- Sales of $1.3 billion
increased 5% year-over-year
- Income from operations of $158
million, up 7% year-over-year
- Operating profit margin of 12.2% improved 20 bps
year-over-year
- Earnings per share of $1.60
- Return on invested capital of 27.6%, up 370 bps from the
prior year
- Raising full-year 2024 EPS outlook to a range of
$6.95 to $7.35
- Increasing full-year 2024 sales outlook to a range of
$5.2 to $5.4
billion
NORWALK,
Conn., April 25, 2024 /PRNewswire/ -- Terex
Corporation (NYSE: TEX), a global manufacturer of materials
processing machinery and aerial work platforms, today announced its
results for the first quarter 2024.
CEO Commentary
"Terex delivered excellent first quarter results, achieving
sales growth and margin expansion versus the prior year," said
Simon Meester, Terex President and Chief Executive Officer.
"The Terex team continues to perform at a high level and
demonstrate the power of its focused strategy and its proven
ability to create value."
"We are raising our full-year outlook to reflect our strong
first quarter performance, while also prudently planning for
continued softness in Europe over
the balance of the year." Meester continued, "Overall, customer
demand remains strong for Terex's differentiated products as
evidenced by our robust backlog. In addition, we are advancing our
new product initiatives to bolster the Company's portfolio of
market-leading businesses that will continue to benefit from
megatrends over the coming years. We are focused on accelerating
our profitable growth strategy and are committed to delivering
strong performance through the cycle."
First Quarter Operational and Financial
Highlights
- Net sales of $1.3 billion
increased 4.6%, up from $1.2 billion
in the first quarter of 2023. The increase was primarily driven by
continued demand for our products across multiple businesses.
- Income from operations of $158.3
million, or 12.2% of net sales improved from $147.7 million, or 12.0% of net sales during the
prior year. The year-over-year increase of $10.6 million was primarily due to incremental
profit achieved on higher sales volume, improved manufacturing
throughput and disciplined price-cost management.
- Income from continuing operations was $108.5 million, or $1.60 per share, compared to $109.9 million, or $1.60 per share, in the first quarter of
2023.
- Return on invested capital was 27.6%, up 370 bps from the prior
year and significantly exceeded our cost of capital.
Business Segment Review
Materials Processing
- Net sales of $520.0 million were
down 6.1% or $33.8 million
year-over-year, primarily driven by lower end-market demand for
material handling equipment and cranes in Europe, partially offset by growth for
aggregates in North America.
- Income from operations decreased to $72.1 million or 13.9% of net sales, compared to
$85.3 million, or 15.4% of net sales,
in the prior year. The decrease was primarily due to the impact of
lower sales volume and net unfavorable product mix.
Aerial Work Platforms
- Net sales of $772.7 million were
up 12.7% or $86.8 million
year-over-year. The increase was primarily driven by higher demand,
as well as improved supply chain and manufacturing
performance.
- Income from operations increased to $107.3 million or 13.9% of net sales, compared to
$83.1 million, or 12.1% of net sales
in the prior year. The increase was primarily due to incremental
profit achieved on higher sales volume, improved manufacturing
throughput and disciplined price-cost management.
Strong Balance Sheet and Liquidity
- As of March 31, 2024, the Company
had liquidity (cash and availability under our revolving line of
credit) of $866 million and net
leverage of 0.5x.
- Terex deployed $35 million for
capital expenditures during the first quarter of 2024 to support
business growth.
CFO Commentary
Julie Beck, Senior Vice President
and Chief Financial Officer, said "We expanded total company
operating margin by 20 bps compared to last year and delivered ROIC
of more than 27%. We expect a significant step-up in free cash flow
over the balance of the year and remain on-track to generate more
than $300 million of free cash flow
for a second consecutive year. The strength of our balance sheet
and expected cash flow provide significant capacity to fuel our
strategic growth initiatives and return capital to
shareholders."
