Terex Corp. posted income from continuing operations of $32.6 million for the first quarter of 2014, compared to $19.3 million a year ago, a 68.9-percent leap. Net sales were $1,654.6 million in the first quarter, essentially flat with the $1,653.7 million in the first quarter of 2013. Income from operations was $75 million, compared to $65.6 million in the year-ago quarter, a 14.3-percent rise.
“We remain encouraged by the performance of our Aerial Work Platform segment, which delivered excellent results in the first quarter,” said Ron DeFeo, Terex chairman and CEO. “Performance across our remaining businesses was mixed. The Materials Processing, Construction and Material Handling & Port Solutions segments all delivered quarters roughly in-line with our expectations. While both the MHPS and Construction segments had an operating loss in the quarter, we planned for and continue to expect better operating results from these businesses for the balance of 2014. Our Cranes segment had a disappointing first quarter, but recent order trends suggest improvements as the year progresses, particularly in the second half of the year.”
In regard to the company’s expectations, DeFeo said outlook for 2014 remains the same. “We expect continued strength from our AWP segment and improvement from our other segments throughout the remainder of 2014. We reiterate our annual outlook for earnings per share of between $2.50 and $2.80, excluding restructuring and other unusual items, on net sales of between $7.3 billion and $7.7 billion. Terex remains focused on improving profit through organic means, integrating the businesses more thoroughly, and generating free cash flow.”
Terex Corp. is based in Westport, Conn.