Net sales in Terex’s Aerial Work Platforms division reached $881.8 million, 6.9-percent year-over-year lift in the second quarter, an increase primarily driven by healthy demand for mobile elevating work platforms and telehandlers in North America.
Terex Corp. posted $1,381.7 million in net sales in the second quarter of 2024, compared to $1,403.1 million in the second quarter of 2023, a slight 1.5-percent decline. Income from operations was $193.1 million compared to $209.9 million in the second quarter of 2023, an 8-percent decrease. For the first six months of 2024, net sales totaled $2,674.2 million compared to $2,638.8 in the first half of 2023, a 1.3-percent increase.
The decline in sales in Q2 was in Terex’s Materials Processing business, while revenue increased in the AWP division. Net sales in Materials Processing dropped 14 percent in the second quarter year over year, totaling $498.6 million. The decline was primarily driven by lower end-market demand in certain product lines and geographies as well as inventory rebalancing at Terex dealers.
"The Terex team continues to perform at a high level and demonstrated strong execution in the second quarter," said Simon Meester, Terex president and CEO. "The recently announced agreement to purchase Environmental Solutions Group strengthens our portfolio and leverages our operating system to drive sustainable, accelerated long-term growth. ESG will add a non-cyclical, financially accretive, and market-leading business to Terex's portfolio with tangible synergies in the fast-growing waste and recycling end market. The transaction is expected to close in the second half of 2024."
"We are proud of our financial results with operating margins of 14 percent,” said Julie Beck, senior vice president and chief financial officer. "We expect our full-year adjusted EPS outlook to be in the range of $7.15 to $7.45, with a second year of adjusted EPS over $7.00 per share. Our strong balance sheet and expected free cash flow generation of $325 to $375 million continues to provide significant capacity to fuel our strategic growth initiatives, including the ESG acquisition, as well as return capital to shareholders."
