4
|
|
Depreciation and amortization
|
|
|
|
77.4
|
|
|
99.8
|
|
Changes in operating assets and liabilities
|
|
|
|
(77.5)
|
|
|
(288.8)
|
|
Net cash provided by (used in) operating activities
|
|
|
|
90.8
|
|
|
(56.6)
|
|
Investing Activities
|
|
|
|
|
|
|
|
|
Capital expenditures
|
|
|
|
(64.2)
|
|
|
(73.4)
|
|
Other investing activities, net
|
|
|
|
61.5
|
|
|
(70.7)
|
|
Net cash (used in) provided by investing activities
|
|
|
|
(2.7)
|
|
|
(144.1)
|
|
Financing Activities
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
|
(217.3)
|
|
|
53.2
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
6.4
|
|
|
(29.6)
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
(122.8)
|
|
|
(177.1)
|
|
Cash and cash equivalents at beginning of period
|
|
|
|
466.5
|
|
|
478.2
|
|
Cash and cash equivalents at end of period
|
|
|
$
|
343.7
|
|
$
|
301.1
|
|
|
|
|
|
|
|
|
|
|
|
|
TEREX CORPORATION AND SUBSIDIARIES
|
|
SEGMENT RESULTS DISCLOSURE
|
|
(unaudited)
|
|
(in millions)
|
|
|
|
|
|
|
Q3
|
|
Year-to-Date
|
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
% of
|
|
|
|
|
Net
Sales
|
|
|
Net
Sales
|
|
|
Net
Sales
|
|
|
Net
Sales
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
1,056.4
|
|
|
|
$
|
1,255.4
|
|
|
|
$
|
3,468.4
|
|
|
|
$
|
3,854.1
|
|
|
|
Income from operations
|
|
|
$
|
39.6
|
|
3.7%
|
|
$
|
92.1
|
|
7.3%
|
|
$
|
124.3
|
|
3.6%
|
|
$
|
266.5
|
|
6.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AWP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
484.4
|
|
|
|
$
|
580.9
|
|
|
|
$
|
1,598.8
|
|
|
|
$
|
1,786.7
|
|
|
|
Income from operations
|
|
|
$
|
48.6
|
|
10.0%
|
|
$
|
78.9
|
|
13.6%
|
|
$
|
159.2
|
|
10.0%
|
|
$
|
228.6
|
|
12.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cranes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
282.8
|
|
|
|
$
|
379.3
|
|
|
|
$
|
947.5
|
|
|
|
$
|
1,160.3
|
|
|
|
Income (loss) from operations
|
|
|
$
|
(12.1)
|
|
(4.3%)
|
|
$
|
12.1
|
|
3.2%
|
|
$
|
(41.5)
|
|
(4.4%)
|
|
$
|
35.8
|
|
3.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
228.2
|
|
|
|
$
|
238.7
|
|
|
|
$
|
708.2
|
|
|
|
$
|
698.6
|
|
|
|
Income from operations
|
|
|
$
|
19.5
|
|
8.5%
|
|
$
|
17.6
|
|
7.4%
|
|
$
|
63.9
|
|
9.0%
|
|
$
|
54.8
|
|
7.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corp and Other / Eliminations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
61.0
|
|
|
|
$
|
56.5
|
|
|
|
$
|
213.9
|
|
|
|
$
|
208.5
|
|
|
|
Loss from operations
|
|
|
$
|
(16.4)
|
|
(26.9%)
|
|
$
|
(16.5)
|
|
(29.2%)
|
|
$
|
(57.3)
|
|
(26.8%)
|
|
$
|
(52.7)
|
|
(25.3%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
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 September 30, 2016, unless otherwise indicated.
2016 Outlook The Company’s 2016 outlook for earnings per share is
a non-GAAP financial measure as it excludes or has otherwise been
adjusted for items such as restructuring and other related charges, deal
related costs and the impact of the release of tax valuation allowances.
