Terex Corporation (NYSE:TEX) today announced second quarter 2018 income from continuing operations of $55.9 million, or $0.73 per share, on net sales of $1.4 billion. In the second quarter of 2017, the reported income from continuing operations was $95.4 million, or $0.98 per share, on net sales of $1.2 billion. Income from continuing operations, as adjusted, for the second quarter of 2018 was $74.9 million, or $0.98 per share. This compares to income from continuing operations, as adjusted, of $49.6 million or $0.51 per share in the second quarter of 2017.
“Terex significantly improved its second quarter, as adjusted, earnings per share compared to last year,” stated John L. Garrison, Terex President and CEO. “These strong financial results reflect operational improvements, the considerable benefit of executing our disciplined capital allocation strategy and broad-based improvements in our global markets.” “Aerial Work Platforms (AWP) and Materials Processing (MP) continue to execute very well,” Mr. Garrison continued.
“Our Cranes segment improved as expected compared to the first quarter, but continued to be impacted by material shortages. We made progress implementing our Execute to Win business system across our three priority areas: Commercial Excellence; Lifecycle Solutions; and Strategic Sourcing” commented Mr. Garrison. “The initial benefits of Commercial Excellence are positively impacting our current performance. We will start to see benefits from Strategic Sourcing in the second half of 2018.We remain committed to our Disciplined Capital Allocation Strategy. During the quarter we repurchased 2.9 million shares for $116 million. Over the past 18 months we repurchased approximately 34 million shares, or roughly one third of our outstanding shares,” said Mr. Garrison.
“In addition, we recently announced a new $300 million share repurchase authorization.” “We are updating our full year 2018 adjusted EPS guidance range from $2.70 to $3.00 to $2.80 to $3.00,” continued Mr. Garrison. “This improvement reflects our first half operational results, capital market actions, and our expectations for the balance of 2018.”
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