Full-Year 2024 Outlook
(in millions, except per share data)
Terex Outlook
(1)
|
PREVIOUS
Outlook
|
UPDATED
Outlook
|
Net Sales
|
$5,100 -
$5,300
|
$5,200 -
$5,400
|
Operating
Margin
|
12.8% -
13.1%
|
12.8% -
13.1%
|
Interest / Other
Expense
|
~$60
|
~$65
|
Tax Rate
|
~22%
|
~22%
|
EPS
|
$6.85 -
$7.25
|
$6.95 -
$7.35
|
Share Count
|
~68
|
~68
|
Depreciation /
Amortization
|
~$65
|
~$65
|
Free Cash Flow
(2)
|
$325 - $375
|
$325 - $375
|
Corp & Other
OP
|
~($80)
|
~($85)
|
|
Segment Outlook
(1)
|
PREVIOUS
Outlook
|
UPDATED
Outlook
|
Net
Sales
|
Operating
Margin
|
Net
Sales
|
Operating
Margin
|
Materials
Processing
|
$2,200 -
$2,300
|
15.6% -
15.9%
|
$2,200 -
$2,300
|
15.6% -
15.9%
|
Aerial Work
Platforms
|
$2,900 -
$3,000
|
13.4% -
13.7%
|
$3,000 -
$3,100
|
13.5% -
13.8%
|
(1)
|
Excludes the impact of
future acquisitions, divestitures, restructuring and other unusual
items
|
(2)
|
Capital expenditures,
net of proceeds from sale of capital assets: ~$145
million
|
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.
The Glossary at the end of this press release contains further
details about this subject.
Conference call
The Company has scheduled a conference call to review the
financial results on Friday, April 26, 2024 beginning at
8:30 a.m. ET. Simon A. Meester, President and CEO, and
Julie Beck, Senior Vice President
and Chief Financial Officer, will host the call. A simultaneous
webcast of this call can be accessed at
https://investors.terex.com. Participants are encouraged to
access the call 15 minutes prior to the starting time. The call
will also be archived in the Event Archive at
https://investors.terex.com.
Forward-Looking Statements
Certain information in this press release includes
forward-looking statements (within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934 (the "Exchange Act") and the Private Securities
Litigation Reform Act of 1995) regarding future events or our
future financial performance that involve certain contingencies and
uncertainties, including those discussed in our Annual Report on
Form 10-K for the year ended December 31, 2023, and subsequent
reports we file with the U.S. Securities and Exchange Commission
from time to time, in the sections entitled "Management's
Discussion and Analysis of Financial Condition and Results of
Operations – Contingencies and Uncertainties." In addition,
when included in this press release the words "may," "expects,"
"should," "intends," "anticipates," "believes," "plans,"
"projects," "estimates," "will" 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. We have based these forward-looking
statements on current expectations and projections about future
events. These statements are not guarantees of future
performance. Such statements are inherently subject to a
variety of risks and uncertainties that could cause actual results
to differ materially from those reflected in such forward-looking
statements. Such risks and uncertainties, many of which are
beyond our control, include, among others:
- our operations are subject to a number of potential risks
that arise from operating a multinational business, including
political and economic instability and compliance with changing
regulatory environments;
- changes in the availability and price of certain materials
and components, which may result in supply chain
disruptions;
- consolidation within our customer base and
suppliers;
- our business may suffer if our equipment fails to perform as
expected;
- a material disruption to one of our significant
facilities;
- our business is sensitive to general economic conditions,
government spending priorities and the cyclical nature of markets
we serve;
- our consolidated financial results are reported in U.S.