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 2016 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2016
|
|
|
Income from
Continuing
Operations
before Taxes
|
|
(Provision for)
benefit from
Income Taxes(1)
|
|
Income from
Continuing
Operations(2)
|
|
|
Earnings
(loss)
per share(3)
|
|
As Reported
|
|
$
|
13.9
|
|
19.3
|
|
33.3
|
|
$
|
0.31
|
|
Deal Related
|
|
|
6.2
|
|
(0.9)
|
|
5.3
|
|
|
0.05
|
|
Restructuring & Related
|
|
|
5.8
|
|
(1.9)
|
|
3.9
|
|
|
0.03
|
|
Tax Related
|
|
|
--
|
|
(22.0)
|
|
(22.0)
|
|
|
(0.20)
|
|
As Adjusted
|
|
$
|
25.9
|
|
(5.5)
|
|
20.5
|
|
$
|
0.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax effect on adjustments is calculated using a jurisdictional
blended tax rate
|
|
(2) Excludes $0.1 million net loss attributable to non-controlling
interest
|
|
(3) Based on diluted weighted average shares outstanding of 108.6
million
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD 2016
|
|
|
Income from
Continuing
Operations
before Taxes
|
|
(Provision for)
benefit from
Income Taxes(1)
|
|
Income from
Continuing
Operations(2)
|
|
|
Earnings
(loss)
per share(3)
|
|
As Reported
|
|
$
|
38.3
|
|
82.5
|
|
120.9
|
|
$
|
1.10
|
|
Deal Related
|
|
|
29.5
|
|
(6.4)
|
|
23.1
|
|
|
0.21
|
|
Restructuring & Related
|
|
|
48.0
|
|
(14.2)
|
|
33.8
|
|
|
0.32
|
|
Tax Related
|
|
|
--
|
|
(89.7)
|
|
(89.7)
|
|
|
(0.82)
|
|
As Adjusted
|
|
$
|
115.8
|
|
(27.8)
|
|
88.1
|
|
$
|
0.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax effect on adjustments is calculated using a jurisdictional
blended tax rate
|
|
(2) Excludes $0.1 million net loss attributable to non-controlling
interest
|
|
(3) Based on diluted weighted average shares outstanding of 109.3
million
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2015
|
|
|
Income from
Continuing
Operations
before Taxes
|
|
(Provision for)
benefit from
Income Taxes(1)
|
|
Income from
Continuing
Operations
|
|
|
Earnings
(loss)
per share(2)
|
|
As Reported
|
|
$
|
55.9
|
|
(25.6)
|
|
30.3
|
|
$
|
0.28
|
|
Deal Related
|
|
|
8.6
|
|
(0.7)
|
|
7.9
|
|
|
0.07
|
|
Restructuring & Related
|
|
|
11.8
|
|
(3.3)
|
|
8.5
|
|
|
0.07
|
|
Product Campaign
|
|
|
2.5
|
|
(0.9)
|
|
1.6
|
|
|
0.02
|
|
As Adjusted
|
|
$
|
78.8
|
|
(30.5)
|
|
48.3
|
|
$
|
0.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax effect on adjustments is calculated using a jurisdictional
blended tax rate
|
|
(2) Based on diluted weighted average shares outstanding of 109.2
million
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD 2015
|
|
|
Income from
Continuing
Operations
before Taxes
|
|
(Provision for)
benefit from
Income Taxes(1)
|
|
Income from
Continuing
Operations(2)
|
|
|
Earnings
(loss)
per share(3)
|
|
As Reported
|
|
$
|
169.0
|
|
(64.5)
|
|
104.6
|
|
$
|
0.95
|
|
Deal Related
|
|
|
8.6
|
|
(0.7)
|
|
7.9
|
|
|
0.07
|
|
Restructuring & Related
|
|
|
11.8
|
|
(3.3)
|
|
8.5
|
|
|
0.08
|
|
Product Campaign
|
|
|
2.5
|
|
(0.9)
|
|
1.6
|
|
|
0.02
|
|
As Adjusted
|
|
$
|
191.9
|
|
(69.4)
|
|
122.6
|
|
$
|
1.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Tax effect on adjustments is calculated using a jurisdictional
blended tax rate
|
|
(2) Excludes $0.1 million net loss attributable to non-controlling
interest
|
|
(3) Based on diluted weighted average shares outstanding of 109.7
million
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20161031006221/en/
Source: Terex Corporation
Terex Corporation
Brian Henry, 203-222-5954
Senior Vice President, Business Development and Investor Relations
brian.henry@terex.com