Terex Corp. posted a loss from continuing operations of $2.1 million for the first quarter of 2015, as compared to income from continuing operations of $32.6 million for the first quarter of 2014. Net sales were $1,495.6 million in the first quarter of 2015, a decrease of $159 million compared with the $1,654.6 million in the first quarter of 2014, a 9.6-percent decline. However, net sales were essentially flat on a currency-neutral basis.
Operationally the first quarter was generally in line with expectations, Terex officials said, but overall results were weighed down by lower margins in the aerial work platform segment and an unusually high tax rate, according to Terex chairman and CEO Ron DeFeo.
“Performance across our remaining business segments was consistent with our expectations,” DeFeo said. “Our Materials Processing business had a reasonable start to the year in what is traditionally a seasonally softer quarter for sales in this segment. While both the MHPS and Construction segments had an operating loss in the quarter, we continue to anticipate improving operating results from these businesses for the balance of 2015. Our Cranes segment performed generally as planned for the first quarter. The order trends and product mix in backlog for this segment continue to suggest improvements as the year progresses.”
Terex’s overall outlook for 2015 has not changed, DeFeo added. “We expect strong performance from our AWP segment and improvement from our other segments throughout the remainder of 2015. We reiterate our annual outlook for earnings per share of between $2 and $2.30, excluding restructuring and other unusual items, on net sales of between $6.2 billion and $6.6 billion.
Terex is headquartered in Westport, Conn.
To read a recent exclusive RER interview with Terex chairman and CEO Ron DeFeo, click here: http://rermag.com/interviews/non-residential-construction-essential