dollars while certain assets and other reported items are
denominated in the currencies of other countries, creating currency
exchange and translation risk;
- our 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;
- the financial condition of customers and their continued
access to capital;
- exposure from providing credit support for some of our
customers;
- we may experience losses in excess of recorded
reserves;
- our industry is highly competitive and subject to pricing
pressure;
- our ability to integrate acquired businesses;
- our ability to successfully implement our strategy and the
actual results derived from such strategy;
- increased cybersecurity threats and more sophisticated
computer crime;
- increased regulatory focus on privacy and data security
issues and expanding laws;
- our ability to attract, develop, engage and retain team
members;
- possible work stoppages and other labor matters;
- litigation, product liability claims and other
liabilities;
- changes in import/export regulatory regimes, imposition of
tariffs, escalation of global trade conflicts and unfairly traded
imports, particularly from China,
could continue to negatively impact our business;
- compliance with environmental regulations could be costly
and failure to meet sustainability expectations or standards or
achieve our sustainability goals could adversely impact our
business;
- our compliance with the U.S. Foreign Corrupt Practices Act
and similar worldwide anti-corruption laws;
- our ability to comply with an injunction and related
obligations imposed by the U.S. Securities and Exchange Commission;
and
- other factors.
Actual events or our actual future results may differ
materially from any forward-looking statement due to these and
other risks, uncertainties and material factors. The
forward-looking statements contained herein speak only as of the
date of this press release. We expressly disclaim any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statement contained in this press
release to reflect any change in our expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statement is based.
About Terex
Terex Corporation is a global manufacturer of materials
processing machinery and aerial work platforms. We design, build
and support products used in maintenance, manufacturing, energy,
recycling, minerals and materials management, and construction
applications. Certain Terex products and solutions enable
customers to reduce their impact on the environment including
electric and hybrid offerings that deliver quiet and emission-free
performance, products that support renewable energy, and products
that aid in the recovery of useful materials from various types of
waste. Our products are manufactured in North America, Europe, Australia and Asia and sold worldwide. We engage with
customers through all stages of the product life cycle, from
initial specification to parts and service support. We report our
business in the following segments: (i) Materials Processing and
(ii) Aerial Work Platforms.
Contact Information
Neil Frohnapple
Vice
President, Investor Relations
Phone:
440-334-7947
Email:
neil.frohnapple@terex.com
TEREX CORPORATION
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(in millions, except
per share data)
|
|
|
Three Months
Ended
March
31,
|
|
|
2024
|
|
2023
|
Net sales
|
$
|
1,292.5
|
|
$
|
1,235.7
|
Cost of goods
sold
|
|
(995.2)
|
|
|
(957.0)
|
Gross profit
|
|
297.3
|
|
|
278.7
|
Selling, general and
administrative expenses
|
|
(139.0)
|
|
|
(131.0)
|
Income (loss) from
operations
|
|
158.3
|
|
|
147.7
|
Other income
(expense)
|
|
|
|
|
|
Interest
income
|
|
3.6
|
|
|
2.0
|
Interest
expense
|
|
(15.0)
|
|
|
(14.9)
|
Other income (expense)
– net
|
|
(10.4)
|
|
|
(1.6)
|
Income (loss) from
continuing operations before income taxes
|
|
136.5
|
|
|
133.2
|
(Provision for)
benefit from income taxes
|
|
(28.0)
|
|
|
(23.3)
|
Income (loss) from
continuing operations
|
|
108.5
|
|
|
109.9
|
Gain (loss) on
disposition of discontinued operations- net of tax
|
|
—
|
|
|
2.7
|
Net income
(loss)
|
$
|
108.5
|
|
$
|
112.6
|
Basic earnings (loss)
per Share:
|
|
|
|
|
|
Income (loss) from
continuing operations
|
$
|
1.62
|
|
$
|
1.62
|
Gain (loss) on
disposition of discontinued operations – net of tax
|
|
—
|
|
|
0.04
|
Net income
(loss)
|
$
|
1.62
|
|
$
|
1.66
|
Diluted earnings (loss)
per Share:
|
|
|
|
|
|
Income (loss) from
continuing operations
|
$
|
1.60
|
|
$
|
1.60
|
Gain (loss) on
disposition of discontinued operations – net of tax
|
|
—
|
|
|
0.04
|
Net income
(loss)
|
$
|
1.60
|
|
$
|
1.64
|
Weighted average number
of shares outstanding in per share calculation
|
|
|
|
|
|
Basic
|
|
67.0
|
|
|
67.7
|
Diluted
|
|
67.9
|
|
|
68.8
|
TEREX CORPORATION
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEET
(unaudited)
(in millions,
except par value)
|
|
March 31,
2024
|
|
December 31,
2023
|
|
|
Assets
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
364.9
|
|
$
|
370.7
|
Other current
assets
|
|
2,024.7
|
|
|
1,874.5
|
Total current
assets
|
|
2,389.6
|
|
|
2,245.2
|
Non-current
assets
|
|
|
|
|
|
Property, plant and
equipment – net
|
|
573.7
|
|
|
569.8
|
Other non-current
assets
|
|
796.6
|
|
|
800.5
|
Total non-current
assets
|
|
1,370.3
|
|
|
1,370.3
|
Total assets
|
$
|
3,759.9
|
|
$
|
3,615.5
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Current portion of
long-term debt
|
$
|
3.2
|
|
$
|
2.8
|
Other current
liabilities
|
|
1,102.0
|
|
|
1,116.4
|
Total current
liabilities
|
|
1,105.2
|
|
|
1,119.2
|
Non-current
liabilities
|
|
|
|
|
|
Long-term debt, less
current portion
|
|
720.9
|
|
|
620.4
|
Other non-current
liabilities
|
|
201.9
|
|
|
203.6
|
Total non-current
liabilities
|
|
922.8
|
|
|
824.0
|
Total
liabilities
|
|
2,028.0
|
|
|
1,943.2
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
1,731.9
|
|
|
1,672.3
|
Total liabilities and
stockholders' equity
|
$
|
3,759.9
|
|
$
|
3,615.5
|
|
|
|
|
|
|
TEREX CORPORATION
AND SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)
(in
millions)
|
|
Three Months
Ended
March
31,
|
|
|
|
2024
|
|
2023
|
|
Operating
Activities
|
|
|
|
|
Net income
(loss)
|
$
|
108.5
|
|
$
|
112.6
|
|
Depreciation and
amortization
|
|
14.9
|
|
|
12.1
|
|
Changes in operating
assets and liabilities and non-cash charges
|
|
(157.3)
|
|
|
(115.6)
|
|
Net cash provided by
(used in) operating activities
|
|
(33.9)
|
|
|
9.1
|
|
Investing
Activities
|
|
|
|
|
|
|
Capital
expenditures
|
|
(35.0)
|
|
|
(20.3)
|
|
Other investing
activities, net
|
|
(0.8)
|
|
|
(9.4)
|
|
Net cash provided by
(used in) investing activities
|
|
(35.8)
|
|
|
(29.7)
|
|
Financing
Activities
|
|
|
|
|
|
|
Net cash provided by
(used in) financing activities
|
|
71.2
|
|
|
(31.7)
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
(7.3)
|
|
|
2.4
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
(5.8)
|
|
|
(49.9)
|
|
Cash and cash
equivalents at beginning of period
|
|
370.7
|
|
|
304.1
|
|
Cash and cash
equivalents at end of period
|
$
|
364.9
|
|
$
|
254.2
|
|
|
|
|
|
|
|
|
TEREX CORPORATION
AND SUBSIDIARIES
SEGMENT RESULTS
DISCLOSURE
(unaudited)
(in
millions)
|
|
|
Q1
|
|
2024
|
2023
|
|
|
|
% of
|
|
|
% of
|
Net
Sales
|
Net
Sales
|
Consolidated
|
|
|
|
|
|
|
Net sales
|
$
|
1,292.5
|
|
$
|
1,235.7
|
|
Income from
operations
|
$
|
158.3
|
12.2 %
|
$
|
147.7
|
12.0 %
|
|
|
|
|
|
|
|
MP
|
|
|
|
|
|
|
Net sales
|
$
|
520.0
|
|
$
|
553.8
|
|
Income from
operations
|
$
|
72.1
|
13.9 %
|
$
|
85.3
|
15.4 %
|
|
|
|
|
|
|
|
AWP
|
|
|
|
|
|
|
Net sales
|
$
|
772.7
|
|
$
|
685.9
|
|
Income from
operations
|
$
|
107.3
|
13.9 %
|
$
|
83.1
|
12.1 %
|
|
|
|
|
|
|
|
Corp and Other /
Eliminations
|
|
|
|
|
|
|
Net sales
|
$
|
(0.2)
|
|
$
|
(4.0)
|
|
Loss from
operations
|
$
|
(21.1)
|
*
|
$
|
(20.7)
|
*
|
* Not a meaningful
percentage
|
GLOSSARY
Non-GAAP Measures Definitions
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 March 31, 2024, unless
otherwise indicated.
2024 Outlook
The Company's 2024 outlook for earnings per share is a non-GAAP
financial measure because it excludes the impact of potential
future acquisitions, divestitures, restructuring, and other unusual
items. The Company is not able to reconcile this forward-looking
non-GAAP financial measure to its 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 2024 GAAP financial results. This forward
looking information provides guidance to investors about the
Company's EPS expectations excluding unusual items that the Company
does not believe is reflective of its ongoing operations.
Free Cash Flow
The Company calculates a non-GAAP measure of free cash
flow. The Company defines free cash flow as Net cash provided
by (used in) operating activities less Capital expenditures, net of
proceeds from sale of capital assets. The Company believes
that this measure of free cash flow provides management and
investors further useful information on cash generation or use in
our primary operations. The following table reconciles Net cash
provided by (used in) operating activities to free cash flow (in
millions):
|
|
|
|
Year Ending
December 31, 2024
Outlook
|
Net cash provided by
(used in) operating activities
|
|
|
|
$
495.0
|
Capital expenditures,
net of proceeds from sale of capital assets
|
|
|
|
(145.0)
|
Free cash flow
(use)
|
|
|
|
$
350.0
|
Note: 2024 Outlook free
cash flow represents the mid-point of the range
|
Net Leverage
The Company calculates a non-GAAP measure of net leverage.
The Company defines net leverage as Net Debt divided by last twelve
months (LTM) EBITDA . The Company believes that this measure
reflects its ability to cover its net debt obligations with results
from core operations. Amounts described below are reported in
millions, except net leverage.
|
|
|
March 31,
2024
|
Net Debt
|
|
|
$
359.2
|
Divided by: LTM
EBITDA
|
|
|
704.3
|
Net Leverage
|
|
|
0.5x
|
Debt & Net Debt
Debt is calculated using the Condensed Consolidated Balance
Sheet amounts for Current portion of long-term debt plus Long-term
debt, less current portion plus debt from liabilities held for
sale. Net Debt is calculated as Debt less Cash and cash
equivalents, including amounts in assets held for sale. These
measures aid in the evaluation of the Company's financial
condition.
|
|
|
March 31,
2024
|
Long-term debt, less
current portion
|
|
|
$
720.9
|
Current portion of
long-term debt
|
|
|
3.2
|
Debt
|
|
|
724.1
|
Less: Cash and cash
equivalents
|
|
|
(364.9)
|
Net Debt
|
|
|
$
359.2
|
EBITDA
EBITDA is defined as earnings, before interest, other
non-operating income (loss), income (loss) attributable to
non-controlling interest, taxes, depreciation and
amortization. The Company calculates this by subtracting the
following items from Net income (loss): (Gain) loss on disposition
of discontinued operations- net of tax; and (Income) loss from
discontinued operations – net of tax. Then adds the Provision
for (benefit from) income taxes; Interest & Other (Income)
Expense; the Depreciation and Amortization amounts reported in the
Consolidated Statement of Cash Flows less amortization of debt
issuance costs that are recorded in Interest expense.
The Company believes that disclosure of EBITDA will be helpful
to those reviewing its performance, as EBITDA provides information
on its ability to meet debt service, capital expenditure and
working capital requirements, and is also an indicator of
profitability.
|
|
|
LTM
Ended
March 31,
2024
|
Net income
(loss)
|
|
|
$
513.9
|
(Gain) loss on
disposition of discontinued operations - net of tax
|
|
|
1.4
|
Income (loss) from
continuing operations
|
|
|
515.3
|
Provision for (benefit
from) income taxes
|
|
|
67.7
|
Interest & Other
(Income) Expense
|
|
|
64.1
|
Income (loss) from
operations
|
|
|
647.1
|
Depreciation
|
|
|
54.8
|
Amortization
|
|
|
4.4
|
Non-Cash Interest
Costs
|
|
|
(2.0)
|
EBITDA
|
|
|
$
704.3
|
ROIC
ROIC and other Non-GAAP Measures (as calculated below) assist in
showing how effectively we utilize capital invested in our
operations. ROIC is determined by dividing the sum of NOPAT
for each of the previous four quarters by the average of Debt less
Cash and cash equivalents plus Stockholders' equity for the
previous five quarters. NOPAT for each quarter is calculated
by multiplying Income (loss) from operations by one minus the
annualized effective tax rate as adjusted. Debt is calculated
using amounts for Current portion of long-term debt plus Long-term
debt, less current portion. We calculate 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, we include 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.
In the calculation of ROIC, we adjust the annualized effective
tax rate to reflect management's expectation of the full-year
effective tax rate and amortize the one-time tax benefit derived
from recording of a deferred tax asset in relation to our Swiss
operations in 2023 to create a measure that is more useful to
understanding our operating results and the ongoing performance of
our underlying business as shown in the tables below. Our
management and Board of Directors use ROIC as one measure to assess
operational performance, including in connection with certain
compensation programs. We use ROIC as a metric because we
believe it measures how effectively we invest our capital and
provides a better measure to compare ourselves to peer companies to
assist in assessing how we drive operational improvement. We
believe ROIC measures return on the amount of capital invested in
our businesses and is an accurate and descriptive measure of our
performance. We also believe adding Debt less Cash and cash
equivalents to Stockholders' equity provides a better comparison
across similar businesses regarding total capitalization, and ROIC
highlights the level of value creation as a percentage of capital
invested. As the tables below show, our ROIC at
March 31, 2024 was 27.6% and March 31, 2023 was
23.9%.
Q1 2024:
Amounts described below are reported in millions, except for the
annualized effective tax rate as adjusted. Amounts are as of
and for the three months ended for the periods referenced in the
tables below.
|
|
|
Mar '24
|
Dec '23
|
Sep '23
|
Jun '23
|
Mar '23
|
Annualized effective
tax rate as adjusted(1)
|
|
|
19.8 %
|
18.2 %
|
18.2 %
|
18.2 %
|
|
Income (loss) from
operations
|
|
|
$ 158.3
|
$ 115.7
|
$ 163.2
|
$ 209.9
|
|
Multiplied by: 1 minus
annualized effective tax rate
|
|
|
80.2 %
|
81.8 %
|
81.8 %
|
81.8 %
|
|
Net operating income
(loss) after tax
|
|
|
$ 127.0
|
$
94.6
|
$ 133.5
|
$ 171.7
|
|
Debt
|
|
|
$ 724.1
|
$ 623.2
|
$ 708.7
|
$ 736.7
|
$
777.0
|
Less: Cash and cash
equivalents
|
|
|
(364.9)
|
(370.7)
|
(352.3)
|
(297.7)
|
(254.2)
|
Debt less Cash and cash
equivalents
|
|
|
359.2
|
252.5
|
356.4
|
439.0
|
522.8
|
Stockholders'
equity
|
|
|
1,731.9
|
1,672.3
|
1,496.2
|
1,432.2
|
1,294.6
|
Debt less Cash and cash
equivalents plus
Stockholders' equity
|
|
|
$
2,091.1
|
$
1,924.8
|
$
1,852.6
|
$
1,871.2
|
$ 1,817.4
|
(1)
|
The annualized
effective tax rate for each 2023 period represents the adjusted
full-year 2023 effective tax rate.
|
March 31, 2024
ROIC
|
|
|
27.6 %
|
NOPAT as adjusted (last
4 quarters)
|
|
|
$
526.8
|
Average Debt less Cash
and cash equivalents plus Stockholders'
equity (5 quarters)
|
|
|
$
1,911.4
|
|
|
|
|
|
|
Three Months
Ended
March 31,
2024
|
|
|
Income (loss) from
continuing operations
before income taxes
|
(Provision for)
benefit from
income taxes
|
Income tax
rate
|
Reconciliation of
annualized effective tax rate:
|
|
|
|
|
|
As reported
|
|
|
$
136.5
|
$
(28.0)
|
20.5 %
|
Effect of
adjustments:
|
|
|
|
|
|
Tax related to
full-year effective tax rate expectation
|
|
|
—
|
(2.0)
|
|
Tax related to
Swiss deferred tax asset
|
|
|
—
|
3.0
|
|
As adjusted
|
|
|
$
136.5
|
$
(27.0)
|
19.8 %
|
Q1 2023:
Amounts described below are reported in millions, except for the
annualized effective tax rates. Amounts are as of and for the
three months ended for the periods referenced in the tables
below.
|
|
|
Mar '23
|
Dec '22
|
Sep '22
|
Jun '22
|
Mar '22
|
Annualized effective
tax rate as adjusted(1)
|
|
|
21.0 %
|
18.1 %
|
18.1 %
|
18.1 %
|
|
Income (loss) from
operations
|
|
|
$ 147.7
|
$ 120.8
|
$ 120.8
|
$ 103.9
|
|
Multiplied by: 1 minus
annualized effective tax rate
|
|
|
79.0 %
|
81.9 %
|
81.9 %
|
81.9 %
|
|
Net operating income
(loss) after tax
|
|
|
$ 116.7
|
$
98.9
|
$
98.9
|
$
85.1
|
|
Debt
|
|
|
$ 777.0
|
$ 775.5
|
$ 826.5
|
$ 828.2
|
$
740.3
|
Less: Cash and cash
equivalents
|
|
|
(254.2)
|
(304.1)
|
(231.7)
|
(253.3)
|
(218.4)
|
Debt less Cash and cash
equivalents
|
|
|
522.8
|
471.4
|
594.8
|
574.9
|
521.9
|
Stockholders'
equity
|
|
|
1,294.6
|
1,181.2
|
1,034.7
|
1,048.9
|
1,114.1
|
Debt less Cash and cash
equivalents plus Stockholders' equity
|
|
|
$
1,817.4
|
$
1,652.6
|
$
1,629.5
|
$
1,623.8
|
$ 1,636.0
|
(1)
|
The annualized
effective tax rate for each 2022 period represents the actual full
year 2022 effective tax rate.
|
March 31, 2023
ROIC
|
|
|
23.9 %
|
NOPAT as adjusted (last
4 quarters)
|
|
|
$
399.6
|
Average Debt less Cash
and cash equivalents plus Stockholders'
equity (5 quarters)
|
|
|
$
1,671.9
|
|
|
|
|
|
|
Three Months
Ended
March 31,
2023
|
|
|
Income (loss) from
continuing operations
before income taxes
|
(Provision for)
benefit from
income taxes
|
Income tax
rate
|
Reconciliation of
annualized effective tax rate:
|
|
|
|
|
|
As reported
|
|
|
$
133.2
|
$
(23.3)
|
17.5 %
|
Effect of
adjustments:
|
|
|
|
|
|
Tax
related
|
|
|
—
|
(4.7)
|
|
As adjusted
|
|
|
$
133.2
|
$
(28.0)
|
21.0 %
|
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SOURCE Terex Corporation